XBRL Financial Reporting
With effect from 3 March 2014, Singapore incorporated companies (unless exempted) will be required to file a full set of financial statements in XBRL based on revised filing requirements through the new BizFinx portal at www.bizfinx.gov.sg. A new offline tool, BizFinx, will replace the online FS Manager for preparing XBRL financial statements and the BizFinx Portal, for submitting the Annual Returns together with these financial statements.
What is XBRL?
XBRL (eXtensible Business Reporting Language) is a computer language that, through a process of tagging, makes documents machine-readable.
Who is affected?
Under the revised XBRL filing requirements, Singapore incorporated companies (unlimited or limited by shares) which are required to file their financial statements with ACRA, 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. Filing of Option B (Partial XBRL), a filing option under the previous XBRL system (FS Manager), will no longer be available.
The table below sets out the filing requirements for various types of companies:
| Types of Company | Filing requirements from 3 March 2014 |
| Public / Private companies (limited/unlimited by shares), except those under (a) and (b) | Full set of XBRL financial statements |
| (a) Specific companies, i.e. commercial banks, merchant banks, registered insurers, finance companies regulated by MAS | Financial statements highlights (FSH)(XBRL) + 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 (XBRL) + 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 (XBRL) |
| Insolvent EPCs |
Options of: - Full set of XBRL financial statements; or - FSH (XBRL) + 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) |
What is the Minimum Requirement List?
The Minimum Requirement list comprises a set of elements within ACRA Taxonomy 2013.
| Information Required | Minimum Requirement List | |
| Detailed information (Statutory reports) |
Statement by directors Independent auditors’ report |
|
| Detailed information (Primary financial statements) |
Statement of financial position Income statement Statement of cash flows |
|
| Detailed information (Disclosure notes) |
Corporate and general information Trade and other receivables Trade and other payables Provisions Share capital |
Revenue Government grants Employee benefits expense Operating segments Property, plant and equipment Selected income and expense |
Do contact us for an obligation-free discussion on any of your reporting needs.