XBRL Filing Singapore
XBRL stands for eXtensible Business Reporting Language, a language used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators, financial analysts for various purposes.
On November 1, 2007, there has been a different filing requirement for Singapore incorporated companies in filing their financial statements (FS) which is in XBRL format, it was implemented by the Accounting & Corporate Regulatory Authority (ACRA).
Reason for using the XBRL format? Why the need for XBRL?
Companies currently file their FS in PDF format. There are numerous benefits of using XBRL according to ACRA, foremost it helps with the facilitation of business operations in Singapore, additionally, it also helps you facilitate the operation of business in Singapore by giving more valuable financial information and improving the regulatory environment with enhanced transparency and prompt dissemination of pertinent information on financial aspect.
Who is accountable for the right representation and accuracy of information?
The company director will be having the obligation of checking for the accuracy and maintaining correct FS in XBRL format filed in ACRA. They are therefore advised to check the information to be filed before authorizing their company or authorized persons to submit the information on behalf of the company to ACRA.
Who are not obliged in filing XBRL?
The new filing requirement will not apply to: The current filing requirement is not applicable to:
Companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards;
Companies limited by guarantee; and
Companies overseas and their local branches
Banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore;
Companies that are given the chance not to file XBRL will still be responsible in filing FS by attaching a PDF copy of FS for the Annual General Meeting (AGM).
Solvent exempt private companies ("EPCs") will continue to be exempted from filing their FS with ACRA. Insolvent EPCs and EPCs that are compelled by law in filing their FS with ACRA will do so in XBRL format.
How would I know if my company needs to file in XBRL?
Given below are the two main criteria to be followed in filing FS in XBRL format.
On or after April 30, 2007 company's FS
the company is filing its Annual Returns on or after 1 November 2007
What are the steps in filing?
You may choose from
do-it-yourself - log on to the Bizfile website, go through all the procedures and prepare the XBRL report yourself;
free yourself of the hassle by engaging a professional firm to assist you in the preparation
A certain webiste of ACRA known to be www.bizfile.gov.sg with the tool "FS Manager" will give companies the chance to file and manage their FS in XBRL.
Given below are the two filling options
Option A - Full XBRL (filing its full set of FS in XBRL format);
Option B - Partial XBRL (filing only its balance sheet, income statement and mandatory information in XBRL format and PDF copy of FS presented at company's AGM).
Option B is in limited time only from November 1, 2007 to October 31, 2008.ACRA will review and decide whether to continue after Oct 2008.
If the company decided to choose option B they are now liable to submit and file a PDF of its FS to be added to the balance sheet and income statement in XBRL format.
What are the good things about Outsourcing when I can do it myself?
As directors are responsible for the correct representation and accuracy of the information filed, many times, it is not something that directors or owners of businesses leave to the juniors to do. The filling process would take a long period of time and will make the directors very much busy.
Outsourcing the filing to a professional accounting services firm will give you the peace of mind in meeting your company's compliance needs. When it comes to small businesses, hiring a professional service firm would make a big difference since they will be then be responsible on doing certain things which will give you the chance to work on the other part of the business.
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