XBRL is all about simplicity and transparency.
Since 1 November 2007, Singapore-incorporated companies are required to file financial statements with ACRA in the XBRL format.
Is your company eligible to file financial statements in the XBRL format? Read on to find out.
Who Needs to File Full Set of Financial Statements in the XBRL Format?
Public or private companies required to file their financial statements with ACRA will have to file a full set of financial statements in the XBRL format.
What is a “Full Set” of Financials?
A full set of financial statements include:-
● Statement of financial position or balance sheet
● Statement of profit or loss
● Changes in equity
● Cash flow
● Financial notes or comparative information
Who Needs to File Only Financial Statements Highlights (FSH) in the XBRL Format?
Companies falling under any of the below-mentioned categories are required to file financial statements highlights in XBRL format with PDF copy of financial statements:-
● Commercial banks
● Merchant banks
● Registered insurers
● Finance companies regulated by MAS (Monetary Authority of Singapore)
● Companies allowed by law to prepare financial accounts in agreements with accounting standards except for SFRS (Singapore Financial Reporting Standards), IFRS, or SFRS for Small Entities
Who is Exempt from Filing Financial Statements in the XBRL Format?
EPCs (Insolvent Exempt Private Companies) are not required but encouraged by ACRA to file a full set of XBRL financial statements of FSH in XBRL format with PDF copy. Furthermore, companies falling under any of the below-mentioned categories are not required to file in the XBRL format:-
● Companies limited by guarantee.
● Foreign companies and their local branches
Meet the XBRL Filing Requirements of ACRA
Is your company required to file a full set of financial statements or FSH in the XBRL format? If YES!
Partner up with a reputable and trustworthy XBRL partner like DataTracks to effortlessly meet the XBRL requirements. With over 15+ years of extensive experience preparing over 1,85,000 compliance reports, DataTracks has developed prowess in XBRL conversion. Be it converting financial statements into XBRL or tagging compliance with Singapore taxonomy, DataTracks can help you take care of every XBRL facet.
To know more about the services and benefits of partnering up with DataTracks, speak to an expert @ +65-315-836-54.