What is XBRL?
“XBRL” stands for eXtensible Business Reporting Language; it is an XML based language adopted by ACRA to standardize the format of filing financial statements online.
What does this mean?
Reporting financial data in XBRL with ACRA means converting the company’s financial data into the XBRL format and applying them to the tags prescribed by ACRA.
As per the revised XBRL filing requirement by ACRA (with effect from 01 May 2021), there are 4 types of XBRL filings:
- Full XBRL – collects information from primary statements and selected notes to financial statements
- Simplified XBRL- collects information from statements of financial position and performance of the company
- XBRL FSH (Banks)
- XBRL FSH (Insurance)
Who is required to file XBRL?
Every company incorporated in Singapore, whether limited or unlimited by shares, must file financial statements with ACRA in the XBRL format. However, it is not mandatory for solvent exempted private companies (EPC)* to file XBRL with ACRA.
* Exempt Private Companies (EPC) has:
- Maximum 20 shareholders
- No Corporate shareholder