XBRL Conversion & XBRL Filing Services
Our Fee /charges for XBRL Conversion & Filing Services
|Type of XBRL Conversion
|Preparation of Simplified XBRL
|Preparation of full XBRL
Are all companies required to file their financial statements in XBRL format ?
Since 1 November 2007, all companies must file their Singapore financial statements in XBRL format or XBRL filing during the annual return. With effect from 1 May 2021, the revised XBRL requirement under the BizFinx portal 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, unless they are exempted:
a) Companies which fall under the scope of (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies as stated in the MAS Financial Institutions Directory
- A full set of financial statements in PDF with Financial Highlights in respective XBRL template format ;
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.
c) Solvent Exempt Private Company (EPCs)* are not required to file their financial statements with ACRA.
d) Insolvent EPCs is required to a full set of financial statements in full XBRL format or file the simplified XBRL is they fall in the Smaller and non-publicly accountable companies category
e) Companies limited by guarantee will file only the copy of the financial statements in PDF format.
f) Foreign Companies and their local branches will file the financial statements in PDF format.
g) All other Singapore incorporated companies not covered above (a to f) have to file the full XBRL unless they fall in the Smaller and non-publicly accountable companies category.
A smaller company mentioned in the table above refers to a company whose revenue and total assets for the current financial year do not exceed S$500,000and S$500,000, respectively. The assessment of revenue and total assets should be made based on the FS that are required to be prepared under the Companies Act. When the company controls, jointly controls or has significant influence over other entities, its revenue and total assets should be assessed based on consolidated figures, unless the company is exempted by the accounting standards or by ACRA from preparing consolidated FS.
The amount thresholds of S$500,000 are to be determined based on the FS, regardless of the number of months in the financial year covered by the FS. For FS presented in foreign currency, revenue should be translated based on average rates over the financial year and total assets to be translated based on closing rate as of financial year-end.
A non-publicly accountable company mentioned in the table above refers to a company that is not:
a. a company that is listed or is in the process of issuing debt or equity instruments for trading on a securities exchange in Singapore;
b. a company whose securities are listed on an exchange outside Singapore;
c. one of the following financial institutions:
- entity that is part of the banking and payment systems (namely, licensed banks1, financial institutions approved under section 28 of the Monetary Authority of Singapore Act (Chapter 186), operators of payment systems designated under section 42 of the Payment Services Act 2019 (Act 2 of 2019), settlement institutions of payment systems designated under section 42 of the Payment Services Act 2019, persons that have in force a standard payment institution licence granted under section 6 of the Payment Services Act 2019, persons that have in force a major payment institution licence granted or deemed to have been granted under section 6 of the Payment Services Act 2019 and licensed finance companies);
- licensed insurer, foreign insurer under Lloyd’s Asia Scheme and registered insurance broker;
- capital market infrastructure provider (namely, approved holding companies, approved exchanges, recognised market operators, approved clearing houses and recognised clearing houses under the Securities and Futures Act (Chapter 289));
- capital markets intermediary (namely, holders of capital market services licence, licensed financial advisers, registered fund management companies, licensed trust companies and approved trustee for collective investment scheme);
- licensed trade repository, authorised and exempt benchmark administrator under the Securities and Futures Act (Chapter 289);
- operator of the Central Depository System under the Securities and Futures Act (Chapter 289);
- trustee-manager of listed registered business trust;
- designated financial holding company under the Financial Holding Companies Act2; and
- licensed credit bureau under the Credit Bureau Act2.
2 Applicable once the Act commences.
- An exempt private company is insolvent if it is unable to meet its debts when they are due. Insolvent EPCs are required to file FS as mentioned above.
- Solvent EPCs only need to make an online declaration of their solvency, and filing FS is voluntary.
XBRL Filing & Conversion - Why outsource to EnterpriseBizpal.com?
To prepare the financial statements documents for XBRL (extensible business reporting language) filing requirements, preparers will need to do mapping by matching line items within the financial statements document to a relevant concept within the ACRA 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 files to ensure the accuracy of the financial statements submitted meets the XBRL requirement 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 conversion and filing requirements as specified by ACRA is risky. Furthermore, the XBRL conversion of the financial statement document requires technical knowledge of the BizFinx XBRL conversion software as well as accounting knowledge.
Outsourcing the XBRL conversion and XBRL 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.