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:

  •  full set of XBRL financial statements or
 FSH in XBRL format
Insolvent EPCs:

Options of:

  •  full set of XBRL financial statements; or
 FSH in XBRL format + PDF copy of financial statements
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:
 $200*
Completion of full financial statements in XBRL format:
 $400*

*above prices are excluding 7% GST (General Sales Tax).

Contact us for a quotation and to see how we can assist you.

Useful links:

ACRA

Bizfile

XBRL

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Register a Singapore company.
Open a Singapore bank account.

  Resources:

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