Transcribe Financial Statements into XBRL Format

The Accounting & Corporate Regulatory Authority (“ACRA”) implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format with effect from 1 November 2007. XBRL stands for eXtensible Business Reporting Language, and it is a language for the electronic communication of business and financial data worldwide.

This filing requirement will not apply to

  • Companies limited by guarantee;
  • Foreign companies and their local branches;
  • Banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore; and
  • Companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards;

Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS with ACRA.

Insolvent EPCs and EPCs that are required by law to file their FS with ACRA will do so in XBRL format.

For more details in relation to the new filing requirement of financial statements in XBRL format, please Call us @ +65 6324 7046/ +65 9011 7046 or click here for an appointment.