Who Needs to Fulfil the XBRL Filing Requirements?
The XBRL filing requirements apply to Singapore incorporated companies (limited or unlimited by shares) that need to file financial statements with ACRA.
As per the requirement, they must file financial statements in full XBRL format, unless they are exempted. If you are filing now, use XBRL filing requirements in force and BizFinx preparation tool (Version 2.7). The partial XBRL filing option is no longer applicable.
Update on XBRL Filing Requirements 2020
ACRA has improved the existing XBRL filing requirements based on data collected between November 2018 & January 2019. It means instead of 410 data elements, there will be about 210 for Full XBRL and just, 120 for Simplified XBRL financial statements.
The new XBRL filing requirements are expected to be implemented from late Q3 of 2020. Expect announcement during April 2020.
However, the companies may opt to apply them from early May 2020. The new BizFinx preparation tool (beta Version 3) is expected to be live in April.
Who are Exempted From the XBRL Filing Requirements?
• The sole proprietorships, partnerships, limited liability partnership, or limited partnership, however, are not required to file financial statements with ACRA. They are exempted from XBRL filing.
• The dormant companies, that fall under the Singapore Companies’ Act Section 201A, are exempted from XBRL filing.
Types of Companies & XBRL Filing Requirements
Singaporean companies must file financial statements with ACRA, unless they are exempted. Some of them must file a full set of financial statements in XBRL format. On the other hand, a few need to file a full set of financial statements in PDF format supported with salient financial data in XBRL format.
What is Meant by Full Set of Financial Statements?
• Balance sheet
• Auditor’s report
• Cash flow statement
• Director’s statements
• Statement of profit or loss
• Changes in equity
• Financial notes
The following table outlines XBRL filing requirements for different types of companies in Singapore. (Refer to ACRA site for a full list.)
Company Type Financial Statements to File
Public & private companies (limited or unlimited by shares), excluding those in (a) and (b) below Full set of Financial Statements (FS) in XBRL format.
(a) Specific companies regulated by MAS (commercial & merchant banks, insurance and finance companies*
*Finance companies other than the money changers need to file a full set of XBRL FS Financial Statements Highlights (FSH) in XBRL format, plus a PDF copy of the FS.
(b) Companies permitted to use accounting standards other than SFRS, SFRS for Small Entities, and IFRS FSH in XBRL format, plus a PDF copy of the FS
Solvent Exempt Private Companies (EPCs) Exempted from filing FS. Are encouraged to file the full set of FS or the FSH in XBRL format.
Insolvent EPCs Must file:
(a) A full set of FS in XBRL format, or
(b) FSH in XBRL format, plus a PDF copy of the FS
Companies limited by guarantee A PDF copy of the FS
Foreign companies, or their local branches A PDF copy of the FS
Company Directors are Responsible for XBRL Filing
The directors of a company are responsible for the accurate and timely filing of its financial statements in XBRL format. However, it needs knowledge of the Singapore Financial Reporting Standards (SFRS) and SFRS for Small Entities.
XBRL conversion and filing takes time & company’s internal resources. Many of them appoint registered filing agent in Singapore for
them.