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.
When the financial year of a company registered in Singapore ends the below requirements are requested by ACRA, the Company House of Singapore:
- Estimated Chargeable Income (ECI Form): Needs to be submitted 3 months after the end of the financial year. To complete it an estimate of the revenue of the company for the financial year is requested.
- Annual General Minutes & Annual Returns: To prepare these, book keeping is needed and to prepare unaudited accounts or audited accounts. The deadlines for these documents for the first financial year are based on the date of the company’s Incorporation. For the next years the dates are fixed.
- C – Form: This is the Corporate Tax Form requested by Inland Revenue of Singapore. This is submitted on a yearly basis in November.
The requirements by Singapore Authorities are compulsory and if the requested forms / documents are not submitted on time the company is charged with penalties and court summons.
Fees for Accounting Department:
|Description of Service:||Fee (S$)|
|Preparation and Submission of ECI Form*||S$265|
|Appointment / Change of auditors*||S$160|
|Preparation of Unaudited Financial Statements (dormant company)||S$350|
|Conversion of Financial Statements to XBRL format (when applicable)*||S$590|
|Book Keeping Set Up Fee (applicable to all companies)||S$450|
|Book Keeping (dormant company)||S$450|
|Book Keeping ( active company – to be determined)||Quotation provided based on number of transactions & turnover|
|Preparation of Unaudited Financial Statements (active company)||S$700|
|Audit for active company(Estimate – conditional on turnover, number of transactions & agreements etc.)||From S$2,000|
|Submission of Financial Statements to ACRA and of C Form for a dormant company*||S$695|
|Submission of Financial Statements to ACRA and of C Form for an active company*||S$800|
The fees of the Accounting Department are based on the SGD figures (Singapore Dollar)
Beginners guide to Service Level Agreements: important information & Q&A
SLAs are a critical component of any outsourcing and technology vendor contract. Beyond listing expectations of service type and quality, an SLA provides remedies when requirements aren't met.
Crypto currencies becoming increasingly overly regulated as governments impose more guidelines
Crypto currencies have exploded in popularity in recent years, thanks to innovation in block chain, the distributed ledger technology underpinning those virtual tokens such as bitcoin. That has led to a red-hot fundraising trend where start-ups are pulling in millions of dollars in capital by issuing virtual coins to investors in exchange for money.
Initial Coin Offering, definition and regulation
Initial Coin Offerings (“ICO”) have gained increasing attention by crypto currency users, the media and the regulators. The rising price of Bitcoin, one of the most widely known and used crypto currencies, along with fraud scandals in different countries, have raised attention by the public and concern by the regulators. It is important for us that our clients and our professional team understand crypto currencies and ICOs to be able to make intelligent and well-informed decisions.
Seychelles IBC Act 2016: Action for all companies required
The requirement to file and maintain a list of Directors and Beneficial Owners for all Seychelles companies or International Business Companies “IBCs” registered under the International Business Companies Act 2016 has been introduced to as a way to increase the transparency of all Seychelles international businesses for tax and money laundering purposes
Passport schemes: countries that allow foreign nationals to acquire citizenship through investment
There are many factors that influence an investor to obtain a second citizenship in another country. Aspects such as relocation, retirement, security or even long-term plans for future generations are all benefits and considerations in the prospectus for investment. Several countries now offer this option through different investment schemes.
The Tier 1 Investor Visa: are the UK government checking candidates' source of wealth? Evidently not..
One of many legal disputes resulting from the recent infamous Kazakhstan BTA bank fraud case has shed new light on a little-known immigration scheme colloquially known as the golden visa scheme and officially called a Tier 1 Investor visa in the UK; the scheme grants investors residency in exchange for spending £2m in UK bonds or shares through a bank, with applicants eligible for to remain indefinitely, with full citizenship after five years.
EU release list of tax havens & blacklisted jurisdictions for the first time
In an attempt to recover the approximate 600B euros lost within various EU countries to tax evasion schemes each year; the European Union has released its first official blacklist naming 17 jurisdictions that have failed to meet international standards of implementing sufficient regulations and transparency measures.
A beginners guide to filing capital statements in Cyprus
This article details a beginners guide to capital statements; what to include in them, what the figures mean and how to understand and interpret them; avoiding common pitfalls many individuals experience along the way with filing their own.. Capital statements (also referred to as wealth statements) are similar to profit & loss sheets for a company except capital statements are typically used to measure and record an individual’s finances using an official document accumulated on differing dates.