XBRL Filing
XBRL is a computer language used for presenting financial statements online. It enables easy retrieval and direct transfer of financial information to auditors, regulators, and financial analysts.
XBRL enables electronic tagging of data, making it machine-readable. This eliminates manual copying or data entry. Users can easily extract numerical and textual information automatically.
Benefits of Our XBRL Filing Service
As a director, you are accountable for the accuracy and integrity of filed information. Maintain high standards by personally overseeing this task.
Do-It-Yourself: Download the tool from the ACRA website
Save time and increase efficiency with a small investment, allowing you to focus on essential business activities.
Outsource your filing requirements to ensure company’s compliance needs will be met.
Avoid the complexities of navigating the system, extracting and inputting data, and ensuring accuracy.
Financial Statement in XBRL Format
From 1 May 2021, ACRA has streamlined the XBRL filing requirements for financial statements. All Singapore-incorporated companies must submit their financial statements, either as a full set in XBRL format or with key financial data in XBRL format alongside the signed copy of AGM financial statements in PDF. These revised XBRL templates ensure compliance and efficient submission.
Required
- Full XBRL template- The number of data elements for this template has been reduced by 50% to about 210 data elements compared to an earlier version. It will capture the information in primary statements and selected notes to the Financial Statements;
- Simplified XBRL template- A Simplified XBRL has about 120 data elements. It will capture the complete information in the statements of financial performance and position;
- XBRL FSH (Banks) template – There is minimal change to this template. This template has about 80 data elements; and
- XBRL FSH (Insurance) template – There is minimal change to this template. This template has about 80 data elements.
Who are excluded from XBRL filing?
Exempted
If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not required to file financial statements with ACRA.
Solvent-exempt private companies (EPCs) will also be exempted from filing their financial statements with ACRA.
Insolvent EPCs will have the following options to file their financial statements with ACRA:
- A full set of financial statements in XBRL format; or
- Simplified XBRL if the company satisfy as a smaller and non-publicly accountable company
Smaller companies can file their Financial Statements in a Simplified XBRL format and a PDF copy authorised by directors. Revenue and total assets should not exceed S$500,000 for the current year to qualify for this streamlined filing option.
Companies limited by guarantee will continue to file only their financial statements in PDF with ACRA.
Foreign companies and their local branches will also continue to file only their financial statements in PDF with ACRA.
Get started with full XBRL financial statements from $400, simplified from $300, and financial highlights from $200!
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*Fees exclude out-of-pocket expenses (S$30) and disbursement for Filing of Annual Returns (S$60)
The fees are a guideline and may differ from final quoted fee. Final fee will also depend on neatness, supporting documents, deadline and total man hours utilised.