XBRL Conversion & Filing Services
Our Fee for XBRL Conversion & Filing Services
|Type of XBRL Conversion||Fee|
|Preparation of Financial Statement Highlights||from $200|
|Preparation of full set of financial statements in XBRL format according to the minimum requirement list||from $400|
Are all companies required to file their financial statements in XBRL format ?
Since 1 November 2007, all Singapore companies must file their financial statements in XBRL. With effect from 3 March 2014, the revised XBRL filing requirements under the BizFinx system will apply.
All Singapore incorporated companies must file a full set of their financial statements in XBRL for financial periods ending on or after 30 April 2007, except the following:
a) Companies which fall under the scope of (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies as stated in theMAS Financial Institutions Directory
– A full set of financial statements in PDF with Financial Highlights in XBRL format ; and
b) Companies that are permitted by law to prepare their accounts with accounting standards that are not SRFS or IFRS
– A full set of financial statements in PDF with Financial Highlights in XBRL format.
c) Solvent Exempt Private Company (EPCs)* are exempted from filing their financial statements with ACRA.
d) Insolvent EPCs will have the choice of a full set of financial statements in XBRL format; or a full set of financial statements in PDF with Financial Highlights in XBRL format.
e) Companies limited by guarantee will file only the financial statements in PDF format.
f) Foreign Companies and their local branches will file the financial statements in PDF format.
XBRL Conversion – Why outsource to EnterpriseBizpal.com?
To prepare the XBRL financial statements, preparers will need to do mapping by matching information within the financial statements to a relevant concept within the Taxonomy. This requires a deep understanding of accounting concepts and knowledge of Singapore Financial Reporting Standards (SFRS) and SFRS for Small Entities.
For this reason, only people within the company who are trained or conversant in accounting are recommended to be preparers of the XBRL to ensure the accuracy of the financial statements submitted in XBRL format to ACRA, this mapping should also be reviewed by the company director before submission.
Since directors of the company are made responsible for the accuracy of any company information that are filed with ACRA, asking someone in the company who is not sufficiently competent with the xbrl filing requirements as specified by ACRA is risky. Furthermore, the XBRL conversion of the financial statements requires technical knowledge of the BizFinx XBRL conversion software as well as accounting knowledge.
Outsourcing the XBRL conversion and filing to an accounting services company like EnterpriseBizpal will remove a huge load off your shoulders when it comes to meeting your company’s statutory compliance. For a small fee, you will certainly save much of your valuable time which can be diverted to growing your business, instead of cracking your head on figuring out how to use the system, extracting which information to include, data entry, and verifying the data entered.
You can also check our other corporate secretarial services to assist in your statutory compliance requirements!
*exempt private company" means —
(a) a private company in the shares of which no beneficial interest is held directly or indirectly by any corporation and which has not more than 20 members; or
(b) any private company, being a private company that is wholly owned by the Government, which the Minister, in the national interest, declares by notification in the Gazette to be an exempt private company;