XBRL, which stands for eXtensible Business Reporting Language, is a global standard for exchanging business information electronically. In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) has implemented XBRL for the submission of financial statements by certain categories of companies.
Please see the general guideline below from 1 May 2021:
Types of Companies | Filing requirements |
Listed Companies, financial institutions including banks and insurance companies | XBRL required |
Insolvent exempt private companies (EPC) | XBRL required |
Solvent exempt private companies (EPC) | Exempted |
SG Companies limited by guarantee | To file only PDF copy of the FS authorised by Directors |
Foreign Companies with SG Branch | To file only PDF copy of the FS authorised by Directors. |
XBRL filing is part of ACRA’s efforts to enhance financial reporting and transparency. It allows for standardised and machine-readable financial statements, making it easier for regulatory authorities, investors, and other stakeholders to analyze and compare financial information.
Summary of XBRL Filing Requirements
Statements for periods beginning on or after 1 May 2021 | Simplified XBRL¹ | Full XBRL |
Directors’ Report | Y | |
Statement by Directors | Y | |
Independent Auditors Report | Y* | |
Statement of Comprehensive Income | Y | Y |
Statement of Financial Position | Y | Y |
Statement of Changes in Equity | Y | |
Statement of Cash Flows | Y | |
Notes to the Financial Statements | Y | |
Mandatory information symbolized by a red asterisk in FS Manager | Y | Y |
* Applicable to Companies which are not exempted by audit requirements
¹ Simplified XBRL are for smaller and non-publicly accountable companies
It is essential for all businesses to stay updated on any changes in regulatory requirements, as these are evolving over time. To get the current and accurate information regarding XBRL filing requirements in Singapore, it is recommended to check with the latest guidelines provided by ACRA or consult with a professional accounting firm.
XBRL filing is mandatory in Singapore for all companies, with listed companies having a five-month deadline and non-listed companies a seven-month deadline. Failure to comply with the XBRL filing obligations can lead to various consequences including penalties and potential legal actions.
Contact us today for a free consultation regarding XBRL.
