What is XBRL?

XBRL (eXtensible Business Reporting Language) provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL lets reporting information move between organisations rapidly, accurately and digitally.
More information on XBRL can be found at www.xbrl.org.

Most companies previously file their Financial Statements in PDF format. By adopting XBRL standards, ACRA believes it can facilitate the conduct of business in Singapore, by providing more value-added financial information and enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information.

XBRL enables source data to be tagged electronically, making the data machine-readable. Thus, the user’s system can automatically extract the information without the need for copy-pasting or keying-in. XBRL enables tagging of numbers, quantitative data and textual information. The benefits of XBRL go beyond compliance since any data collation process can be streamlined using electronic tags.

Applicable financial periods:

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 BizFinxsystem will apply.

The revised XBRL filing requirements are applicable for companies filing Financial Statements with periods ending on or after 30 April 2007.

Filing requirement and exemption:

How much it costs?


choose your XBRL

Type of company

Revenue

Total assets

Compliance

Delivery days

Source file – XBRL

Financial Statement disclosures

– Profit and loss

– Trade and other receivable

– Trade and other payables

– Cash and cash equivalents

– Income tax payable

– Equity

– Inventories

– Bill payables

– Finance lease liability

– Property, plant and equipment

– Intangible assets

– Investment in subsidiaries

– Group consolidation

Basic

S$399


Dormant

S$0

Below S$10,000

Singapore Financial Reporting Standards

3 days


Lowest!

Econom

S$499


Active

Below S$5 million

Below S$5 million

Singapore Financial Reporting Standards

3 days


Standard

S$549


Active

Below S$5 million

Below S$5 million

Singapore Financial Reporting Standards

5 days


Pro

S$649


Active

Any

Any

Singapore Financial Reporting Standards

5 days


High Demand!

What documents required for XBRL preparation?

Please provide us with documents below:

  • signed Financial Statements in PDF format
  • Financial Statements in Microsoft Word format

Why outsource to Professional Accounting Firm?

Accounting staffs

Professional Qualified Staffs

We have a team of professionally qualified accountants and tax agents with professional qualifications from relevant bodies such as ACCA, CPA and CA (Singapore).

Account team

COMPLIANCE WITH LATEST STANDARDS AND REGULATIONS

We would keep track of all the changes and implement them as and when required, making sure that our clients are always in the good books of the financial market regulators.

Cost saving

Cost savings

It may be quite costly to have a proper accounting department headed by a professionally qualified accountant teamed with an assistant accountant and several account clerks. Same tasks can be done more cost effectively by outsourced to a professional service provider that can handle the tasks for you.