Filing your company’s annual financial statements in Singapore’s? Don’t let the term XBRL overwhelm you. We will make you acquainted with the filing process of annual financial statements the XBRL way in Singapore.
XBRL, an acronym for eXtensible Business Reporting Language, was implemented by Singapore’s Accounting and Corporate Regulatory Authority (ACRA) from November 01, 2007. XBRL filing helps entrepreneurs and business owners in filing their financial records online. Furthermore, it facilitates simplified and dynamic access to financial services. It also integrates the financial statements for rapid and enhanced research and analysis. The key thing to understand here is that XBRL is not a financial service but a form of reporting language.
Companies use a website called Bizfile, regulated by ACRA, to prepare, access and manage XBRL financial statements. The companies that are either limited or unlimited by shares need to file their financial statements in XBRL format. Furthermore, ACRA implemented revised filing requirements of XBRL to enhance and improve the quality of financial statements from December 2013. The revision includes expanding the taxonomy used in the Singapore XBRL filing.
However, the following companies are exempted from filing their financial statements in the XBRL way:
Steps to filing financial statements in XBRL format with ACRA
There are two options available for filing financial statements for the applicants who wish to register a company in Singapore:
1) Option A – Full XBRL
2) Option B – Partial XBRL
Option A – Full XBRL Filing
If you have used the FS Manager (an online filing tool) to assemble your company’s complete set of financial statements for shelving at the Annual General Meeting (AGM), file the following documents for full XBRL financial reporting:
Option B- Partial XBRL Filing:
You can file a partial Annual Financial Report using a PDF copy of your company’s financial statements as tabled in the Annual General Meeting along with its annual returns. The documents are as follows:
However, under the revised XBRL of 2013, the filing of Option-B (Partial XBRL) is no longer necessary.
By reducing the manual work, XBRL filing gives almost effortless access to financial data and makes the job easier for regulators, auditors, financial institutions, and financial analysts.