📘What is XBRL?
XBRL (eXtensible Business Reporting Language) is a standardized format required by the Accounting and Corporate Regulatory Authority (ACRA) for the electronic submission of financial statements in Singapore. It improves transparency, consistency, and comparability of corporate data.
🏢 Who Needs to File XBRL in Singapore?
Most Singapore-incorporated companies (except exempted categories) must file their financial statements in XBRL format when submitting their Annual Return to ACRA.
Companies that must file XBRL include:
🛡️Private limited companies (non-exempt)
🛡️Dormant companies (unless exempted)
🛡️Foreign-owned companies with audited accounts
🛡️Dormant companies (unless exempted)
🛡️Foreign-owned companies with audited accounts
📊Types of XBRL Formats
| Format Type | Description |
|---|---|
| Full XBRL | For most active companies with audited accounts |
| Simplified XBRL (FS) | For smaller companies with revenue OR total assets ≤ SGD 500,000 |
| PDF Only | Only allowed for certain exempted companies |
🔎 ACRA’s BizFinx portal is used for generating and validating XBRL files.
⏰ Timeline for XBRL Submission
XBRL must be submitted alongside the Annual Return within:
✅7 months after Financial Year End (FYE) for private companies
✅5 months for public companies
✅5 months for public companies
📘 What is Included in Financial Statements?
A complete set of financial statements typically includes:
📌Statement of Financial Position (Balance Sheet)
📌Statement of Comprehensive Income (Profit or Loss)
📌Statement of Cash Flows
📌Statement of Changes in Equity
📌Notes to the Financial Statements
📌Directors’ Statement
📌Independent Auditor’s Report (if applicable)
📌Statement of Comprehensive Income (Profit or Loss)
📌Statement of Cash Flows
📌Statement of Changes in Equity
📌Notes to the Financial Statements
📌Directors’ Statement
📌Independent Auditor’s Report (if applicable)
**Each component must align with Singapore Financial Reporting Standards (SFRS).
❗Common Mistakes & Penalties
❌ Mismatched figures
❌ Missing mandatory tags in XBRL
❌ Submission in wrong format
❌ Late submission of Annual Return and XBRL
❌ Missing mandatory tags in XBRL
❌ Submission in wrong format
❌ Late submission of Annual Return and XBRL
Penalties:
📌SGD 300–600 late lodgment fees
📌Rejections leading to compliance breaches
📌Rejections leading to compliance breaches
✅ Tip: Use ACRA’s BizFinx preparation tool to validate your submission.
