subject: Singapore Xbrl Filing [print this page] XBRL stands for eXtensible Business Reporting Language, a language used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators, financial analysts for various purposes.
On November 1, 2007, there has been a different filing requirement for Singapore incorporated companies in filing their financial statements (FS) which is in XBRL format, it was implemented by the Accounting & Corporate Regulatory Authority (ACRA).
Why the need for XBRL?
Companies currently file their FS in PDF format. There are numerous benefits of using XBRL according to ACRA, foremost it helps with the facilitation of business operations in Singapore, additionally, it also helps you facilitate the operation of business in Singapore by giving more valuable financial information and improving the regulatory environment with enhanced transparency and prompt dissemination of pertinent information on financial aspect.
Who is accountable for the right representation and accuracy of information?
Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA.They are therefore advised to check the information to be filed before authorizing their company or authorised persons to submit the information on behalf of the company to ACRA.
Who are not obliged in filing XBRL?
The new filing requirement will not apply to:The current filing requirement is not applicable to:
businesses that are permitted by law to procure accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards;companies limited by guarantee; and
Companies overseas and their local branches
banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore;
Because of Annual General Meeting (AGM), companies that are exempted should still file their FS by attaching a PDF copy of the FS.
Solvent exempt private companies ("EPCs") will continue to be exempted from filing their FS with ACRA. Insolvent EPCs and EPCs that are compelled by law in filing their FS with ACRA will do so in XBRL format.
What are the basis in determining whether my company need to file in XBRL?
Given below are the two main criteria to be followed in filing FS in XBRL format.
FS of the company that ends on or April 30, 2007
the company is filing its Annual Returns on or after 1 November 2007
What are the steps in filing?
Choices are
do-it-yourself - log on to the Bizfile website, go through all the procedures and prepare the XBRL report yourself;
free yourself of the hassle by engaging a professional firm to assist you in the preparation
A certain webiste of ACRA known to be www.bizfile.gov.sg with the tool "FS Manager" will give companies the chance to file and manage their FS in XBRL.
Given below are the two filling options
Option A - Full XBRL (filing its full set of FS in XBRL format);
Option B - Partial XBRL (filing only its balance sheet, income statement and mandatory information in XBRL format and PDF copy of FS presented at company's AGM).
Option B is in limited time only from November 1, 2007 to October 31, 2008.The continuation of option B after October 2008 will only be declared by ACRA.
If the company decided to choose option B they are now liable to submit and file a PDF of its FS to be added to the balance sheet and income statement in XBRL format.
If I can do it myself, what woulde be outsourcing can give me?
Since directors are accountable for the accurate representation and information filed, many times, it is not something that directors or owners of businesses leave to the juniors to do.The whole process of filling won't be easy for the directors because it will take a long period of time.
If you will outsource the filing process to a professional service firm, you will no longer have to worry about the things that your company badly needs.When it comes to small businesses, hiring a professional service firm would make a big difference since they will be then be responsible on doing certain things which will give you the chance to work on the other part of the business.
