How do we assist you in XBRL Conversion and Filing to ACRA?
Our team map the SFRS Financial Statements to matching information about a relevant concept of the ACRA XBRL Taxonomy.
We verify every line item in the full XBRL format against the signed SFRS Financial Statements. After an internal review, our team upload the XBRL file into the BizFinz portal. The mapping principles are required for numeric concepts and disclosure of the complete set of financial statements.
This is about the Preparers’ Guide on XBRL Taxonomy published by ACRA.
What are the XBRL requirements in Singapore?
Singapore incorporated companies are required to file their financial statements with the ACRA in the XBRL language format. XBRL stands for Extensible Business Reporting Language. XBRL is a computer language that turns documents into being machine-readable.
Singapore requires that all financial statements are in XBRL formats to process and analyse the financial data. It ensures that a machine can interpret these sorted data instead of having the data be manually processed. XBRL encoding will create documents for being machine-readable. The system can extract information automatically without the need for manual copy and pasting.
XBRL Financial Statements Conversion
Transparency is one of the in-demand characteristics that any Singapore company or even an individual needs to have. This gave out the concept of financial statements, which provide a transparent snapshot of a company’s financial health. It also gives insights regarding the performance, cash flow, and operations within the company.
Audited financial statements or unaudited financial statements are important documentation. These 2 documents provide information about the company’s expenses, debts, profitability, and revenue.
On 31 August 2021, ACRA announced the latest version of the BizFinx preparation tool and multi-upload tool (version 3.3). From 1 October 2021, all companies must prepare, validate and upload their financial statements using the latest version 3.3.
This updated tool includes the following enhancements:
1. The latest Microsoft software updates;
2. To facilitate completion, ACRA added guidance for the “Income Statement”, the “Note – Property, Plant and Equipment” and the “Note – Intangible Assets”; and
3. Reclassify Misc_212 from a genuine error to a possible error, as some companies may have no revenue.
Who Needs to File Financial Statements in Singapore?
All Singapore companies must file Singapore FRS financial statements with ACRA on an annual basis. Some companies must also file financial statements in the eXtensible Business Reporting Language (XBRL).
Some companies file key financial data in the XBRL format and the signed financial statements at the AGM and circulate them to the members.
Revised Filing Requirements of XBRL – Effective from 1 May 2021
Effective from 1 January 2021, there is a revision in the data elements and filling requirements for companies in the XRBL format. This is an effort to streamline the financial statements filing with ACRA:
The companies’ effective implementation date to file a financial statement in XRBL through the revised data elements and filling requirements are as follows:
a) Companies must adopt the revised data elements and filing requirements on or after 1 January 2021;
b) Companies can opt to early adopt the revised data elements and filing requirements up to 30 April 2021;
c) Companies can also file the financial statements up to 30 April 2021 using the existing data elements and filling requirements.
To meet the revised requirements, companies must use the following four (4) templates.
1) Full XBRL Template
This has close to 210 data elements, and there is an overall 50% reduction in data elements. This will capture information and selected notes from the financial statements.
2) Simplified XBRL Template
This has close to 120 data elements, and it replaces the XBRL Financial statements highlight (FSH). This will capture the information from the statement of profit or loss and other comprehensive income and statement of financial position.
3) XBRL FSH (Banks) Template
4) XBRL FSH (Insurance) Template
The above 2 templates have close to 80 data elements each, with minimal changes.
The below table summarises the filing requirements and data elements for the respective type of legal entities in Singapore. It is mandatory from 1 January 2021.
Group 1: Singapore Companies – for companies not in Group 2 to 5
The extent of XBRL filing depends on the company’s nature of business and its size of operations.
For non-publicly accountable and smaller companies (less than S$500K revenue or S$500K total assets, and not regulated by MAS), the company can file financial statements using a simplified XBRL template and submit the signed PDF copy.
For all other companies, they must file financial statements using the full XBRL template.
Group 2: Singapore companies – Insolvent EPCs
This group refers to Singapore exempt private companies (EPCs) which are insolvent at the end of the financial year.
For non-publicly accountable and smaller companies (less than S$500K revenue or S$500K total assets, and not regulated by MAS), the company can file financial statements using a simplified XBRL template and submit the signed PDF copy.
For all other companies, they must file financial statements using the full XBRL template.
Group 3: Singapore companies – Solvent EPCs
This group refers to Singapore exempt private companies who are solvent at the end of the financial year. They do not require to file financial statements.
If the company chooses to file voluntarily, it must file the financial statements either:
– a signed PDF FS, authorized by the directors; or
– a financial statement in XBRL format.
If the company chooses to file financial statements in XBRL format, the filing procedure’s extent varies based on the same criteria as in Group 1 and Group 2.
Group 4: Singapore Companies in the business regulated by MAS
The companies can file financial statements in the XBRL FSH (bank) template or the XBRL FSH (insurance) template.
It also includes the signed financial statements in PDF. There were no changes in the requirement.
Group 5: Companies who prepare financial statements using accounting standards other than SFRS or IFRS
For Group 5, the companies file a copy of the financial statements in PDF, and the directors sign these.
Group 6: Companies limited by guarantee
For Group 6, the companies file the signed financial statements in PDF.
Group 7: Branches of foreign companies
For Group 7, the companies file the signed financial statements in PDF.
How does ACRA define as a “Smaller Company”?
A smaller company refers to a company less than SGD 500,000 for its total assets and revenue respectively for the current financial year. This information is in the financial statements, which are prepared under the Companies Act.
When the company has significant influence, controls or joint controls over other entities, ACRA will assess the consolidated revenue and total assets unless the company meets the consolidation exemption criteria.
The SGD 500,000 threshold applies to each financial statement, regardless of the number of months reported in the financial statements.
What is the definition of a “Solvent Exempt Private Company (EPC)”?
Every private company in Singapore can have up to 50 members. An EPC can have up to 20 members, and no corporations hold directly or indirectly beneficial interests in its shares. An EPC is insolvent if it is not able to pay its debts when they are due.
Extensive experiences in using the BizFinx preparation tool
We provide the software’s implementation and the transfer of your existing financial statements into the XBRL code. We ensure the proper representation of your business with accuracy and transparency.
Contact XBRL Team
Our XBRL services eliminate the daunting task of figuring out how to use the online filing system. We are well-versed with Singapore regulatory requirements to ensure that your company complies with them.
Do note that the Directors are ultimately responsible for the accuracy of the information uploaded into the ACRA database. Our team handle this information responsibly, file on time with no errors, and provide you with the peace of mind to run your business.
Please send through your enquiry via the Contact Form. Our XBRL team will contact you to discuss this in detail.