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

XBRL Filing Requirements in Singapore

ACRA mandates XBRL filing for companies incorporated in Singapore, subject to certain exemptions.

Who Must File Financial Statements in XBRL Format?

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.

Who Is Exempt from XBRL Filing?

• Certain companies qualify for exemptions, such as:
• Dormant companies (those with no business activity or income)
  Solvent Exempt Private Companies (EPCs)

Directors must verify their company’s eligibility for exemption to avoid penalties.

Financial Statements Required for XBRL Filing

The following financial statements must be submitted in XBRL format:

• Balance Sheet
• Income Statement
• Cash Flow Statement
• Statement of Changes in Equity

These documents provide vital insights into a company’s financial health, ensuring regulatory compliance and transparency.

XBRL Filing Deadlines

Filing deadlines depend on the company type:

• Listed Companies: Within five months of the financial year-end
• Non-listed Companies: Within seven months of the financial year-end

Late submissions attract penalties of up to $600. Companies needing extra time can request an extension through ACRA’s online filing portal.

Types of XBRL Filing Formats

ACRA provides different XBRL filing formats based on company needs:

Full XBRL

Comprehensive reporting for companies, including all financial statements and selected notes (about 210 data elements).

Simplified XBRL

For smaller companies, requiring about 120 data elements along with a PDF version of financial statements.

Step-by-Step Process for XBRL Filing

To meet ACRA’s filing requirements, companies should follow these steps:

1. Prepare Financial Statements Using BizFinx

• Use ACRA’s free BizFinx preparation tool to format statements in XBRL.
• Ensure all required data elements are accurately mapped.

2. Submit via FS Manager

• Upload the formatted XBRL file to FS Manager, ACRA’s online filing system.

Following these steps ensures compliance and accurate financial reporting.

Documents Required for Full XBRL Reporting

Companies filing in Full XBRL format must provide:

• Balance Sheet
• Income Statement
• Cash Flow Statement
• Statement of Changes in Equity
• Auditor’s Report
• Director’s Report

To ensure compliance:

• Map financial statement items to ACRA’s taxonomy.
• Use the BizFinx tool for correct formatting.
• Follow ACRA’s submission process to complete all required fields.

Outsourcing XBRL Filing: Pros and Cons

Many companies opt to outsource XBRL filing to specialized service providers for efficiency and compliance.

✅ Benefits:

• Saves time and administrative effort
• Ensures accuracy and regulatory compliance
• Access to professional expertise

⚠️ Challenges:

• Less control over the process
• Risk of errors from third-party handling
• Additional costs

Businesses should assess their needs before deciding whether to outsource XBRL filing or handle it in-house.

Conclusion

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.