XBRL Filing – Who needs to file them?
Since 1 November 2007, Singapore incorporated companies which are required to file full sets of financial statements to ACRA have been doing so in XBRL format. Since 3 March 2014, such filing which had been done through FS Manager are now filed via the BizFinx system at BizFinx Portal. This is in accordance with a minimum requirement list within the new ACRA Taxonomy 2013.
Requirements for XBRL financial statements to be submitted under ACRA’s BizFin system have been revised as of 3rd March 2014. Filing of Option B (Partial XBRL) has also been removed.
Companies filing their financial statements with periods ending on or after 30 April 2007 are affected by the new XBRL filing requirements.
The following table sets out the filing requirements for the different kinds of companies:
Filing Requirements for Companies
As extracted from ACRA's How To Guide| Type of Company | Filing of Financial Statements |
|---|---|
| Public / Private companies (limited/unlimited by shares) | Full set of XBRL financial statements |
| 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 |
| 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) |