Filing and Submission of XBRL
What does XBRL stand for?
XBRL or Extensible Business Reporting Language is a global language used for communication of financial and business data. It is an open-source program that allows proper arrangement and management of business/financial data for analysis. The software enables electronic communication of financial data through the Internet and between businesses with high level of precision and reliability.
The ACRA relies on XBRL for streamlining financial reporting and for enabling the flow of financial information to the global business community, which helps promote a professional enterprise environment.
Filing Requirements for XBRL
Effective November 2007, every Singapore Company, whether limited or unlimited by shares needs to submit their financial statements in XBRL format. Exceptions are offered to certain companies for filing their PDF financial statements. This includes companies like:
- Companies which are limited by guarantee can file their financial statements based on Annual General Meeting (AGM) in PDF format.
- Companies that come under the category of commercial banks, registered insurance companies, merchant banks and financial institutions according to the MAS Financial Institutions Directory.
- Companies allowed by law to prepare their reports according to accounting standards beyond the Singapore or International standards.
FINANCIAL STATEMENT FILING IN XBRL
A Singapore Company can prepare their financial statements through Option A when filing their Annual Returns in the following cases:
- They use the FS Manager for preparing the complete range of financial statements to be tabled at the AGM.
- They use the FS Manager for preparing all the financial statements that match the financial statements prepared for the AGM.