What is the XBRL?
What is XBRL?
eXtensible Business Reporting Language (XBRL), is a language for the electronic communication of business and financial data worldwide.
Since 1 November 2007, The Accounting and Corporate Regulatory Authority (ACRA) implemented a procedure of filing financial statements in XBRL format. The aim is to create an effective business communication environment between different entities and government authorities.
Who needs to comply with XBRL filing?
All businesses in Singapore (unlimited or limited by shares) are required to file their financial statements in XBRL format.
However, some companies are exempted from filing:
- Companies like commercial banks, merchant banks, registered insurers and finance companies that are regulated by MAS
- Foreign companies and their local branches
- Companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards
- Exempt Private Companies (EPC)* who are solvent
Those companies listed above are required to submit their financial statements in PDF format to ACRA.
*Exempt Private Company (EPC) is a company that meets the following statements:
- The company has a maximum of 20 shareholders, and
- All shareholders of the company are individuals (No corporation is a shareholder)