Updates
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04
The Revised XBRL Filing Requirements
03.03.2014
Since 1 November 2007, companies required to file financial statements with ACRA, are filing financial statements in XBRL. With effect from 3 March 2014, the revised XBRL filing requirements under the BizFin system will apply.
Who is affected?
All Singapore incorporated companies (unless exempted below), which are either unlimited or limited by shares, are required to file full set of financial statements in XBRL format according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.
Who is exempted?
Note: Insolvent EPCs are not exempted.
They have the options of filing
- Full set of XBRL financial statements; or
- FSH (XBRL) + PDF copy of financial statements
What you should do now?
You should check with your accountant whether your company is required to file XBRL financial statements. If you outsource your accounting function, ask your service provider for a fee quote to file XBRL financial statements and compare against our "pricing". Consider if you wish to outsource the preparation of XBRL financial statements, if resources are constrained and not yet fully trained. If your company is non-listed and has financial year ending 31 December, you are due to hold the AGM latest by 30 June and file your XBRL financial statements by 31 July.
How can we assist you?
It is not too soon to get started. Talk to us if your accountant or service provider does not seem to provide you with a definite answer. We will be pleased to clarify any doubts that you may have on the above. If you need assistance, please feel free to contact us at info@datseasy.com .