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Filing Financial Statements For Companies

The Accounting and Corporate Regulatory Authority of Singapore (ACRA) accepts financial statements from companies in Singapore using two formats: PDF and XBRL.

All Singapore incorporated companies limited or unlimited by shares are required to submit their financial statements using the XBRL format for financial periods starting April 30, 2007.

Those who are required to submit financial statements in PDF format, meanwhile, are companies limited by guarantee, companies with financial periods ending before April 30, 2007, and companies whose financial periods are ending on or after April 30, 2007.

When it comes to filing via XBRL, qualified companies may use the FS Manager to adopt the prescribed format. The XBRL comes in two options, namely the full XBRL (Option A) and the partial XBRL (option B).

A company can opt for option A only under two circumstances: first, when it has used the FS Manager to complete the whole set of financial statements for tabling at its Annual General Meeting; or second, when the FS Manager was used to prepare financial statements which are identical with the full set tabled at the AGM.

On the other hand, companies which opt for Option B must include a PDF copy or else its full set of financial statements as tabled during the AGM with its AR.

For financial periods starting on or before December 31, 2008, companies opting for Option B will file a minimum of the Balance Sheet, Income Statement, and all information marked with a red asterisk in the FS Manager.

For periods starting on or after January 1, 2009, a company which opts for Option B needs to file a minimum of Statement of Financial Position, Statement of Comprehensive Income and all information marked with a red asterisk in the FS Manager. This is by virtue of the revised FRS 1 for Singapore incorporated companies issued by the Accounting Standards Council on March 28, 2008.