eXtensible Business Reporting Language (XBRL) is an internationally recognised language for the electronic communication of business information. With effect from 3 March 2014, the revised XBRL filing requirements under the BizFinx system will apply. More information on XBRL can be found at http://www.xbrl.org.
WHY XBRL SHOULD BE OUTSOURCED
Directors are responsible for the correct representation and accuracy of the information filed. The online filing process can be time-consuming and difficult for someone who does not do this every day. Outsourcing this to a professional firm helps to eliminate the hassle of figuring out how to use the online filing system and the potential filing errors.
WHO NEEDS TO FILE AND WHO IS EXEMPTED
Singapore companies are 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)
|Full set of XBRL financial statements|
|Solvent Exempt Private Companies (EPCs)||Exempted from filing financial statements, but are encouraged to file full set of XBRL financial statements or Financial statements highlights (FSH) in XBRL format|
|Insolvent EPCs||Options of:
full set of XBRL financial statements; or FSH in XBRL format + PDF copy of financial statements
|Foreign companies and their local branches||PDF copy of financial statements (XBRL filing not required)|
|Specific companies regulated by MAS, i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS||Financial statements highlights (FSH) in XBRL format + PDF copy of financial statements|
|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|
|Companies limited by guarantee||PDF copy of financial statements (XBRL filing not required)|
HOW CAN I FILE?
You can either:
- Do-it-yourself by logging on to the Bizfile website, go through all the procedures and prepare the XBRL report yourself; or
- Free yourself of the hassle by engaging Ecovis to assist you in the preparation.