Companies in Singapore must comply with various requirements. Among these, they must file several documents in a specific format with the Inland Revenue Authority. Below, you can read about the XBRL filing requirements in Singapore.
If you need accounting services in Singapore, our specialists are at your disposal with tailored support, no matter the size of your company.
What is XBRL?
XBRL is a framework used for organizing and defining financial data. XBRL filing in Singapore became mandatory for companies, as directed by the Accounting and Corporate Regulatory Authority.
Our team of accountants in Singapore is able to assist all companies with the reparation of their XBRL financial statements, according to the provisions in force.
What are the conditions for observing the XBRL format in Singapore?
Companies in Singapore need to observe the rules for the preparation and the filing of their financial statements and the currently accepted format is in XBRL, a type of extensive markup language used for exchanging business information. It is based on tagging the financial data items, making it easier to identify and classify the items overall.
The team at our accounting firm in Singapore can help you submit the needed financial statements in XBRL format.
You can also rely on us for a statutory audit in Singapore.
What companies must file the XBRL financial statements?
Not all companies are required to file the complete financial statements in XBRL format. Those that are exempted include the following:
- Commercial and merchant banks;
- Registered insurers in Singapore;
- Financial companies.
One of our accountants in Singapore can give you more details about the types of financial companies that qualify. When performing an XBRL conversion, special attention must be awarded to the Singapore Financial Reporting Standards and the Standards for Small Entities.
How can an accountant help my Singapore company?
You can always reach out to us for complete accounting services in Singapore, including XBRL filing and two types of XBRL conversion for companies: the preparation and conversion of financial statement highlights and that of the full list of financial statements.
For complete details about the XBRL format requirements and other general rules about the mandatory financial statements for companies, please do not hesitate to contact our accounting firm in Singapore.