The Accounting & Corporate Regulatory Authority (ACRA) believes that the use of XBRL will achieve the objectives of facilitating the conduct of business in Singapore. This will provide more value-added financial information and enhance the regulatory environment with improved transparency and timely dissemination of relevant financial information.

The following companies need to file their financial statements in XBRL format:

Non-Exempt Private Limited Companies (“Non-EPCs”, normally refer to companies with corporate shareholders) are required to file full set of XBRL FS.

Insolvent Exempt Private Limited Company (“EPCs”, normally refer to companies with deficit equity or the current liabilities exceed current assets), specific companies regulated by the Monetary Authority of Singapore (e.g. banks, insurance companies and finance companies) as well as companies that are allowed by law to prepare accounts in other accounting standards are required to file Financial Statements Highlights in XBRL format.

Certain companies need not file XBRL. These companies include solvent exempt private limited companies, companies limited by guarantee, foreign companies and their local branches.

An Exempt Private Company (EPC) is a private company which has at most 20 shareholders. No corporation holds (directly or indirectly) any beneficial interest in the EPC’s shares. It can also be a Company the Minister has gazetted as an EPC (see section 4(1) of the Companies Act).

Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA. They are therefore advised 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.

You can either do-it-yourself by logging on to BizFinx Portal or outsource to a professional firm. However, filing of XBRL is not something that directors or owners of businesses can leave to the juniors to do as the filing process can be time-consuming and daunting for directors. It is more convenient and hassle-free to let us handle this work for you. Outsourcing the filing to a professional accounting services firm will give you the peace of mind in meeting your company’s compliance needs.