XBRL Filing Services in Singapore
XBRL Filling – XBRL is open-source software that assists and empowers the management and scheduling all the financial data. Having the latest technology incorporated in it, it aids your decision-making process and delivers workable statistics which will be ready to be used for advanced research and analysis. Its reliability and accuracy are miles away from doubts and skepticism. Furthermore, it is a steadfast solution when it comes to communication amongst businesses regarding their financial information.
The Accounting and Corporate Regulatory Authority of Singapore (“ACRA”) had adopted implemented XBRL as a vital strategic method. Hence, it restructures the financial reporting and enables a precise flow of financial information within the corporate community.
Moreover, it is required for the Singapore incorporated companies to file their financial statements in XBRL format.
XBRL is an ideal option for:
- Improving the Proficiency of Business
- Refining Reliability with Detailed Financial Reporting
- Accurate Transparency
- Prompt Circulation of Data
- Swift Dissemination of Important Monetary Statistics
XBRL Filing Fees:
All the Singapore incorporated companies which are either unlimited or limited by shares required to file their financial statements to ACRA will be required to file a full set of financial statements in XBRL format according to a Minimum Requirement List within the ACRA Taxonomy 2016.
The following types of companies are however, exempted from filing their full set of financial statements in
XBRL, and will file their AGM financial statements in PDF with Financial Statements Highlights in XBRL
format instead:
- Companies under the scope of (1) Commercial Banks; (2) Merchant Banks;
(3) Registered Insurers; and (4) Finance Companies, that are regulated by the Monetary
Authority of Singapore; and - Companies allowed by law to prepare accounts in accordance with accounting standards other
than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).
Insolvent exempt private companies (EPCs) will have the following 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
Companies limited by guarantee and foreign companies registered as branches will continue to only file a PDF
copy of their financial statements to ACRA.
