What Is XBRL?
XBRL stands for eXtensible Business Reporting Language. It is an internationally recognised language used in computers for business reporting and electronic communication of business information between organisations.
With effect from 1 November 2007, the Accounting and Corporate Regulatory Authority (ACRA) requires Singapore-incorporated companies to file their financial statements in XBRL format. XBRL creates a pro-enterprise financial reporting environment for businesses in Singapore, allowing financial information to be easily accessible and exchanged, while enhancing accountability through increased transparency of business information.
In March 2020, ACRA announced a revision of the XBRL filing requirements for Singapore-incorporated companies, which took effect in late Q3 2020. Since then, all companies must file their financial statements in accordance with the revised XBRL filing requirement.
Who Needs to File XBRL?
The table below summarises the requirements for filing financial statements (FS) with ACRA.
| # | Type of company | Filing requirement |
|---|---|---|
| 1¹ | Singapore companies not covered in rows 2–5 below | Must file FS in XBRL format, with the extent of filing varying by the company’s nature and size: micro and non-publicly-accountable companies file in Simplified XBRL format together with a PDF copy of the (AGM) FS; all other companies must file in Full XBRL format. |
| 2¹ | Singapore companies — insolvent exempt private companies (EPCs) | Must file FS in XBRL format, with the same Simplified/Full XBRL split as row 1 based on the company’s nature and size of operations. |
| 3 | Singapore companies — solvent EPCs | Not required to file FS, but may voluntarily file either a PDF copy of the (AGM) FS or FS in XBRL format (extent of XBRL filing again based on the company’s nature and size, per rows 1–2). |
| 4 | Singapore banking, finance, and insurance companies regulated by MAS² | Must file FS in XBRL FSH (Banks) or XBRL FSH (Insurance) format, together with a PDF copy of the (AGM) FS. |
| 5 | Singapore companies preparing FS using accounting standards other than those prescribed in Singapore or IFRS | Must file a PDF copy of the (AGM) FS only. |
| 6 | Singapore companies limited by guarantee | Must file a PDF copy of the (AGM) FS only. |
| 7 | Foreign companies with Singapore branches | Must file a PDF copy of the (AGM) FS only. |
Note that the XBRL FSH (General) format is no longer available under the revised XBRL filing requirements.
¹ Applies to rows 1 and 2. The type of company excludes dormant relevant companies (which are exempt from preparing and filing FS) and gazetted/de-gazetted companies (i.e., a private company wholly owned by the Government that the Minister, in the national interest, declares by notification in the Gazette to be an exempt private company, and companies subsequently de-gazetted).
² For clarity, this refers to: commercial banks (full banks, wholesale banks, or offshore banks) licensed under the Banking Act 1970; merchant banks approved under the MAS Act and governed by the Merchant Bank Directives; finance companies licensed under the Finance Companies Act 1967; and licensed insurance companies approved under section 8 of the Insurance Act 1966.
Definition of a “Micro” Company
A company is “micro” when both its revenue and total assets in the FS required to be prepared by law are S$500,000 or below. When the company is a parent, its revenue and total assets are assessed on a consolidated basis, unless it is exempted by the accounting standards from preparing consolidated FS.
Where the FS are presented in a foreign currency, translate the figures to Singapore Dollars (SGD) to check against the S$500,000 Simplified XBRL threshold: use average rates over the financial year for revenue, and the closing rate as at financial year-end for total assets.
Definition of a “Publicly Accountable” Company
A company is publicly accountable if it is any of the following:
- Listed, or in the process of issuing debt or equity instruments for trading, on a securities exchange in Singapore.
- Listed on a securities exchange outside Singapore.
- One of the following types of financial institutions:
- Entities that are part of the banking and payment systems — licensed banks, financial institutions approved under section 28 of the Monetary Authority of Singapore Act 1970, operators of designated payment systems, and licensed finance companies.
- Licensed insurers, foreign insurers under the Lloyd’s Asia Scheme, and registered insurance brokers.
- Capital market infrastructure providers — approved holding companies under the Securities and Futures Act 2001, approved exchanges, recognised market operators, and approved and recognised clearing houses.
- Capital markets intermediaries — holders of a capital market services licence, licensed financial advisers, registered fund management companies, licensed trust companies, and approved trustees for collective investment schemes.
- Designated financial holding companies under the Financial Holding Companies Act.
- Licensed trade repositories, authorised and exempt benchmark administrators, and licensed credit bureaus.
- The operator of the Central Depository System.
- Settlement institutions of designated payment systems.
- Holders of a standard payment institution licence or major payment institution licence under the Payment Services Act 2019.
- Trustee-managers of listed business trusts.
How to File or Upload an XBRL File
- Download the BizFinx preparation tool to prepare the XBRL report. Preparers need to map data within the financial statements to an appropriate and compatible concept within the Taxonomy. BizFinx is an offline software application provided free of charge by ACRA to help companies prepare and manage their financial statements in XBRL format, in accordance with the revised filing requirements and the new ACRA Taxonomy.
- Once the XBRL report is prepared, upload it using the upload feature within the BizFinx preparation tool.
Why Outsource XBRL Preparation to a Professional Service Provider?
Preparing and filing XBRL reports can be tedious and time-consuming. By outsourcing this work to a professional service provider, companies can save time and focus on their core business, while directors gain assurance that XBRL reports are prepared in compliance with the latest filing requirements.