Accounting
XBRL Financial Report Services in Singapore
Package Fee for XBRL Filing Services
Full XBRL format
From $600(W/GST $654)
- Preparation of full set of financial statements in Full XBRL format
Simplified XBRL format
From $400(W/GST $436)
- Preparation of full set of financial statements in Simplified XBRL format
The Accounting and Corporate Regulatory Authority (ACRA) introduced revised XBRL filing requirements effective from December 2, 2013. Companies in Singapore are now required to use BizFinx, an offline tool, for preparing XBRL financial statements and submitting them via the BizFinx Portal along with their Annual Returns.
Pointer Services Pte Ltd provides expert XBRL financial reporting solutions to ensure your business meets these compliance standards. Our services streamline the preparation of XBRL reports, ensuring accuracy and adherence to ACRA’s updated requirements.
Extra Fees:
- Companies with property, plant and equipment, employee compensation, financial assets, financial liabilities, or other complex items may incur additional charges.
- Extra fees also apply if the provided audited financial statements are not fully compliant with BizFinx standards.
What is Required for XBRL Preparation?
To prepare XBRL files, we simply need both a scanned and a Word version of your complete set of financial statements. With these documents, we can proceed efficiently.
What is XBRL?
XBRL, short for eXtensible Business Reporting Language, is a digital framework designed to present financial data. It allows financial statements to be easily accessed from online records, enabling smooth data transfer to users such as auditors, regulators, and analysts. The Accounting and Corporate Regulatory Authority (ACRA) has required companies incorporated in Singapore to file their financial statements in XBRL format since November 1, 2007. For further information, visit xbrl.org.
Why is XBRL Necessary?
Currently, many companies submit their financial statements as PDFs. However, ACRA introduced XBRL to streamline business processes, improve the quality of financial information, and enhance regulatory transparency. XBRL tags financial data, making it machine-readable, which allows for automatic extraction and analysis without manual entry. The benefits extend beyond compliance, offering more efficient data collection and greater value through electronic tagging of both quantitative and textual information.
Who Ensures the Accuracy of XBRL Filings?
Company directors are responsible for ensuring that financial statements filed in XBRL format are accurate and correct. They must review the information thoroughly before authorizing submissions to ACRA, whether prepared internally or by a third party.
Who Must Comply with Revised XBRL Filing Requirements?
All Singapore-incorporated companies—unless specifically exempted—are required to file complete financial statements in XBRL format, in accordance with the Minimum Requirement List under the new ACRA Taxonomy 2013. The option to file partial XBRL through FS Manager is no longer available.
Which Companies are Exempt from XBRL Filing?
Filing requirements vary depending on a company’s type, size, and operational scope. Since May 1, 2021, there have been updates to the filing standards, as outlined below:
| Group | Prior Requirements | Revised Requirements (Effective from May 1, 2021) |
|---|---|---|
| General SG-incorporated companies | Full XBRL filing | XBRL filing varies based on company size and type. Smaller companies file simplified XBRL with a PDF of FS; others use Full XBRL. |
| Insolvent exempt private companies | XBRL FSH (General) or Full XBRL | Filing requirements vary based on size; smaller companies use simplified XBRL with PDF; others use Full XBRL. |
| Solvent exempt private companies | Optional FS formats (PDF, XBRL FSH, Full XBRL) | Filing is optional, with FS in PDF or XBRL based on standard criteria. |
| Financial institutions (regulated by MAS) | XBRL FSH (Banks/Insurance) with PDF | Continued use of XBRL FSH templates with accompanying PDF. |
| Companies using non-standard accounting | XBRL FSH with PDF | Only a PDF of FS required. |
| Companies limited by guarantee | PDF only | PDF only. |
| Foreign companies with SG branches | PDF only | PDF only. |
Definitions:
Exempt Private Company (EPC): An EPC is a private business entity with fewer than 20 shareholders, none of which are corporations that hold beneficial interests in its shares, either directly or indirectly.
Smaller Company: This term refers to companies with annual revenue and total assets for the current financial year that do not exceed S$500,000 each.
Non-Publicly Accountable Company: A company is considered non-publicly accountable if it does not fall under the following categories:
- It is not listed on any securities exchange in Singapore, nor is it in the process of issuing debt or equity for public trading.
- It does not have its securities listed on an exchange outside of Singapore.
- It is not part of specific financial sectors, including:
- Entities within the banking and payments industry, such as licensed banks, financial institutions authorized under the Monetary Authority of Singapore Act, operators of payment systems designated under the Payment Services Act 2019, settlement institutions, and licensed finance companies.
- Licensed insurers, foreign insurers under the Lloyd’s Asia Scheme, and registered insurance brokers.
- Capital market infrastructure providers, including approved holding companies, exchanges, market operators, and clearing houses under the Securities and Futures Act.
- Capital markets intermediaries such as licensed financial advisers, holders of capital market services licenses, registered fund management firms, licensed trust companies, and approved trustees for collective investment schemes.
- Licensed trade repositories and authorized or exempt benchmark administrators as defined under the Securities and Futures Act.
- Operators of the Central Depository System, as specified by the Securities and Futures Act.
- Trustee-managers of registered business trusts that are publicly listed.
- Designated financial holding companies under the Financial Holding Companies Act.
- Licensed credit bureaus under the Credit Bureau Act.
Note on Licensed Banks: The term “licensed banks” includes banks and merchant banks licensed under the Banking Act. This definition will expand to include merchant banks when the relevant provisions of the Banking (Amendment) Act 2020 come into effect.
Applicable Financial Periods
The updated XBRL filing requirements apply to companies submitting financial statements for periods ending on or after April 30, 2007. For financial periods ending before this date, companies should continue to submit their financial statements in PDF format, along with financial highlights included in their Annual Return (AR).
Benefits of Voluntary XBRL Preparation
The ACRA’s BizFinx portal, a comprehensive platform for filing financial data, will provide complimentary data analysis once the updated requirements are implemented. Company officers can access the BizFinx portal to generate free analytical reports within 30 days after submitting their AR form with a complete set of financial statements in XBRL format. This analysis, which is available once per year upon AR filing, enables companies to:
- Compare performance with industry peers
- Assess competitiveness through better data insights
- Gain an edge with detailed analytics
- Track industry trends for more informed decision-making
- Reduce costs by improving business insights and achieving faster, more accurate decisions
- Share and exchange data efficiently across subsidiaries and divisions, even if different accounting systems are in place
How to Prepare for XBRL Filing
You have two options:
- DIY Approach: You can download the necessary tool from the ACRA website, follow the procedures, and prepare your XBRL report independently. ACRA provides a free offline tool called “BizFinx” to help businesses manage and prepare their financial statements in XBRL format.
- Outsource the Process: Save time and effort by hiring a professional firm like 3E Accounting Pte. Ltd. to handle the preparation on your behalf.
Advantages of Outsourcing vs. Doing It Yourself
Since directors are responsible for ensuring the accuracy and correctness of the information filed, this is not a task that should be delegated lightly. Preparing XBRL reports can be complex and time-consuming, making it a burdensome process for directors.
By outsourcing the task to a professional accounting firm, you can rest assured that your compliance requirements are being met accurately. For a modest fee, outsourcing saves significant time that can be better spent on growing the business, rather than learning and managing the XBRL filing process, extracting data, entering information, and verifying details.
For any queries or assistance with your accounting or tax filing needs, please feel free to reach out to us at info@pointerservices.com.sg