XBRL (eXtensible Business Reporting Language) Report

XBRL

We at singaporeaudit.com.sg provide XBRL filing services Singapore. XBRL is business language for electronic communication of financial data. According to ACRA, partial XBRL financial reporting is no longer available, and BizFinx will replace FS manager as the XBRL filing tool.

eXtensive Business Reporting Language, commonly known as XBRL, is a business languages for the electronic communication of financial data. XBRL is being adopted as reporting standard in almost all countries in the world. In this case, Singapore is no exception. ACRA (Accounting and Corporate Regulatory Authority), the governing body of Singapore has adopted XBRL as standard business reporting in November 2007. The authority has taken this initiative with a view to improve efficiency and reduce costs associated with financial data collection and analysis.

All Singapore incorporated companies either limited or unlimited by share must file their annual financial report in XBRL format to the ACRA, unless they are exempted of filing their financial report. Currently, companies are using FS Manager through Bizfile website to file their XBRL report. However, BizFinx (new offline preparation tool) will replace FS Manager on 30 November 11:59 hours as per revised XBRL requirements.

Who are exempted of filing XBRL?

  • Solvent Exempt private company which annual turnover is not more than S$5million
  • Banks, finance companies and insurance companies whose business activities are regulated by Monetary Authority of Singapore (MAS)
  •  Companies Limited By Guarantee
  • d) Foreign Companies and their local branches

These companies can file their financial statements in document filing in PDF format in the AGM (Annual General Meeting). Solvent and dormant EPCs (Exempt Private Companies) are exempted of filing their FS with ACRA.

Filing Options:

Currently, there are two options available with the Singapore companies for XBRL filing- one is full set of XBRL filing and second one is Partial XBRL submission. While, full set of statutory account submitted in XBRL format is termed as full set of XBRL filing, partial filing is the one in which some set of documents such as balance sheets, income statements are filed in XBRL, and other financial documents are submitted in PDF format. Under revised XBRL requirements, partial filing will no longer be available.

Revised XBRL Filing Requirements

According to new expanded ACRA taxonomy 2013, the ACRA (Accounting and Corporate Regulatory Authority) has introduced some new and improved changes in XBRL filing which will take effect from 2nd December 2013.

New Changes under Revised XBRL Filing Requirements

  • Partial XBRL filing will no longer be available
  • Banks, insurance companies and finance companies that are regulated by the Monetary Authority of Singapore and companies allowed by law to prepare accounts in accordance with accounting standards will file AGM financial reports in PDF format with Financial Statements Highlights in XBRL format.
  • FS Manager will no longer serve as the XBRL filing tool as a new offline preparation tool viz., BizFinx will replace it with effect from 30 November 11:59 hours.
  • Companies limited by guarantee will continue to file their FS in PDF format. So, there is no change.
  • All solvent and dormant EPCs (Exempt Private Limited Companies), will continue to be exempted from filing their annual financial report with ACRA.

Outsource Solutions of Singapore Audit

XBRL report preparation, filing is a crucial part of every business, and directors will be held solely responsible in case of non-conformity. Thus, XBRL filing has to be handled by the professional who has extensive knowledge and expertise in it. We at Singapore Audit offer you prudent solutions for XBRL reporting and filing. Our dedicated XBRL experts are highly experienced and well conversant with the latest regulations and can provide consultation to ensure that all your XBRL queries are answered.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@singaporeaudit.com.sg

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