XBRL Financial Reports

 Effective from March 3, 2014, companies are mandated to submit their financial statements in XBRL format, adhering to the revised filing requirements. Nearly all companies are required to utilize the new BizFinx system for XBRL filing.

T RAVI PRACTICE PAC stands ready to assist your company in the XBRL filing process with the Accounting and Corporate Regulatory Authority of Singapore (ACRA).

XBRL (Extensible Business Reporting Language) serves as an electronic language for global business and financial data communication. This open-source software, which T RAVI PRACTICE PAC employs, facilitates the organization and management of financial data for research and analysis, enhancing precision and reliability in online financial information exchange among businesses.

ACRA has incorporated XBRL into its strategy to streamline financial reporting, fostering the seamless flow of financial information on an international scale. This initiative contributes to the creation of a pro-enterprise environment.

All Singapore-incorporated companies, with the exception of those exempted, whether unlimited or limited by shares, must submit a complete set of financial statements in XBRL format based on the Minimum Requirement List within the new ACRA Taxonomy 2013 (Full XBRL). The filing option of Option B (Partial XBRL) through FS Manager will no longer be available.

The following categories of companies are eligible for exemption from submitting their complete financial statements in XBRL format. Instead, they will file their financial statements in PDF, accompanied by Financial Statements Highlights in XBRL format:

1. Commercial Banks
2. Merchant Banks
3. Registered Insurers
4. Finance Companies regulated by the Monetary Authority of Singapore
5. Companies permitted by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities, and IFRS (International Financial Reporting Standards).

Solvent exempt private companies (EPCs) will retain their exemption from filing their financial statements with ACRA.

Insolvent Exempt Private Companies (EPCs) will have the following options for filing their financial statements with ACRA:

1. A complete set of financial statements in XBRL format; or
2. A complete set of financial statements in PDF, accompanied by Financial Statements Highlights in XBRL format.

Companies limited by guarantee will maintain the practice of filing only their financial statements in PDF format with ACRA.

Foreign companies and their local branches will also persist in filing only their financial statements in PDF format with ACRA.

 The updated XBRL filing requirement is applicable to companies submitting financial statements for periods concluding on or after 30 April 2007. Companies filing financial statements for periods ending before 30 April 2007 will persist in submitting their financial statements in PDF format, accompanied by the financial highlights in connection with the statements within their Annual Return (AR).