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XBRL (eXtensible Business Reporting Language) is a structured format used for the electronic exchange of financial information. In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) enforces XBRL filing regulations, making it mandatory for most incorporated companies to submit financial statements in this format.
This standardized reporting system facilitates easier comparison of financial information across different businesses and industries. Companies often engage professional accounting services to ensure compliance with XBRL filing requirements
ACRA mandates XBRL filing for companies incorporated in Singapore, subject to certain exemptions.
Most companies limited or unlimited by shares must file financial statements in XBRL. This requirement enhances financial data accessibility for regulators, investors, and other stakeholders.
Failure to comply with XBRL filing obligations may result in penalties under Section 197 of the Companies Act, including late filing fines ranging of up to $600. Persistent non-compliance can lead to directors being disqualified.
Directors must verify their company’s eligibility for exemption to avoid penalties.
The following financial statements must be submitted in XBRL format:
These documents provide vital insights into a company’s financial health, ensuring regulatory compliance and transparency.
Filing deadlines depend on the company type:
Late submissions attract penalties of up to $600. Companies needing extra time can request an extension through ACRA’s online filing portal.
ACRA provides different XBRL filing formats based on company needs:
Comprehensive reporting for companies, including all financial statements and selected notes (about 210 data elements).
For smaller companies, requiring about 120 data elements along with a PDF version of financial statements.
To meet ACRA’s filing requirements, companies should follow these steps:
Following these steps ensures compliance and accurate financial reporting.
Companies filing in Full XBRL format must provide:
To ensure compliance:
Many companies opt to outsource XBRL filing to specialized service providers for efficiency and compliance.
✅ Benefits:
⚠️ Challenges:
Businesses should assess their needs before deciding whether to outsource XBRL filing or handle it in-house.
XBRL filing is a key compliance requirement for Singapore-incorporated companies. Choosing the right filing format—Full XBRL or Simplified XBRL—ensures compliance while optimizing financial reporting processes. By following ACRA’s guidelines and deadlines, companies can enhance transparency, facilitate regulatory assessments, and maintain good corporate governance.
Whether managing XBRL filing internally or outsourcing it, businesses must make informed decisions to ensure smooth compliance with Singapore’s financial reporting regulations.
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