XBRL Filing with ACRA

What is XBRL?

XBRL stands for eXtensible Business Reporting Language, an open international standard for digital business reporting (i.e. financial statements) so that they can be retrieved from online records and transferred directly to users such as auditors, regulators, financial analysts and governments for various purposes.

With effect from 3 March 2014, companies are required to file their financial statements in XBRL in accordance with the revised XBRL filing requirements under BizFinx filing system.

Our fee for XBRL Conversion and Filing

  • Preparation of Financial Statement Highlight is starting from $180 onwards
  • Preparation of a full set of financial statements in XBRL format is starting from $350 onwards

Who is responsible for the correct representation and accuracy of information?

Directors of the companies are responsible for the correctness and accuracy of financial statements in XBRL format filed with ACRA. Hence, they are advised to check the information to be filed before authorising their company or authorised persons to submit the information on behalf of the company to ACRA.

 

Are all Singapore companies required to file their financial statements in XBRL format?

Under the revised XBRL filing requirements taking effect from 3 March 2014, all Singapore incorporated companies are required to file their financial statements with ACRA in a full set of financial statements in XBRL format, according to a minimum requirement list within the new ACRA Taxonomy 2013. Filing of Option B (Partial XBRL) is no longer be available.

 

With exception of the following type of companies are exempted from filing their full set of financial statements in XBRL format:

  • Companies which fall under the scope of (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies that are regulated by the Monetary Authority of Singapore
    • To file their full set of financial statements in PDF with Financial Statements Highlights in XBRL format
  • Companies that are allowed by law to prepare their accounts in accordance with accounting standards other that SRFS, SFRS for Small Entities and IFRS
    • To file their full set of financial statements in PDF with Financial Statements Highlights in XBRL format
  • Solvent Exempt Private Company (EPCs) are exempted from filing their financial statements with ACRA
  • Insolvent EPCs will have the option of a full set of financial statements in XBRL format; or a full set of financial statements in PDF with Financial Highlights in XBRL format
  • Companies limited by guarantee will file only the financial statements in PDF format
  • Foreign Companies and their local branches will file the financial statements in PDF format.

 

How to do the XBRL filing?

You have the option to:

  • do-it-yourself by log on to the Bizfile website to download the “BizFile Preparation Tool”, go through all the procedures and prepare the XBRL report yourself; or
  • free yourself of the hassle by engaging a professional firm like Aspire Accounting Services to assist you for the preparation & filing

 

Advantages of Outsourcing XBRL Filing:

  • Outsourcing - Frees Up Your Time:
    • No more hassle spending time on staff recruitment and training for this once a year exercise
    • Sparing more time on your company strategy development and business
    • Focusing more on your other business activities and your core business values
  • Outsourcing - Gets Service by Experienced Accountants:
    • Service by professional trained and qualified certified accountants, CPA
    • No need to worry & take the risk of your staff is incompetent, especially the XBRL conversion of financial statements requires technical knowledge of BizFinx XBRL conversion software as well as accounting knowledge
    • Enjoy peace of mind by taking outsource services from us

Please feel free to contact us at +65 9227 3989 or drop us an email at enquiry@aspireaccounting.com.sg