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XBRL stands for eXtensible Business Reporting Language. For a Singapore company it means turning the numbers in the accounts into tagged data that ACRA's system can read. The filing goes in with the annual return on BizFile. Which XBRL format applies depends on the size and type of the company. Rules below were checked on .
Which companies must file financial statements with ACRA?
All Singapore-incorporated companies must prepare financial statements, except dormant relevant companies, and must file them with ACRA unless exempted. Two groups are exempt from filing.
Dormant relevant companies. These meet the tests in section 201A of the Companies Act. Examples: total assets did not exceed S$500,000 at any time in the year, the company was dormant from formation or from the end of the previous year, and it is not a listed company or the subsidiary of one. A company is dormant when it has no significant accounting transactions in the year.
Solvent exempt private companies. A private company with fewer than 20 members and no corporation holding a beneficial interest in its shares can qualify. If it is solvent, meaning it can meet its debts as they fall due, it need not file, though it may choose to. It makes an online declaration of solvency in the annual return.
Which XBRL format does your company use?
| Company type | What to file |
|---|---|
| Smaller and non-publicly accountable companies, including insolvent exempt private companies that cannot pay debts as due | Simplified XBRL financial statements and a PDF copy authorised by directors |
| Banks, finance and insurance companies | The XBRL format for banks or insurance, plus a PDF copy |
| Companies limited by guarantee, or companies using other accounting standards approved by ACRA | A PDF copy authorised by directors |
| All other Singapore-incorporated companies required to file | Full XBRL financial statements |
| Solvent exempt private companies that choose to file | Optional XBRL or PDF |
A smaller company has both revenue and total assets of S$500,000 or less in the current financial year. Use consolidated figures if the company has subsidiaries, associates or joint ventures, unless an accounting standard or ACRA exempts it. The S$500,000 limit applies whatever the length of the year. For foreign currency accounts, translate revenue at the average rate over the year and total assets at the closing rate.
A non-publicly accountable company is not listed, and not a bank or payment system entity, insurer, capital market infrastructure provider, capital markets intermediary or another regulated entity.
How do you prepare and file XBRL?
ACRA gives three routes:
- BizFinx preparation tool. ACRA's own tool. Version 4.0.1 was released on 19 October, and ACRA advises uninstalling the older version first.
- Approved accounting software. Some packages export XBRL directly.
- A corporate service provider (CSP). The CSP prepares and files for you.
After preparing the file, map your accounts items to ACRA's taxonomy, validate, and upload it in BizFile when you file the annual return. See annual return and AGM for the deadline and the S$60 fee. If you submit the full set in XBRL, no PDF is needed. If you submit anything else, attach a PDF of the complete statements with a file name using letters and numbers only: no spaces, dots, @, #, $, %, & or non-English characters.
Companies that cannot meet an XBRL business rule can apply to ACRA for an exemption from that rule. ACRA has a step-by-step guide for it.
Where do filings go wrong?
ACRA runs a section on mapping accounts items to its taxonomy and another with tips and common errors for XBRL filers, so read those before you submit. The file name rule for PDFs is one practical trap. Many small companies hand the job to their accounting service or bookkeeper. Cost depends on the provider and the size of your accounts. We print no prices here because we only quote a provider's figure when it publishes it.
How does XBRL relate to audit and tax?
Whether you need an audit is a separate test, covered under audit exemption. Tax filing with IRAS is also separate. See corporate tax. A company that is exempt from filing financial statements still files an annual return and still has IRAS duties.
Independent guide
SingaporeCompanySetupGuide.com is not ACRA and does not prepare XBRL ourselves. We explain the rule with the date we checked it. If you want a provider to prepare and file the file, use the quote form on this page. We pass your request to suitable firms and they contact you with their own terms.
Sources
- ACRA, Filing financial statements in XBRL format, https://www.acra.gov.sg/manage/companies/legal-requirements-common-offences/filing-financial-statements-in-xbrl-format/ (tools, preparation tool release)
- ACRA, Financial statements: filing requirements and exemptions, https://www.acra.gov.sg/manage/companies/legal-requirements-common-offences/filing-financial-statements-in-xbrl-format/requirements-exemptions/ (who files, formats, definitions)
- ACRA, Steps to file an annual return, https://www.acra.gov.sg/manage/companies/legal-requirements-common-offences/filing-annual-returns-companies/steps-to-file/ (PDF file name rule, S$60)
