XBRL Financial Report Services
In Singapore, As per 1 November 2007, it is a requirement by ACRA that incorporated companies in Singapore to file their financial statements in XBRL via the BizFinz filing system.
What is XBRL?
XBRL is business reporting framework used by ACRA for the purposes of filing financial statements in XBRL. XBRL facilitates the transfer of financial information directly to users such as the regulators, auditors for various purposes. To know more about XBRL, visit https://www.xbrl.org
XBRL Conversion and filing services
|XBRL Filing fee package||Fee (SGD)|
|Filing of Financial highlights in XBRL format||From SGD250|
|Filing of full set financial statements in XBRL with ACRA||From SGD450|
Who are those companies require to file financial statements in XBRL format ?
With effect 1 November 2007, all Singapore companies are required to file their financial statements in XBRL. However, from 3 March 2014, the revised XBRL filing requirements under the BizFin system has changed and the following shall apply.
Singapore incorporated companies must file a full set of their financial statements in XBRL format, according to a minimum requirement list for financial periods ending on or after 30 April 2007, except the following:
a) Private/ Public statements which fall under the scope of as regulated by the MAS Financial Institutions Directory
- Commercial Banks;
- Merchant Banks;
- Licenced Insurers;
- Finance Companies
– A set of financial statements in PDF copy with Financial Highlights in XBRL format ; and
b) Companies that are permitted by law to prepare their accounts with accounting standards that are not SRFS or IFRS
– A full set of financial statements in PDF with Financial Highlights in XBRL format.
c) ACRA has exempted Solvent Exempt Private Company (EPCs)* from filing their financial statements. However, EPCs are encouraged to file with the option of a full set of financial statements in XBRL format or a set of Financial Statements Highlights in XBRL format.
d) Insolvent EPCs will have the option of filing a full set of financial statements in XBRL format; or a set of financial statements in PDF with Financial Highlights in XBRL format.
e) Companies limited by guarantee will file only the financial statements in PDF format.
For XBRL filing services, please contact or Book a Free Consultation with ST Accounting & Consultancy.