{"id":1863,"date":"2022-07-20T14:05:54","date_gmt":"2022-07-20T06:05:54","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=1863"},"modified":"2022-07-21T17:09:04","modified_gmt":"2022-07-21T09:09:04","slug":"filing-xbrl-with-acra","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/filing-xbrl-with-acra\/","title":{"rendered":"Filing XBRL with ACRA"},"content":{"rendered":"\t\t
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All Singapore-incorporated companies are required to file their financial statements (FS) with ACRA in XBRL format, unless exempted. XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business and financial data worldwide.<\/p>

Since 1 May 2021, companies are required to apply the revised XBRL filing requirements and data elements. The new data elements have been reduced significantly while still capturing relevant information from the company\u2019s FS.<\/p>

Solvent Exempt Private Companies (EPCs) are exempted from filing their FS in XBRL format. EPCs are companies with less than 20 shareholders and no corporate shareholder. Insolvent EPCs are required to file their FS in XBRL format.<\/p>

Owners of sole proprietorships, partnerships, limited liability partnerships, or limited partnerships do not need to file FS with ACRA.<\/p>

There are four templates for the filing of XBRL as follows:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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  1. Full XBRL<\/li>\n \t
  2. Simplified XBRL<\/li>\n \t
  3. XBRL FSH (Banks)<\/li>\n \t
  4. XBRL FSH (Insurance)<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    In general, smaller and non-publicly accountable companies need only to file Simplified XBRL. A smaller company refers to a company whose revenue and total assets for the current financial year do not exceed S$500,000.<\/p>

    The following are examples of a non-publicly accountable company:<\/p>

    i) A company that is listed or is in the process of issuing debt or equity instruments for trading on a securities exchange in Singapore;

    ii) A company whose securities are listed on an exchange outside Singapore;

    iii) A financial institutions under the Monetary Authority of Singapore Act, Payment Services Act 2019, Securities and Futures Act\u00a0or Credit Bureau Act.<\/p>

    For more information on the type of FS to file for your company, you can visit this link<\/a>.<\/p>

    Directors are responsible for ensuring the accuracy of the information filed with ACRA, including XBRL FS. Preparers of XBRL FS should possess the necessary accounting and taxonomy knowledge. To ensure accuracy, it is advisable to engage a firm providing accounting services in Singapore<\/a> to assist with the preparation, compilation<\/a> and filing of your FS.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    All Singapore-incorporated… <\/p>\n","protected":false},"author":10,"featured_media":1864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ongoing-compliance-for-singapore-companies","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=1863"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/1864"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=1863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=1863"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=1863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}