{"id":106874,"date":"2024-01-18T08:20:43","date_gmt":"2024-01-18T00:20:43","guid":{"rendered":"https:\/\/premiatnc.com\/sg\/?p=106874"},"modified":"2024-10-04T15:52:02","modified_gmt":"2024-10-04T07:52:02","slug":"xbrl-filing-singapore","status":"publish","type":"post","link":"https:\/\/premiatnc.com\/sg\/blog\/xbrl-filing-singapore\/","title":{"rendered":"12 Things About XBRL Filing in Singapore that Employers Must Know"},"content":{"rendered":"\n
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When handling accounting matters for your company, there are various financial reporting standards<\/a> you should be aware of. For instance, XBRL (eXtensible Business Reporting Language) is the standard for financial reporting software and equipment.<\/p>\n\n\n\n

XBRL provides business users with a descriptive way to organize, store, search and retrieve information from financial statements. Businesses are also required to meet specific standards in order to report data generated through XBRL.<\/p>\n\n\n\n

Read this guide to learn 12 things about XBRL filing Singapore employers should know.<\/p>\n\n\n\n

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What Is The XBRL Filing In Singapore Companies Are Expected To Carry Out?<\/h2>\n\n\n\n

The eXtensible Business Reporting Language, better known as XBRL, is used for global electronic business and financial data communication.<\/p>\n\n\n\n

The language of XBRL filing Singapore companies are required to use comes from the family of \u201cXML\u201d languages and is evolving into a common language for online and intra-business information exchange.<\/p>\n\n\n\n

An international non-profit consortium of more than 500 businesses, organizations, and governmental bodies manages XBRL. It is an open standard software that has no license fees.<\/p>\n\n\n\n

Numerous countries are already using XBRL, and its implementation continues to spread quickly worldwide.<\/p>\n\n\n\n

Companies Who Are Required to Prepare XBRL Financial Statements<\/h2>\n\n\n\n

According to ACRA\u2019s filing regulations, all Singapore-incorporated companies must submit financial statements (FS), including dormant ones.<\/p>\n\n\n\n

However, ACRA also ruled that sole proprietorships, limited liability partnerships, or limited partnerships are exempt from FS filing Singapore companies are required to submit. Some companies are required to provide complete XBRL financial statements.<\/p>\n\n\n\n

Others are only required to submit simplified XBRL Financial Statements plus a complete set of signed financial statements in PDF. The following are the types of companies that need to file XBRL financial statements:<\/p>\n\n\n\n

Group<\/strong><\/td>Company Type<\/strong><\/td>Singapore Filing: Updated Requirements From 1 May 2021<\/strong><\/td><\/tr>
1<\/td>Private or Public Companies which are incorporated in Singapore and not covered in the following groups; andInsolvent exempt private companies (EPCs) which are incorporated in Singapore<\/td>Financial statements are to be filed in XBRL format, and the extent of the filing requirements depends on the company\u2019s nature and size, as follows: Smaller, non-publicly accountable companies: Simplified XBRL template with a PDF copy of the financial statement which is authorized by company directorsAll other companies: Full XBRL template<\/td><\/tr>
2<\/td>Solvent exempt private companies (EPCs) incorporated in Singapore<\/td>Not required to file their financial statements. If the company chooses to voluntarily file, their filing requirements are as follows:a PDF copy of the financial statement which is authorized by company directors; orXBRL formatIf the company chooses to use the XBRL filing format, the extent of the filing requirements is based on the same criteria as the first group.<\/td><\/tr>
3<\/td>Companies incorporated in Singapore and regulated by the Monetary Authority in Singapore (MAS) in the banking, finance and insurance industries<\/td>Financial statements are to be filed together with a PDF copy of the financial statement which is authorized by company directors and in either template:XBRL Financial Statement Highlights (FSH) (Banks) template; orXBRL FSH (Insurance) template<\/td><\/tr>
4<\/td>Companies incorporated in Singapore who do not prepare their financial statements using the accounting standards in Singapore or the International Financial Reporting Standards (IFRS); andCompanies incorporated in Singapore which are limited by guarantee; andForeign companies which have local branches in Singapore<\/td>Only required to file a PDF copy of the financial statement which is authorized by company directors.(Filing in XBRL format is not mandatory)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Companies Who Are Exempted From XBRL Filing Singapore<\/h2>\n\n\n\n

The companies who submit their financial statements in XBRL format can request exemptions from specific business regulations<\/a>.<\/p>\n\n\n\n

For example, a company may request an exemption to remove the requirement for comparative periods in their financial statements if they can provide sufficient justification.<\/p>\n\n\n\n

Applications for exemptions are reviewed case-to-case basis with no required service fee. Companies can request exemptions by filling out the exemption request form and sending it to ACRA, attaching the XBRL file and the company\u2019s signed AGM financial statements.<\/p>\n\n\n\n

Depending on the nature of each case, processing could take anywhere from 3 to 7 business days.<\/p>\n\n\n\n

If the findings of the validation show that the noted errors are \u201cpossible\u201d or it displays \u201cgranted exemption\/not applicable,\u201d then the company may continue by uploading the XBRL file to the BizFinx server.<\/p>\n\n\n\n

XBRL Filing in Singapore: ACRA\u2019s Revisions<\/h2>\n\n\n\n

As part of its attempts to make the reporting of financial statements more efficient, ACRA changed the required data elements and XBRL filing requirements for businesses.<\/p>\n\n\n\n

Following are the updated filing requirements and data items\u2019 effective implementation dates for companies filing XBRL financial statements:<\/p>\n\n\n\n