By Karun Reji, Chartered Accountant, BI-Outsource. General information, not tax or legal advice. Rules change: check the current position before you act.
Short answer: most Singapore companies filing financial statements with ACRA must file them in XBRL, a structured data format, as part of the annual return. Solvent exempt private companies can usually choose not to file financial statements. Some smaller companies may file a simplified XBRL. Prepare XBRL only after the financial statements are final and approved.
Who files XBRL
| Company type | Financial statements to ACRA | XBRL |
|---|---|---|
| Solvent exempt private company (EPC) | Optional | Only if it chooses to file |
| Insolvent EPC | Required | Simplified XBRL or financial statements highlights, as allowed |
| Other private and public companies | Required | Full or simplified XBRL, depending on criteria |
| Banks, insurers and certain others | Required | Exempt from XBRL; file as PDF |
Criteria for simplified XBRL are set by ACRA; confirm which applies to your company each year.
Timeline
- Financial year ends.
- Financial statements prepared, audited if required, and approved by directors.
- AGM held (within 6 months of year end for non-listed companies) or dispensed with.
- Annual return filed with ACRA within 7 months of year end, attaching XBRL.
How XBRL is prepared
- Using ACRA's BizFinx preparation tool or approved software.
- Each figure in the financial statements is tagged to the ACRA taxonomy.
- Validation checks are run before submission.
Common errors
- Figures in XBRL not matching the signed financial statements.
- Wrong taxonomy elements, such as revenue tagged as other income.
- Missing comparative figures.
- Late filing because XBRL was left until after the AGM.
Need help? We prepare financial statements and XBRL for Singapore companies. See outsourced accounting in Singapore.
Frequently asked questions
It depends on whether it is required to file financial statements; many dormant EPCs do not. Check your company's status with ACRA.
Not if your company is required to file XBRL financial statements.
Usually the company's accountant or corporate service provider, after the financial statements are finalised.
ACRA imposes late lodgement penalties and can take action against directors for persistent default.
