XBRL filing services
What is XBRL?
XBRL stands for eXtensible Business Reporting Language, a language used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users (for e.g. Auditors, Regulators & Financial Analysts) for various purposes. ACRA (Accounting & Corporate Regulatory Authority) implemented a new filing requirement for Singapore incorporated companies to file their financial statements in full XBRL format with effect from the 3rd of March 2014.
Applicable financial periods
The revised XBRL filing requirements are applicable for companies filing financial statements with periods ending on or after April 30th 2007.
Companies filing financial statements relating to financial periods ending before April 30th 2007 will continue to file their financial statements in PDF format and their financial highlights in respect of the financial statements in their Annual Return.
Who is responsible for the correct representation and accuracy of information?
Directors of the companies will continue to be responsible for the correctness and accuracy of their financial statements in XBRL format filed with ACRA. Therefore Directors of the company have to check the information to be filed before authorising their company or authorised persons to submit the information on behalf of the company to ACRA.
Minimise your risk
Minimise your business’ risk of non-compliance with Eltoma’s XBRL filing service; our risk-based approach is highlighted to areas with the highest probability to receive attention from regulators. This not only reduces risks of having to submit amended filing as a result of any issues, it also keeps time spent to a minimum.
We can provide explanations and feedback on any companies draft XBRL statements and assist with the internal processes & controls for continuing detail-tagging, enabling your management or compliance department to demonstrate to the audit committee and investors that the process is being conducted with precision and accuracy.
Outsourcing the filing to a Eltoma gives Directors and business owners peace of mind, knowing that their company’s compliance needs are in good hands. Outsourcing helps eliminate the hassle of figuring out how to use the online filing system, selecting the required information for disclosure, entering the information manually, and reviewing the financial statements.
Who needs to file and who is exempt?
Under the revised XBRL filing requirements taking effect from March 3rd 2014, Singapore incorporated companies which are either unlimited or limited by shares required to file their financial statements with ACRA. The companies will be required to file a full set of financial statements in XBRL format, according to a minimum requirement list within the new ACRA Taxonomy 2013.
The table below sets out the filing requirements for various types of companies:
|Type of Company||Filing of Financial Statements|
|Public / Private companies (limited/unlimited by shares), except those under (a) and (b):||Full set of XBRL financial statements|
|(a) specific companies regulated by MAS, i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS:
(Note: Only the above specified types of companies regulated by MAS are exempted from filing of a full set of XBRL financial statements. Other types of companies regulated by MAS, e.g. money changers, are required to file a full set of XBRL financial statements.)
|Financial statements highlights (FSH) in XBRL format & PDF copy of financial statements|
|(b) Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS||FSH in XBRL format & PDF copy of financial statements|
|Solvent exempt private companies (EPCs):||
Exempted from filing financial statements, but are encouraged to file with following options:
|Companies limited by guarantee:||PDF copy of financial statements
(XBRL filing not required)
|Foreign companies and their local branches:||PDF copy of financial statements
(XBRL filing not required)
XBRL preparation & submission fees
|Prices in SGD:|
|Preparation of basic financial statement:
|Completion of full financial statements in XBRL format:
*above prices are excluding 7% GST (General Sales Tax).
Contact us for a quotation and to see how we can assist you.
Protection of Nominee Directors from IRD claims for Cyprus client companies
Legislation re Cyprus Tax Residency:
Cyprus Company Law: Responsibility of Directors for the non-payment of taxes
A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.
Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore
In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.
Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever
Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.
Cryptocurrencies: technical and legal overview
In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.
Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.