XBRL Filing Services in Singapore

What Is XBRL Filing?

XBRL is a standardised format for exchanging financial data between companies and regulators. Since November 1, 2007, all incorporated companies in Singapore, with a few exceptions, are required to file their financial statements in XBRL format with ACRA. The adoption of XBRL simplifies the reporting process, enhances transparency, and enables stakeholders to compare and evaluate financial data seamlessly.

Who Needs to File XBRL?

Companies Required to File

• All incorporated companies, unless specifically exempted, must file financial statements in XBRL format.
• Non-compliance with XBRL requirements can result in penalties, including fines ranging from $300 to $500 or potential disqualification of directors under Section 197 of the Companies Act.

Exemptions

Certain companies are exempt from XBRL filing, including:

• Dormant companies
• Solvent Exempt Private Companies (EPCs)

Companies must meet specific criteria outlined in Section 201A of the Companies Act to qualify for these exemptions.

What Financial Statements Must Be Filed in XBRL Format?

The financial statements required for XBRL filing include:

• Balance sheet
• Income statement
• Cash flow statement
• Statement of changes in equity

Filing these documents in XBRL format ensures consistency, accessibility, and compliance with the Singapore Financial Reporting Standards (SFRS).

Types of XBRL Filing Formats

ACRA provides four XBRL filing formats to cater to different types of companies:

1. Full XBRL

   • Designed for companies filing detailed financial statements, including primary statements and selected notes. This format covers approximately 210 data elements.

2. Simplified XBRL

   • A streamlined format for smaller businesses, featuring 120 data elements and requiring only key financial data in XBRL format along with a full set of financial statements in PDF.

3. XBRL FSH for Banks

   • Tailored for banks, this format includes 80 data elements to meet their unique reporting requirements.

4. XBRL FSH for Insurance

   • A specialised format for insurance companies, also comprising 80 data elements, to enhance the clarity and efficiency of their financial reporting.

Steps for XBRL Filing in Singapore

1. Prepare Financial Statements

   • Map financial statement line items to ACRA's taxonomy.
   • Use ACRA's free BizFinx preparation tool to complete the XBRL templates.

2. Submit via FS Manager

   • Upload and submit the prepared XBRL file using the FS Manager portal.

This structured process ensures accurate reporting and compliance with ACRA's requirements.

XBRL Filing Deadlines

• Listed Companies: File within 5 months after the financial year-end.
• Non-Listed Companies: File within 7 months after the financial year-end.

Companies can apply for an extension of the deadline via ACRA's online portal, but the application must be submitted at least 14 working days before the original due date.

Benefits of Outsourcing XBRL Filing to Apexia Corporate Advisory

1. Compliance Expertise

   • Ensure all filings meet ACRA's standards and deadlines.

2. Time and Resource Efficiency

   • Free up internal resources by outsourcing this complex task to professionals.

3. Reduced Risk of Errors

   • Minimise errors with expert preparation and submission services.

4. Tailored Solutions

   • Services customised to your company's size and industry requirements.

Why Choose Apexia Corporate Advisory?

At Apexia Corporate Advisory, we:

• Leverage cutting-edge tools like BizFinx for accurate preparation.
• Provide end-to-end support, from document preparation to submission.
• Offer expertise in all XBRL filing formats to suit your specific needs.

Contact Apexia Corporate Advisory Today. Simplify your XBRL filing process with Apexia Corporate Advisory's professional services. Get in Touch to ensure your financial statements are accurate, compliant, and submitted on time.