XBRL Filing in Singapore
Since 2014, Singapore corporations have been required to comply with financial report filing requirements and file their financial statements in XBRL (eXtensible Business Reporting Language) format. The XBRL filing requirements vary by firm type, size, and business activity.
This article discusses the procedure for XBRL filing in Singapore as well as the requirements and method for reporting financial statements of Singapore corporations in XBRL format.
What do you mean by XBRL Filing in Singapore?
XBRL is a language based on XML that facilitates the worldwide online presentation of business and financial information. It is open-source software used to examine and analyze data by financial analysts and managers. Businesses also utilize it to accurately and correctly transmit financial data online.
Accounting and Corporate Regulatory Authority of Singapore (ACRA) has introduced XBRL filing to enhance communication and cooperation among businesses. This also aids in the simplification of financial reporting and the integration of data into global corporate networks.
Who Will File XBRL Financial Statements?
All businesses that are registered in Singapore are expected to submit their financial statements to the ACRA as a component of their yearly reporting requirements. However, there are certain exceptions.
Companies, whether public or private, must produce detailed financial statements in XBRL format. Meanwhile, corporations that are limited by guarantee and international companies, as well as their branches, are merely required to furnish key financial data in XBRL format. They must also submit a complete set of signed PDF financial accounts at annual general meetings or distribute them to members. Partnerships and sole proprietorships, however, are not obliged to file financial statements with ACRA.
What are the documents required for Singapore XBRL filing?
The list of documents required for Singapore XBRL filing are:
- Statement of Financial Position, or balance sheet
- Accountants’ reports
- Statement of Comprehensive Income, or income statement
- Cash Flow Statement
- Reports from directors
- Statement of Equity Changes
Types of XBRL Filing in Singapore
There are four different types of XBRL filing formats, based on the size of the firm and its activities:
- Full XBRL: It represents the data in primary statements as well as selected notes to financial statements. There are around 210 data points. Please keep in mind that partial XBRL is no longer accessible.
- XBRL FSH for Banks: It has around 80 data points.
- XBRL simplified: It is commonly utilized by small businesses and non-publicly traded corporations. It comprises approximately 120 data points and encompasses all the details present in financial performance and position statements.
- XBRL FSH for Insurers: It also has around 80 data points.
Your accountant should associate the information in the financial records with the relevant XBRL tags using ACRA’s tag libraries. To ensure adherence to regulations, the accountant must also confirm that they are following the appropriate Singapore Financial Reporting Standards (SFRS) and SFRS for Small Entities when relevant.
Because XBRL conversion necessitates a thorough understanding of accounting principles and tag libraries, you may need to outsource it or engage an accountant if you wish to perform it in-house.
Benefits of XBRL Filing in Singapore
- By standardizing the structure of financial and corporate information, XBRL streamlines the reporting process. This simplifies data collection and submission, saving time and effort for manual data entry and processing.
- XBRL filing in Singapore allows for faster examination of financial and commercial data. Because the data is categorized and organized, it is simpler to extract insights, produce reports, and do trend analysis in real-time.
- XBRL employs a defined taxonomy for uniform classification and labeling of financial and commercial data. This makes it easy to compare data across firms, sectors, and periods.
- Data in XBRL format is machine-readable, allowing stakeholders like investors, analysts, and regulators to quickly access and analyze the data.
- XBRL is a financial reporting standard that is widely used across the world. This worldwide acceptance supports reporting standard harmonization and helps cross-border corporate transactions.
What Information Must Be Included in XBRL-Filed Financial Statements?
To adhere to XBRL filing criteria, businesses must provide the following data in XBRL format:
- Revenue notes, provisions, share capital, linked parties, employee perks, and so forth.
- Statements of financial status, results of operations, and cash flow.
- Auditors’ reports and statistics from the directors’ statements.
What is BizFinx?
BizFinx is an application tool that assists businesses in creating and uploading XBRL FS to a website. There are two tools available to help with this job, both of which are completely free to use and can be obtained from the ACRA website: the BizFinx preparation tool and the BizFinx multi-upload tool, which enables you to submit data once it has been created without signing into the portal.
Steps to File Financial Statements in XBRL in Singapore
To file financial statements in XBRL format in Singapore, businesses must complete the six steps outlined below:
- The BizFinx preparation tool is available for free on the ACRA website.
- The company’s financial statements, in either Microsoft Word or Microsoft Excel format, should be presented as “a source document” because they were presented at the annual general meeting.
- Complete the template with the relevant financial data and XBRL tags. Simply leave the data box empty if the necessary material is not discussed at the yearly general meeting.
- Check for and correct any errors that have been identified. Check your XBRL financial statements offline after that.
- BizFinx XBRL financial statements may be uploaded and verified directly. They are only good for 14 days. To upload financial statements, click the “Acknowledge and Upload” option. When the upload is completed, you will get the message “Your XBRL file has been successfully uploaded,” as indicated in the recommendations. You will be able to erase and change any XBRL financial statements that were uploaded incorrectly, it should be highlighted.
- Log in to BizFile and file the yearly return together with the XBRL financial statements.
When is the XBRL submission deadline?
After the accounting period finishes, Singapore companies must prepare their financial statements in XBRL. The XBRL filing in Singapore deadline for listed firms is 5 months after the end of the fiscal year; for non-listed companies, the deadline is seven months. If a corporation fails to file XBRL financial statements on time or if the presentation is out of current, ACRA may levy a penalty.
Common Mistakes to Prevent When Filing Financial Statements in XBRL
- Incorrect Tag Mapping: To represent financial data, XBRL employs standardized tags. Using inaccurate or improper tags for individual data points is one of the most prevalent errors. To achieve proper representation, each financial element must be mapped to the relevant XBRL tag.
- Periods of Inconsistency: Financial statements must cover the appropriate periods for reporting as defined by the regulatory bodies. Mismatches between the XBRL instance’s periods of reporting and the associated financial statements might cause misunderstanding and non-compliance.
- Failure to Validate: It is critical to check your XBRL instance before submission using the relevant validation tools offered by regulatory agencies. This aids in the detection of mistakes and inconsistencies before filing.
- Filings at the Last Minute: Rushing through the procedure for XBRL Filing in Singapore at the last minute increases the likelihood of errors. Plan carefully and provide enough time to properly complete the necessary paperwork.
In Singapore, XBRL (eXtensible Business Reporting Language) filing has considerably expedited and enhanced the financial reporting process for businesses. This uniform structure has benefited both enterprises and regulatory organizations.
To begin with, XBRL filing in Singapore has improved the efficiency of financial data submission. The ability for businesses to digitally encode their financial accounts has considerably decreased the requirement for manual data entry and rekeying. This automation has not only reduced the possibility of human mistakes, but it has also sped up the submission process, allowing for faster distribution of financial information to stakeholders. With OnDemand International, we will assist you in filing financial statements in XBRL format. We provide you with dependability and quality guarantee. Become one of the thousands of customers that use our services.
Companies can use ACRA’s BizFinx preparation tool or other certified XBRL software to produce and file their XBRL financial statements. The completed XBRL files are subsequently uploaded to ACRA’s online filing portal.
Yes, if problems are found in your XBRL filing, you can make changes. You have until the deadline to file an updated set of XBRL financial statements.
Yes, businesses may be subject to ACRA fines for failing to meet the XBRL filing requirements. Fines and prosecution are possible consequences.
Since 2014, all incorporated firms in Singapore have been required to file XBRL, unless they are exempt.