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.
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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.
Financial statement filing requirements and the XBRL format for Singapore companies
Filing financial statements is a mandatory requirement for all companies in Singapore, including for foreign enterprises operating through subsidiaries and branch offices. There are also a few exceptions to this rule, and it applies to sole traders and partnerships. These are not required to file financial statements with ACRA.
Other companies are required to file their financial statements in the XBRL format, while others must submit simplified financial statements in this format. If you have a company in the city-state and need to find out how you must file these papers, you can use our accounting services in Singapore for the correct procedure.
The following steps must be completed for filing financial statements in the XBRL format in Singapore:
- set up a BizFin account with ACRA;
- draft the financial statements in accordance with the Company Law’s provisions and accounting standards;
- generate the XBRL template where the financial statements will be uploaded;
- upload the XBRL filings in accordance with the deadlines prescribed by ACRA.
In Singapore, XBRL filings can be submitted in 4 templates:
- the full template which has around 210 elements and gathers information from the statements and relevant notes attached to the statements;
- the simplified template which has approximately 120 elements and will gather the entire information comprised in the financial statements;
- the FSH template which has around 80 elements and must be filed by banks;
- the FSH template for insurance companies that resembles that of banks and also has approximately 80 elements.
We remind that banks, insurance and reinsurance companies fall under the supervision of the Monetary Authority in Singapore, therefore they also need to respect its specific requirements.
Starting with May 2021, companies are required to file financial statements in accordance with a reviewed XBRL filing system under the new templates.
Should you need assistance in drafting and filing financial statements, do not hesitate to ask for complete support from our accounting firm in Singapore.
Information contained by financial statements filed in XBRL format
Even if simplified templates are available, certain elements of the XBRL filings must be completed by all types of companies, among which:
- statutory reports made of the directors’ statement and auditors’ report;
- the income statement, the cashflow statement, and the financial position statement;
- disclosure notes on the share capital, revenue, certain employment information, expenses, etc.
If you want to open a business in the city-state, we recommend using our accounting services from the beginning for a quick setup of the accounting system. We also offer payroll services in Singapore, so do not hesitate to enquire about how we can support your company.
Exceptions from XBRL filings in Singapore
Not all companies are required to use the XBRL filing system in Singapore. There are also a few exceptions, and they include:
- exempt private companies with revenues of less than 5 million SGD;
- companies limited by guarantee;
- Singapore branch offices of foreign companies.
These are required to file their financial statements in PDF format. Our specialists are at your service with detailed information on the rules that apply to branches of foreign companies in Singapore.
We remind business owners that financial statements must be filed by th3 30th of November of the current year for the past one. If you need support in drafting and filing them, you can rely on our Singapore accountants and auditors for a full set of services. We offer tailored packages for small and medium-sized enterprises, as well as for large companies that must meet more stringent requirements.
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. Among these, the preparation and conversion of financial statements highlight 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.