XBRL (Extensible Business Reporting Language) is a language of presenting or reporting data in a manner that permits easy analysis and interpretation of data. The method also allows for quick retrieval and direct transfer of financial statements (FSs) to such users as auditors, financial analysts and regulators for various purposes.
Adopted by ACRA (Accounting & Corporate Regulatory Authority), XBRL has ensured timely gathering and dissemination of value-added financial information, all while enhancing transparency within the regulatory environment. The reporting language has further simplified the process through which Singapore-incorporated companies lodge their accounts to the authority.
Who is Required to File XBRL Format
All Singapore registered companies are expected to lodge their financial statements using XBRL on annual basis alongside their tax submissions. Public/ private companies that are limited or unlimited by shares (with the exception of those listed under Section (a) and (b)) are required to file Full Set of XBLR financial statements.
Solvent exempt private companies (EPCs) are exempted from filing FSs but are all the same encouraged to file using two options: either full set of the XBRL financial statements or FSH (Financial Statement Highlights) in XBRL. Insolvent EPCs, on the other hand, can lodge full set of XBRL financial statements or submit FSH (XBRL) plus a PDF copy of the financial statements.
Why Do You Outsourced XBRL Filing
The process of preparing XBRL financial statements requires that preparers map or match information within the FSs with the relevant concept within the XBRL Taxonomy. This is a rather complex affair that not only requires one to have deeper understanding of accounting concepts but also have clear knowledge of the established Singapore Financial Reporting Standards (SFRS).
While larger part of preparing the statements and doing the filing is left to the accountants, it is the directors who are charged with the responsibility of ensuring the representation if correct and that the information filed is accurate. Following through the entire process can hence be tedious and time-consuming.
In order to make filing a little easier, you can outsource to us to perform the conversion of XBRL that will give you the peace of mind knowing all your company’s compliance needs.
|Full XBRL (25 to 50 individual shareholders or a corporate shareholder||$550|
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