XBRL Filing / Annual Returns
What is XBRL?
XBRL (Extensible Business Reporting Language) is a global standard for electronic business and financial data transmission. XBRL is an open-source program that allows financial data to be organized and managed for study and analysis. It also makes it easier to communicate financial information accurately and reliably online and across firms.
ACRA has implemented XBRL as part of its broader plan to simplify financial reporting and promote the flow of financial data to the worldwide business community, hence encouraging a pro-business culture.
XBRL Submission Service for Filing
Financial Statements
Almost all businesses will be required to file their financial statements in XBRL using the new BizFinx system beginning December 2, 2013. Aigo Accounting can assist your firm in filing XBRL financial statements with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
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Who is required to file in XBRL and
who is not?
Singapore corporations that are either unlimited or limited by shares will be obliged to file a full set of financial statements in XBRL format starting on December 2, 2013, in accordance with a minimum requirement list inside the new ACRA Taxonomy 2013. Option B (Partial XBRL) filing will no longer be accessible.
Companies who are excluded from reporting their entire set of financial statements in XBRL format will instead file their financial statements in PDF with Financial Statement Highlights in XBRL format:
- The Monetary Authority of Singapore regulates commercial banks, merchant banks, registered insurers, and finance companies.
- Those who are permitted by law to prepare accounts using accounting standards other than SFRS, SFRS for Small Entities, and IFRS (International Financial Reporting Standards).
In order to file their financial statements with ACRA, insolvent EPCs will have the following options:
- A complete set of XBRL financial statements; or
- A complete set of financial statements in PDF format including XBRL Financial Statement Highlights.
Limited-by-guarantee companies will continue to submit their financial records to ACRA solely in PDF format.
Foreign enterprises and their local branches will continue to submit their financial statements to ACRA solely in PDF format.q
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Financial Periods That Apply
Companies reporting financial statements for periods ending on or after April 30, 2007, will be subject to the amended XBRL filing requirement. Companies who file financial statements for fiscal periods ending before April 30, 2007, will continue to file their financial statements in PDF format, as well as their financial highlights in their Annual Returns (AR).
Minimum Requirement List
The basic requirement list is a set of ACRA Taxonomy 2013 items that require businesses to file if the information is accessible in their financial statements. Companies may opt to transmit more data in XBRL format than what is required by law.
The basic need list is based on consumer demands, which means that components are only collected if they are requested by financial information consumers. Before the minimum need list was created, a complete cost-benefit analysis was done, evaluating the interests of all parties.
The list of minimal requirements, as shown in the table below, consists of a mix of:
- A text block element that allows businesses to submit their whole financial statement set; and
- Comprehensive information pieces that allow businesses to provide data for individual financial statement segments.
| INFORMATION NEEDED | MINIMUM CONDITIONS LIST |
|---|---|
|
Text block information |
– An entire set of financial statements submitted using a single text block element
|
|
Detailed information (Statutory reports) |
– Statement by directors – Independent auditors’ report |
|
Detailed information (Primary financial statements) |
– Statement of financial position (note 1), Income statement (note 1), Statement of cash flows (note 2) |
|
(Disclosure notes) |
– Trade and other payables (note 1)(note 3) – Provisions (note 1)(note 3) – Share capital (note 1)(note 4) – Revenue (note 1) – Government grants (note 1) – Employee benefits expense (note 2) – Operating segments (note 1) – Property, plant and equipment (note 1)(note 4) – Selected income and expense (note 2) |
- Note 1: Preparers are required to submit the complete information or breakdown in accordance with the Minimum Requirement List for the section. Concepts for “others” may be available to facilitate the disclosure of full information or breakdown.
- Note 2: Only selected elements are included in the Minimum Requirement List. Hence the completed elements do not have to sum up.
- Note 3: Preparers are not required to provide the breakdown of the trade and other receivables, trade and other payables, and provisions according to different classes of parties.
- Note 4: In contrast to note 3, preparers are required to provide the breakdown into different classes for property, plant, and equipment, and share capital.
Please keep in mind that the applicability of each part indicated above for submission will be determined by the financial statements and disclosures contained therein. In order to promote more effective preparation, ACRA urges preparers to comprehend their financial statements in order to determine the necessary portions for submission.
What is Annual Return Filing?
A company’s annual return is comprised of various pieces of information.
The following is required:
- Company name
- Company’s registration number
- Principal activities
- Details of company officers (directors, secretary)
- Shareholder details, share capital, etc.
Please keep in mind that certain businesses are excluded from submitting yearly financial statements. These are some of them:
- Small Enterprises – These are businesses with less than S$10 million in sales and assets, as well as less than 50 people
at any given moment. - Exempt Private Companies – A corporation must have a maximum of 20 shareholders, none of whom can be corporate
shareholders, in order to be classified in this category. - Latent Exempt Private Companies – These are companies that have been dormant for the entire fiscal year.
How Do You File An Annual Return For A
Private Limited Company In Singapore?
Each business must use ACRA’s online system, BizFile. Companies who file late face fines that rise every day as the number of days they file late grows.
A firm may be able to file an AR without hosting an AGM in certain circumstances. They must, however, apply for an exemption through BizFile and receive permission before proceeding.
Using The Correct Annual Return Filing Procedures,
You Can Stay Compliant.
At AiGo Accounting, we realize how difficult it can be to manage federal regulations in order to keep your company in regulatory compliance. We specialize in aiding businesses with their accounting requirements. We are devoted to ensuring that your company’s account and financial status comply with Singapore’s requirements, so you can spend your time operating your business!
Need help with XBRL Filings?
For many businesses, XBRL filing is a time-consuming and intimidating task, Our expert accounting team at Aigo can assist you efficiently and cost-effectively in preparing financial statements in the XBRL format.