Revised XBRL Filing Requirements by ACRA Available for Voluntary Adoption from May 2020

  •   29 May, 2020  Posted By Nivetha V
  •  Posted in XBRL
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The Accounting and Corporate Regulatory Authority (ACRA) continuously tries to streamline the XBRL filing process in Singapore. And, with the COVID-19 pandemic, the ramifications to reporting financial statements have been far more significant. To ease the burden of reporting, ACRA has issued revised requirements and data elements for the filing of financial statements in the XBRL format.

Revisions to the XBRL Filing Requirements and Data Elements for:-

  • SG-Incorporated Companies

Earlier, these companies were required to file financial statements in full XBRL template. Now, as per the revised requirements, the extent of XBRL filing varies based on the companies nature and size of operations.

For instance, smaller and non-publically accountable companies need to file financial statements in a simplified XBRL template with only 120 data elements (earlier added up to 410 data elements) along with a PDF copy of financial statements.

  • SG-Incorporated Exempt Private Companies (EPCs) that are Insolvent

Earlier, these companies were required to file XBRL either in general (FSH) template along with a PDF copy or full XBRL template. Now, as per the revised guidelines of ACRA, these companies can file XBRL financial statements depending upon the company’s nature and size of operations, similar to SG-incorporated companies.

  • SG-Incorporated EPCs that are Solvent

Similar to the insolvent companies, solvent SG-incorporated companies were required to file financial statements in either PDF copy, general template, or in full XBRL template. But now, these companies are not required to file financial statements. And even if they choose to file voluntarily, they can submit it in a PDF or simplified XBRL format.

  • SG-Incorporated Companies that Prepared FS in Accounting Standards Other Than as Prescribed by SFRS

Such companies need to file a PDF copy of the authorized financial statements instead of the general XBRL format.

Revised XBRL Filing Guidelines: Who Needs to File and How?

S.No. Companies that file financial statements that are made public XBRL Filing Requirements
    Current Revised
1 SG-In corporated Companies Required to file financial statements in full XBRL template. The extent of XBRL filing varies based on the companies nature and size of operations:   Smaller and non-publically accountable companies need to file financial statements in a simplified XBRL template along with a PDF copy of financial statements.
2 SG-Incorporated Exempt Private Companies (EPCs) that are Insolvent Required to file XBRL either in general (FSH) template along with a PDF copy or full XBRL template. The extent of XBRL filing varies based on the companies nature and size of operations:   Smaller and non-publically accountable companies need to file financial statements in a simplified XBRL template along with a PDF copy of financial statements.
3 SG-Incorporated EPCs that are Solvent Required to file financial statements in either PDF copy, general template, or in full XBRL template. Not required to file financial statements. And even if they choose to file voluntarily, they can submit it in a PDF or simplified XBRL format.
4 SG-Incorporated Companies that Prepared FS in Accounting Standards Other Than as Prescribed by SFRS Required to file financial statements in a general template along with a PDF copy. Required to file only a PDF copy of the authorized financial statement.

The Revised Timeline for Implementation of Re-drafted XBRL Filing Requirements

Given the COVID-19 pandemic, ACRA is extending the effective timeline of XBRL filing, allowing companies to ease and smooth their regulatory reporting processes. Companies are now required to apply the revised filing requirements and data elements mandatorily from 1st January 2021, and they can opt to voluntarily apply the revised filing requirements any time between 16th May 2020 to 31st December 2020.

With the assistance of a regulatory reporting specialist boasting over 15 years of experience, like DataTracks, companies can focus on the core operations rather than stressing about XBRL preparation & filing. To know more about our services and how we can support your company with the up-to-date format and compliances regarding new XBRL filing requirements, reach out to our experts at enquiry@datatracks.com.sg