eXtensible Business Reporting Language (better known as XBRL), is used by the Accounting and Corporate Regulatory Authority (ACRA) to facilitate the presentation of financial statement. XBRL financial statements can be retrieved and transferred directly to financial analysts, regulator and other users.
All companies are required to file their financial statements using XBRL, except for the following companies which are allowed to file in PDF:
- Companies preparing financial statements according to accounting standards other than Singapore Financial Reporting Standards or the International Financial Reporting Standards
- Companies limited by guarantee
- Foreign companies and their local branches
- Companies regulated by the Monetary Authority of Singapore (for example, banks and insurance companies)
Be it PDF or XBRL, the accuracy of the financial statements remain the responsibility of the directors. However the filing process could be time consuming and most businesses outsource the filing process to a professional firm, for example, an accounting firm. For a small fee, businesses can then rest assured that their filing requirements have been completed professionally. Directors can devote their precious time in managing their business rather spending time figuring out how to use the system, the disclosure required and the accuracy of the disclosure.
Please go to accounting and bookkeeping services for further information on the type of services provided by our panel of service providers (comprising of qualified professionals and CPA firms).