XBRL Financial Statements

XBRL Financial Statements

XBRL allows us to complete end to end with the preparation of the Directors report as well as XBRL accounts for your Annual Return and Tax Returns.

Extensible Business Reporting Language (“XBRL”)

XBRL Financial Statements | XBRL Conversion Singapore – XBRL is an open-source software that enables the organisation and management of financial data for research and analysis.  It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.

The Accounting and Corporate Regulatory Authority of Singapore (“ACRA”) has adopted XBRL as part of its strategy to streamline financial reporting and enable to flow of financial information to the international business community, thus promoting a pro-enterprise environment.

Singapore incorporated companies are required to file their Financial Statements in XBRL format.   XBRL facilitates efficient conduct of business, enhancing reliability and accuracy of financial reporting with improved transparency and timely dissemination of relevant financial information.

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.

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