XBRL Filing in Singapore
XBRL (eXtensible Business Reporting Language) is the standard financial communication data language use for filing Financial Statements via ACRA Bizfile. It is an open source or licence free language and has been used by many countries including US, UK, Japan, China and India as the standard language for communicating business information over the internet.
Companies Exempted from XBRL Filing
The following Companies are only required to file their Financial Statements Highlights in XBRL format together with AGM financial statements in PDF and are exempted from filing their full set of financial statements in XBRL:
- Commercial Banks, Merchant Banks, Registered Insurers and Finance Companies which are regulated by Monetary Authority of Singapore; and
- Companies allowed by law to prepare accounts in accordance with accounting standards other than (Singapore Financial Reporting Standards) SFRS or IFRS (International Financial Reporting Standards).
Insolvent Exempt Private Companies (EPCs) have the option to file the full set of financial statements in PDF with Financial Statements Highlights in XBRL.
Solvent EPCs are exempted from filing PDF or XBRL Financial Statements with ACRA.
ACRA BizFinx for XBRL Filing
ACRA has a portal call BizFinx Portal which comes with a free offline software preparation tool for companies to prepare XBRL financial statements in accordance with the XBRL filing requirements implement by ACRA.
BizFinx portal is also a one-stop portal to address matters relating to filing XBRL financial statements. It allows companies to submit XBRL financial statements.
Free Data Analysis
ACRA offers a free one-time usage of data analysis for companies each time they file their financial statements in full XBRL (this offer is valid as at 1 December 2016). The free data analysis is available at ACRA BizFinx.
You can leave your XBRL filing to us. Our Professional Accountants understand the ACRA’s filing well and ensure your compliance with ACRA’s requirements. In addition to XBRL Filing, we also provide Corporate Secretarial Service, Accounting Services, Tax Service, Consulting and Advisory Service, etc. Just call us at or email us and we will get in touch with you straight away.
Financial Reports and Management Reports
Online Accounting Software has gained much popularity because of the ease of use and low subscription rate.
If you are keen to try Quickbooks Online or Xero Accounting Software, you may be able to subscribe through us at a lower rate if you are engaging us for accounting services including tax service and corporate secretarial service.
Whether it is complying to regulation of Ministry of Manpower (i.e. itemized payslips), IRAS (i.e. Form IR8A/E) or Central Provident Board (i.e. CPF contribution), you know you can count on us to help you.
Grants and Funds
Securing government grants and sourcing for investment funds are 2 important areas which business owners should not neglect. If you cannot find time to look at these 2 aspects of business, let us help you to do so.