XBRL Filing in Singapore
Do you need help in filing your financial statements in XBRL format? Our experts are adept in preparing and filing XBRL Singapore as per the guidelines of ACRA. Fees start from just S$200 onwards!
Singapore XBRL Filing
XBRL, the short form of ‘eXtensible Business Reporting Language’, is a data-rich dialect of XML used for business communication in the global context. In 2007, the Accounting & Corporate Regulatory Authority (ACRA) of Singapore introduced XBRL to make the process of financial report filing smooth and advanced. From 3 March 2014 onward, ACRA had implemented a new filing requirement for Singapore companies to file the financial statements in full XBRL format.
With the use of XBRL, data can be retrieved quickly from an online system and conveyed directly to auditors, regulators, financial analysts for various purposes. The directors of the company are held responsible for the accuracy and truthfulness of financial statements filed with ACRA in XBRL format. It is recommended to take the assistance of professionals to prepare and file XBRL Singapore on your behalf.
Who needs to file XBRL in Singapore and who is exempted?
As per the ACRA’ revised filing requirements for XBRL, all Singapore incorporated companies (limited or unlimited by shares) unless exempted are required to file their full set financial statements in XBRL. Filing of the partial set of XBRL (Option B) is no longer available with ACRA.
The below-listed types of Singapore companies are exempted from filing their full set of financial statements in XBRL, and they are allowed to file their FS in PDF with Financial Statements Highlights in XBRL format.
- Companies regulated by MAS (Monetary Authority of Singapore) including commercial banks, licensed insurers, finance companies, and merchant banks.
- Companies, as allowed by law, prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS
Insolvent exempt private companies (EPCs) will have the two options to file their financial statements with ACRA:
- A full set of financial statements in XBRL format; or
- A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.
XBRL filing is not required for companies limited by guarantee, and they are allowed by law to file their FS in PDF format to ACRA.
Foreign companies and their local branches are also fully exempted from filing their financial statements in XBRL. They can also file only their financial statements in PDF format to ACRA.
Advantages of XBRL Filing Services in Singapore
- It saves your valuable time, effort and hard work, as our XBRL expert ensure to compile and file your XBRL while adhering to the guidelines of ACRA.
- You get FREE advice and guidance on various aspects of Singapore XBRL filing.
- It eliminates the hassle of learning the process of using online filing system of ACRA (BizFinx). Our experts are well acquainted with the system and can complete the filing as early as possible.
- You will find peace of mind knowing that your company’s compliance matters are in safe hands.
Our Fee Structure
|For XBRL – low volume transactions||S$200||Per Year|
|For XBRL -for medium volume transactions||S$350||Per Year|
|For XBRL -for high volume transactions||S$450||Per Year|
So, what more you are waiting for? With us, you will get a bunch of services at much lower price in the market.