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XBRL filing is a tedious and intricate task, as many technical details must be filled in to ensure your company’s financial statements are in order. Since it is a rather complex process, many business owners sometimes feel overwhelmed when they see the words ‘XBRL.’ Panic sets in, and they will sometimes struggle to comprehend and follow the necessary steps that need to be done.

If you require accounting services or XBRL filing services, Relin Consultants’s team of accountants can guide you through and assist you with what is required to complete the XBRL filing of your Singapore company.

WHAT EXACTLY IS SINGAPORE XBRL?

To put it in layman’s terms, XBRL is the standardized format for digital business reporting. It is used internationally and globally. XBRL is currently managed by a non-profit association, XBRL International. According to XBRL International, the XBRL format can also be called “bar codes for reporting.”

XBRL is already used by more than 50 countries worldwide. It allows business owners, professionals, and regulatory authorities to have a more standardized process of compiling, sharing, and analyzing financial data.

WHO IS XBRL MEANT FOR?

Companies in Singapore will need to abide by the Accounting and Corporate Regulatory Authority (ACRA) regulations for XBRL format filing. Companies limited or unlimited by shares will need to file their financial statements in XBRL to the ACRA annually.

Exemptions for XBRL filing apply for the following industry: 

• Commercial and merchant banks
• Singapore-registered issuers
• Financial institutions

The ACRA-recommended tag libraries must be used for the XBRL filing. 

TYPES OF XBRL FILING IN SINGAPORE

Preparing all the necessary and correct data for XBRL filing is intricate. 

Generally, there are two (2) types of XBRL filing:

• Full Set XBRL Financial Statements (FULL XBRL)

This is used to present the company’s accounts in XBRL format comprehensively.

• Financial statements highlight (FSH)

This is used to indicate major account positions in XBRL format.

WHO IS RESPONSIBLE FOR SUBMITTING THE XBRL?

According to ACRA, the directors of all the Singapore companies are the ones who are responsible for ensuring the XBRL files are timely completed. Presently, most Singapore companies outsource their XBRL filing work to outsourced accountants. Relin Consultants is also one of the XBRL service providers in Singapore.

Although the work is outsourced, the company’s directors are still responsible and must ensure that the outsourced accountants complete the filing accurately. Hence the directors must be aware of the XBRL requirement in Singapore. 

HOW DOES SINGAPORE XBRL CONVERSION WORK?

The XBRL financial statement preparer must link the information in the financial statements to the appropriate XBRL tags. It necessitates a thorough grasp of accounting principles as well as tag libraries. 

You will have peace of mind and assurance if you outsource your XBRL filing to experienced accountants. You can count on them to adhere to Singapore Financial Reporting Standards (SFRS) and SFRS for Small Entities while guaranteeing your organization’s compliance and legality.

NEW XBRL FILING REQUIREMENT IN SINGAPORE 2023

We have categorized them below:

REVISED XBRL FILING REQUIREMENTS IN SINGAPORE 2023

The XBRL data elements and filing requirements for businesses have been updated by ACRA. This makes filing FS more straightforward.

The following filing requirements and data elements will be in effect as of the following date for corporations filing FS in XBRL format:

• Companies must use the updated filing requirements and data items starting on or after 1 May 2021;
• however, they may choose to do so voluntarily between 16 May 2020 and 30 April 2021 (both dates inclusive).

Companies can utilize one of four templates to comply with the updated filing requirements and data requirements:

• Full XBRL template – This template now only comprises roughly 210 data elements, which is a 50% reduction in the previous number. It will record data from primary statements and a few notes to FS;
• The XBRL FSH (General) template – This has been replaced by a simplified version that comprises roughly 120 data elements. All information from the financial performance and position statements will be recorded.
• Banks XBRL FSH template – This template hasn’t changed all that much. There are roughly 80 data elements in this template; and
• Insurance XBRL FSH template- This template has very minor modifications. There are roughly 80 data elements in this template.

