Comprehensive Guide to XBRL Filing Requirement in Singapore
It is mandatory for companies to comply with the XBRL filing requirement in Singapore. It is part of their financial reporting. Knowing more about the requirements, preparation, and XBRL filing process will make the task easier for you.
What is XBRL Filing in Singapore?
XBRL is acronym or short name for Extensible Business Reporting Language. If you manage an incorporated company in Singapore, you must use XBRL format to file its Financial Statements (FS) online to ACRA. ACRA, or Accounting and Corporate Regulatory Authority is the Company Registrar of Singapore.
Why XBRL Filing is Mandatory in Singapore?
Filing your FS in XBRL format is compulsory for you as it promotes data transparency, analysis, and data mining for government agencies and companies. Filing paper-based FS or in an online format of your choosing complicates the analysis and comparison of data.
This standard, XML-tag-based XBRL format helps authorities build a structured database of financial information. Financial experts analyse this digitised and uniform data to identify economic trends in the economy.
Deadlines for XBRL Filing
- Listed Companies: Listed companies must execute their XBRL filing within 5 months from their financial year-end.
- Non-Listed Companies: Non-listed companies must execute their XBRL filing within 7 months from their financial year-end.
You can apply to ACRA online to extend the time to file if the need arises. However, filing within deadlines helps you avoid fines.
Penalties for Failing in XBRL Filing
ACRA may penalise you for non-compliance with the XBRL filing requirement in Singapore.
Fees for Late XBRL Filing
You may have to pay a fee of S$300 for late XBRL filing within 3 months after the expiry of your deadline.
You may have to pay up to S$600 for XBRL filing due for more than a year after the expiry of your deadline.
Disqualification of Directors
Your company directors are responsible for promptly filing FS and annual returns. The directors will be disqualified if convicted of three XBRL filing-related offences within five years.
Striking Off
If a company fails to comply with XBRL filing requirement in Singapore consistently, it may be struck off from the register and cease to exist.
Compliance notices
You may get compliance notices from ACRA requiring corrective actions. Failing to do so is an offence, and you may be penalised.
Who Gets XBRl Filing Exemption
Singaporean authorities exempt certain companies from XBRL filing.
- Solvent Exempt Private Companies (EPCs) are exempted from XBRL filing. They can file their FS in PDF format
- Branch offices of foreign corporations are exempt from XBRL filing. They can file their FS in PDF format following the reporting practices of their parent company.
Filing Requirements as Per the Type of XBRL Formats
Depending on your requirements, you must choose a suitable type of XBRL format to file your FS. These formats are as follows:
- Full XBRL
- simplified XBRL
- XBRL FSH
- XBRL FSH (for Insurers)
| XBRL Format | Company Type | Description | Filing Requirements |
| Full XBRL |
| Detailed primary statements and selected notes. | Balance sheet, profit & loss statement, highlights of FS, auditor report, directors report (selected parts) |
| Simplified XBRL |
| Essential details on financial performance and status | Balance sheet, profit & loss statement, statement of changes in equity (may change) |
| XBRL FSH | Banks & Financial Institutions regulated by MAS | Balance sheet, Profit & Loss statement, cash flow statement, notes to FS, & regulatory reporting (may vary) | |
| XBRL FSH (for Insurers) | Licensed Insurers regulated by the MAS | FS highlights + specific insurance details that help these companies comply with regulatory requirements. | Balance sheet, Profit & Loss statement, cash flow statement, schedules, Extra information (premiums, claims, reserves, etc.) |
Preparing XBRL Data
Whatever the form of your XBRL filing you are trying to accomplish, prepare for it in advance. Follow these steps to do it efficiently:
XBRL Taxonomy: Your XBRL filing relies on the tags in the XBRL taxonomy. You must use these to represent data elements in your FS. Know and master the use of these tags, their parent-child relationship, and especially, the industry-specific tags.
Map Data in Your FS to XBRL Tags: Map data in your FS statement to related XBRL tags accurately.
Tools for XBRL Filing: ACRA provides a BizFinx Preparation Tool for you to use for your XBRL filing. Using this tool, you can map the data in line items in your financial statements, validate the prepared XBRL file, and generate your XBRL report.
Process for XBRL Filing
After you have prepared XBRL files, follow the steps given below:
- Log into BizFile+ portal by ACRA
- Choose your profile
- Click on ‘File eServices’, ‘Local Company’, ‘Annual Filing’
- Click on ‘Filing of Annual Returns by Local Company as per your filing needs
- Input your Company’ Unique Entity Number’
- Click on ‘Next’
- The system will display an E-Form. Check the information, choose the right fields, submit supporting documents, review and submit
Don’t forget to backup your XBRL file. You may need it for future reference.
Common XBRL Filing Errors
- Wrongly Tagged Data Elements: Associating wrong XBRL tags with your data from financial statements.
- Partial Information: When your data is wrongly tagged or does not include all the info, you face filing rejection.
- Technical Problems: A technical glitch can disrupt your upload process. It may arise due to a shaky internet connection, incompatible XRRL software, Etc.
If you are facing any problems in submitting or backing up your XBRL file, refer to ACRA’s user guide to troubleshoot them.
Knowing the XBRL filing requirement in Singapore enables you to prepare and submit your FS appropriately. It also helps you do it within deadlines and avoid penalties.
However, XBRL filing is a knowledge-based and time-consuming task. Many companies hire XBRL filing services to comply with XBRL filing requirement in Singapore.
Benefits of Hiring XBRL filing Services
There are benefits to doing so. They are as follows:
- Efficiency: XBRL filing services employ expert bookkeepers and accountants who are familiar with the XBRL filing process, taxonomies, etc. They execute the task expertly and within a short time.
- XBRL Software: These professional firms use the latest version of XBRL software. It help them reduce errors.
- Cost: Hiring these professionals saves you money, resources, and effort. You pay only for what you get.
- Local Expertise: These experts knows how to comply with the XBRL filing requirement in Singapore. They effectively overcome the XBRL filing challenges.
- Less Stress: When you know that experts are working for you, it automatically brings your stress down.
If you want to focus on growing your business instead of on a non-core task like XBRL filing requirement in Singapore, contact us at +65-6536 0036 or info@sbsgroup.com.sg for customised solutions.
Also Read: Common Challenges in XBRL Filing and How Services Address Them
