Every Singapore-based company is required, by law, to submit their financial statements in the XBRL format to ACRA. Therefore, it is imperative to understand the compliance requirements from ACRA and come up with a plan to stay on top of your financials. This article can help you understand the filing requirements you need to fulfil to comply with ACRA and a solution of how to do it effectively.
Now, some of the companies are given the advantage to submit said financials in a simplified XBRL format, which entails only the highlights of operations throughout the financial year. Others have to submit their annual returns in the full XBRL format.
Which category does your company belong to? Let’s find out.
The extent of XBRL filing varies on the company’s nature and size of operations. In retrospect, a small and non-publicly accountable company needs to file financial statements in a simplified XBRL format along with a PDF copy of financial statements authorised by the directors. And, all companies other than small and non-publicly accountable are required to file financial statements in the full XBRL format.
Meaning of Small and Non-publicly Accountable Companies
● Introduction to Small Companies
A company whose revenue and total assets for the current financial year do not exceed S$500,000 respectively. The amount of total assets and revenue is determined based on the rules stated under the Companies Act.
● Introduction to Non-publicly Accountable Company
Your company belongs to this category if it is not:-
➔ Listed on a securities exchange board in Singapore or is in the process of issuing debt or equity instruments for trading in one.
➔ It is listed on an exchange board outside Singapore.
➔ One of the following financial institutions:-
➢ An entity that is part of the banking and payment systems
➢ Licensed insurer
➢ Capital market infrastructure provider
➢ Capital markets intermediary
➢ Licensed trade repository
➢ Authorised and exempt benchmark administrator under the Securities and Futures Act trustee-Manager of listed registered business trust
In conclusion, if your company doesn’t fall under any of these categories, you are required to file financial statements in the full XBRL format.
Leave Your XBRL Worries at Bay
These compliances and innumerable filing requirements from ACRA may seem daunting, but with an XBRL connoisseur like DataTracks by your side, you can relax and focus on your core business operations. Boasting 15+ years of commendable track record and 185,000 compliance reports, DataTracks has gained proficiency in error-free XBRL filing. So you can rest assured of quality XBRL filing and conversions when partnering with an expert like DataTracks.
For more information about their services, please speak to an expert @ +65-315-836-54.