XBRL Financial Statements Preparation
What is XBRL?
XBRL (eXtensible Business Reporting Language) is a computer language that, through a process of tagging, makes documents machine-readable.
With effect from 3 March 2014, Singapore incorporated companies (unless those exempted) are required to file their financial statements in XBRL with ACRA using its BizFin filing system. Companies are required to apply the revised filing requirements and data elements from 1 May 2021. ACRA's link can be viewed here.
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We offer affordable and reliable XBRL conversion and filing services as follow:
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What are the filing changes from 1 May 2021?
Under ACRA's revised filing requirements, companies that previously filed Full XBRL will now require to file Simplified XBRL if their revenue and total assets reported on the FS do not exceed S$500,000 respectively.
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Insolvent EPCs that previously filed XBRL FSH will now require to fill Simplified XBRL.
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Use the following table to determine your filing requirement:
A smaller company mentioned in the Table above refers to a company whose revenue and total assets for the current financial year do not exceed S$500,000 and S$500,000 , respectively.
The assessment of revenue and total assets should be made based on the FS that are required to be prepared under the Companies Act.
When the company controls, jointly controls or has significant influence over other entities, its revenue and total assets should be assessed based on consolidated figures, unless the company is exempted by the accounting standards or by ACRA from preparing consolidated FS.
A non-publicly accountable company mentioned in the Table above refers to a company that is not:
a. a company that is listed or is in the process of issuing debt or equity instruments for trading on a securities exchange in Singapore;
b. a company whose securities are listed on an exchange outside Singapore;
c. one of the following financial institutions:
- licensed under MAS;
- licensed insurer/broker;
- licensed under SFA
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When can we complete the XBRL financial statements?
For non-urgent cases, we can complete the XBRL preparation in 4 to 5 business days. For urgent cases, we can complete in 2 to 3 business days at an additional fee of $50 to cover the overtime cost.
Should you require our assistance, please do not hesitate to contact Mr Michael Lim at Tel: 9-299-7510 or email at info@datseasy.com .
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