Filing Financial Statements in XBRL Format
Some Clients will need this XBRL Accounts format service only if their Financial Statements the Balance Sheet is deemed Insolvent.
This XBRL Accounts must be done at same time as the Company’s Annual Return is Filed.
For Small Companies ( see definition below ) we elect to file Financial Statement Highlights (FSH), our Fee is S$288 for Company with up to 20 pages of annual statutory reports
For Small Companies ( see definition below ) we elect to file Financial Statement in details (FSH), our Fee is from S$588 for Company with up to 20 pages of annual statutory reports
Those Financial Statements with more than 20 pages please request for a Quote as that depends upon how many pages is the set of Financial Statements for ACRA filing with Annual Return.
Since 1 November 2007, companies required to file financial statements with ACRA are required to file financial statements in XBRL format.
All companies (limited or unlimited by shares), including dormant companies, are required to file XBRL FS in accordance with the filing requirements.
Who Needs to File Financial Statements?
All Singapore (SG) incorporated companies are required to file financial statements (FS) with ACRA, except for those which are exempted.
Some companies will file a full set of FS in XBRL format, while some others will file key financial data in XBRL format and a full set of signed copy of the FS tabled at annual general meeting and/or circulated to members (AGM FS) in PDF.
If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not required to file FS with ACRA.
To find out if your company is required to file financial statements see Table Below
The table below summarises the revisions to the filing requirements and data elements:
| Group | Companies that file FS that are made public | XBRL Filing Requirements | |
|---|---|---|---|
| Current Status | Revised (mandatory from 1 January 2021) | ||
| 1 | SG-incorporated companies that are not covered in Groups 2 to 5 below. | To file FS in Full XBRL template. | To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations:
|
| 2 | SG-incorporated exempt private companies (EPCs) that are insolvent | To file FS in either:
|
To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations:
|
| 3 | SG-incorporated EPCs that are solvent | Not required to file FS. If the company opts to voluntarily file, to file FS in any of the following formats:
|
Not required to file FS. If the company opts to voluntarily file, to file FS in either:
If the company opts to file FS in XBRL format, its extent of XBRL filing will vary based on the same criteria as Groups 1 and 2. |
| 4 | SG-incorporated companies in the business of banking, finance and insurance regulated by MAS | To file FS in:
together with PDF copy of the FS authorised by directors. |
To file FS in:
together with PDF copy of the FS authorised by directors. |
| 5 | SG-incorporated companies preparing FS using accounting standards other than prescribed accounting standards in Singapore or IFRS | To file FS in XBRL FSH (General) template, together with PDF copy of the FS authorised by directors. | To file only PDF copy of the FS authorised by directors. |
| 6 | SG-incorporated companies limited by guarantee | To file only PDF copy of the FS authorised by directors. | To file only PDF copy of the FS authorised by directors. |
| 7 | Foreign companies with SG branches | To file only PDF copy of the FS authorised by directors. | To file only PDF copy of the FS authorised by directors. |
DEFINITIONS:
Definition of smaller company
A smaller company mentioned in the table above refers to a company whose revenue and total assets for the current financial year do not exceed S$500,000 and S$500,000, respectively. The assessment of revenue and total assets should be made based on the FS that are required to be prepared under the Companies Act. When the company controls, jointly controls or has significant influence over other entities, its revenue and total assets should be assessed based on consolidated figures, unless the company is exempted by the accounting standards or by ACRA from preparing consolidated FS.
The amount thresholds of S$500,000 are to be determined based on the FS, regardless of the number of months in the financial year covered by the FS. For FS presented in foreign currency, revenue should be translated based on average rates over the financial year and total assets to be translated based on closing rate as of financial year-end.
A private company can have not more than 50 members. An exempt private company can be a private company with less than 20 members, and does not have any corporations holding beneficial interest in its shares (whether directly or indirectly). An exempt private company can also be a private company owned by the Government that is declared in the Gazette to be an exempt private company.
- An exempt private company is insolvent if it is unable to meet its debts when they are due. Insolvent EPCs are required to file FS as mentioned above.
- Solvent EPCs only need to make an online declaration of their solvency, and filing FS is voluntary.