XBRL or eXtensible Business Reporting Language is a framework used for organizing and defining financial data to standardize the format of filing financial statements online. XBRL filing in Singapore is mandatory for companies, as required by the Accounting and Corporate Regulatory Authority (ACRA).
Who Are Required to File Financial Statements?
Filing financial statements (FS) with ACRA is a requirement for all Singapore (SG) incorporated companies, except for those which are exempted.
Many companies will submit a full set of FS in XBRL format, while others will file primary financial data in XBRL format and a full set of a signed copies of the FS tabled at an annual general meeting (AGM) and/or circulated to members in PDF.
Owners of a sole proprietorship, partnership, limited liability partnership, or limited partnership, are not required to file FS with ACRA.
Who needs to file in XBRL format?
Singapore incorporated companies which are either unlimited or limited by shares are required to file financial statements in XBRL format. This is on top of the required filing of your financial statement with ACRA.
Which companies are exempted from filing XBRL format?
Commercial banks, merchant banks, registered insurers or finance companies that are regulated by the Monetary Authority of Singapore or if you are a company allowed by law to prepare accounts in accordance with accounting standards other than Singapore Financial Reporting Standards (SFRS), SFRS for Small Entities and IFRS (International Financial Reporting Standards)
Revised XBRL filing requirements
ACRA has revised the filing requirements and data elements in XBRL format for companies to streamline the filing of FS.
The effective implementation date for companies to file FS in XBRL using the revised filing requirements and data elements are as follows:
- Companies are required to apply the revised filing requirements and data elements on or after 1 January 2021;
- Companies can opt to voluntarily apply the revised filing requirements and data elements from 16 May 2020 to 31 December 2020 (both dates inclusive); and
- Companies that file their FS before 1 January 2021 can continue to prepare and file the FS using the current filing requirements and data elements.
There are four templates to be used by companies to meet the revised filing requirements and data elements:
- Full XBRL template – The number of data elements for this template has been reduced by 50% to about 210 data elements. It will capture the information in primary statements and selected notes to FS;
- Simplified XBRL template – This template, which replaces XBRL FSH (General), has about 120 data elements. It will capture the complete information in the statements of financial performance and position;
- XBRL FSH (Banks) template – There is minimal change to this template. This template has about 80 data elements; and
- XBRL FSH (Insurance) template – There is minimal change to this template. This template has about 80 data elements.