HOW TO FILE FINANCIAL STATEMENTS IN XBRL IN SINGAPORE

The following steps should be followed to file financial statements in XBRL:

• On the ACRA website, the applicant can download the BizFinx preparation software for free.
• Present the company’s financial statements, as presented at the annual general meeting, as “a source document” in either Microsoft Word or Microsoft Excel formats.
• Fill up the template with all relevant financial information and XBRL tags. Simply leave the data section empty if the requested information is not discussed at the annual general meeting.
• Check for errors and correct them if there are any. Then verify the XBRL financial statements offline.
• Directly from BizFinx, upload and validate XBRL financial statements. They are valid for a maximum of 14 days. The “Acknowledge and Upload” button must be clicked in order to upload financial statements. The applicant will get a notification that reads, “Your XBRL file has been successfully uploaded,” as stated in the instructions, following a successful upload. The XBRL financial statements can be deleted and replaced with the correct ones if they are submitted incorrectly.
• Sign in to BizFile and upload the XBRL financial statements with the annual return.

WHAT IS THE XBRL SINGAPORE FILING PROCESS?

Traditionally, the XBRL filing process will require only three (3) general steps. In the context of filing to the authority in Singapore, the whole process is much swifter as ACRA Singapore provided the BizFin server to submit the XBRL filing. You can also download the BizFin preparation tool software to prepare the financial statement in XBRL format. 

To file for XBRL to ACRA, you will need to:

• Prepare financial statements in any of the XBRL categories listed above.
• Validate the XBRL file to confirm no genuine errors.
• Upload to ACRA to file your yearly return.

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BENEFITS OF FILING IN SINGAPORE XBRL FORMAT

XBRL provides significant advantages at all levels of corporate reporting and analysis. The benefits are apparent in automation, cost savings, faster, more reliable, and accurate data processing, enhanced analysis, and better information and decision-making.

Organizations may use XBRL to save expenses and enhance efficiency in managing business and financial information. Additionally, the main benefits of XBRL are data collection and reporting or data consumption and analysis.

Data collection and reporting

Organizations, financial data providers, and business reports can automate data-collecting operations using XBRL. For example, if the sources of information have been changed to use XBRL, data from multiple corporate divisions with different accounting systems may be collected rapidly, inexpensively, and efficiently.

Once data has been collected in XBRL, various sorts of reports based on diverse subsets of the data may be created with minimal effort.

Data consumption and analysis

XBRL data received electronically can automate its management, eliminating time-consuming and costly data collation and re-entry. Software may also rapidly evaluate the data, revealing flaws and gaps that can be rectified right once. It can also assist in analyzing, selecting, and processing data for reuse. Therefore, the workforce may be diverted to higher-value parts of analysis, evaluation, reporting, and decision-making.

Due to XBRL being extendable and versatile, it can be tailored to meet a wide range of requirements. All financial information supply chain parties, whether preparers, transmitters, or corporate data users, can stand to profit. 

WHAT ARE THE PROCEDURES IF I WERE TO USE THE XBRL SERVICES FROM RELIN CONSULTANTS?

We are pleased to inform you that the overall procedures are simple. If you would like a specific quote, send us your company’s management accounts, which include an audit report or unaudited financial statements, to enquiry@relinconsultants.com. You can also visit our official website if you require assistance. Below is a brief guide on the overall procedures:

• After receipt, our specialists will review the report and offer you an exact quote for your confirmation.
• Relin Consultants will send you a formal invoice after your confirmation.
• We will produce the XBRL file and deliver the validation results once we receive our fees.
• Your company can submit the paperwork to ACRA while completing your yearly return.

WHY US?

To conclude, XBRL filing is very crucial in the business world. You might also wonder why people opt for XBRL instead of publishing another type of physical paper report. XBRL format is introduced to replace the publishing of physical business reports.

It is also introduced to reduce the burden on business reporting. It resembles us moving toward digital maps or changing to full-touch screen smartphones. Understanding XBRL filing requirements is also vital in maintaining smoother management of business affairs.

XBRL also has a very defining and practical usage by providing a clear definition for all of the content in the business reporting. For those foreign business investors who worry that it might be hard to file for an XBRL due to the language barrier, you need not worry, as XBRL has multi-lingual support to accommodate all communities.

Nonetheless, if you require further inquiries, we will gladly assist you in reaching an understanding.