XBRL Financial Reports
With effect from 3 March 2014, companies will file their financial statements in XBRL in accordance with the revised XBRL filing requirements. Almost all companies will need to file their financial statements in XBRL via new BizFinx system.
T. Ravi & Co can help your company file your financial statements in XBRL with the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
XBRL (Extensible Business Reporting Language) is a language for the electronic communication of business and financial data worldwide. XBRL is an open-source software that enables the organization and management of financial data for research and analysis. It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.
ACRA has adopted XBRL as part of its overall strategy to streamline financial reporting and to enable the flow of financial information to the international business community, thus promoting a pro-enterprise environment.
All Singapore incorporated companies (unless exempted below) which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.
The following businesses are exempted from XBRL filling:
The following types of companies are exempted from filing their full set of financial statements in XBRL format, and will file their financial statements in PDF with Financial Statements Highlights in XBRL format instead:
- Companies which are
- Commercial Banks;
- Merchant Banks;
- Registered Insurers;
- Finance Companies, that are regulated by the Monetary Authority of Singapore;
- Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).
- Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS 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
- A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.
Companies limited by guarantee will continue to file only their financial statements in PDF format to ACRA.
Foreign companies and their local branches will also continue to file only their financial statements in PDF format to ACRA.
Applicable Financial Periods
The revised XBRL filing requirement will apply to companies if they are filing financial statements with periods ending on or after 30 April 2007. Companies filing financial statements relating to financial periods ending before 30 April 2007 will continue to file their financial statements in PDF format and their financial highlights in respect of the financial statements in their Annual Return (AR).