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XBRL Filing

What is XBRL

ACRA implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format with effect from 1 November 2007. XBRL stands for extensible Business Reporting Language, a language used in computers to present financial statements to facilitate the conduct of business in Singapore, enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information.

Who needs to file XBRL

The following companies need to file their financial statements in XBRL format:

  1. Non-Exempt Private Limited Companies (“Non-EPCs”), normally refer to companies with corporate shareholders

  2. Insolvent Exempt Private Limited Company (“EPCs”), normally refer to companies with deficit equity or the current liabilities exceed current assets.

Certain companies need not file XBRL. These companies include solvent exempt private limited companies, companies limited by guarantee, foreign companies and their local branches, banks, insurance companies and finance companies regulated by the Monetary Authority of Singapore and companies that are allowed by law to prepare accounts in other accounting standards

What should I do

You can either do-it-yourself by logging on to zfile website or outsource to a professional firm. However, filing of XBRL is not something that directors or owners of businesses can leave to the juniors to do as the filing process can be time-consuming and daunting for directors. It is much convenient and hassle-free to let us handle this work for you. Outsourcing the filing to a professional accounting services firm will give you the peace of mind in meeting your company’s compliance needs.

Check our Service Fees guide or contact our consultants for a fee quote

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