With a belief that the use of XBRL filing will help in facilitating business data mining for the purpose of having a better understanding of the economy, ACRA has mandated the submission of financial reports in XBRL format.

1. SBS CONSULTING'S GUIDE TO
SINGAPORE INCORPORATED COMPANIES
FOR XBRL FILING
Since 2007, Singapore started walking on the
path of XBRL (Extendable Business Reporting
Language). The Accounting and Corporate
Regulator Authority (ACRA) made it
compulsory for the Singapore incorporated
companies to file their financial statements in
either full or partial XBRL format.

2. XBRL (Extendable Business Reporting Language)
● ACRA implemented XBRL Filing with a motive to promote greater
transparency in the corporate sector, thereby enhancing business
reporting and the way information flows.
● ACRA also expects that by by tapping-in in the XBRL enabled data,
Singapore incorporated companies can speed up their business decision-
making process.
● All the Singapore incorporated companies, unless exempted will have to
file a full set of financial statements in XBRL.
● ACRA has made available a new business financial information portal
called BizFin to help companies bring ease and convenience to overall
http://www.sbsgroup.com.sg/singapore-xbrl-filing-requirements-with-acra/XBRL
filing requirement.

3. What is XBRL Filing?
The full form of XBRL is Extensible Business Reporting Language. This is a
computer language (XML) used to present the financial data. This data is
presented in such a manner that it can be retrieved from the online records
and directly transferred to the different users such as auditors, accountants,
financial analysts etc., for different purposes.

4. Why You Need XBRL Filing?
With a belief that the use of XBRL filing will help in facilitating business data
mining for the purpose of having a better understanding of the economy,
ACRA has mandated the submission of financial reports in XBRL format.
ACRA also believes that XBRL filing will enhance the offering of value-added
financial information subsequently bringing about optimistic changes in the
regulatory environment of Singapore.
It is also expected to bring improved transparency and the timely dispersion
of relevant financial information.

5. Who Needs to File in XBRL Format?
Companies incorporated in Singapore, either unlimited or limited by shares,
that are already filing their financial statements with ACRA will have to file a
full set of financial statements in XBRL format, as per the minimum
requirement list within the ACRA Taxonomy 2013.
Henceforth, Option B or partial XBRL filing that was available under the
previous XBRL system will no longer be available.
Exempt companies will have to file their financial statements in PDF with
Financial Statement Highlights (FSH) in XBRL format.

6. Companies Exempted from XBRL Filing
The exempt companies that need not have to file a full set of financial
statements in XBRL format are as follows:
● Companies registered with the Monetary Authority of Singapore like
banks, registered insurers, finance companies, etc.
● Companies allowed by law to file their financial statements or prepare
their accounts in different accounting standards other than SFRS, IFRS
(International Financial Reporting Standards) and SFRS for small entities.
● Insolvent EPCs, on the other hand, have two options to file their financial
statements with ACRA. File a full set of financial statements in XBRL or file
full set in PDF along with FSH in XBRL format.
● Companies limited by guarantee, foreign companies, and their branches
will continue to file their financial statements in PDF format.

7. What is a BizFin Preparation Tool?˟
● ACRA offers BizFin -Preparation Tool without any charge for facilitating˟
companies to prepare XBRL financial statements in accordance with the
revised XBRL filing requirements.
● The BizFin -Preparation Tool offers two types of highlighted errors;˟
genuine and possible errors, as part of the validation checks in XBRL
financial statements.
● The BizFin -Preparation Tool is helpful in using the Annual General˟
Meeting Financial Statements either in MS word or in MS Excel format as a
source document.
● The source document can be used for different purposes like copying and
pasting the source document as a full set of financial statements and for
auto-tagging or for drag-and-drop functions.

8. What is Meant By Validation Checks in XBRL Filing?
For your financial statements to be accepted as Annual Return Filing, the
XBRL financial statements prepared by companies will have to pass the
validation checks. As of now, there are three stages of validation checks
BizFin -Preparation Tool, BizFin Portal and Annual Return in BizFile.˟ ˟
● The BizFin tool is integrated with a specific set of business rules to˟
validate the provided documents and generate results in two major
categories Genuine and Possible errors.
● Genuine errors need to be rectified before filing. By any chance, if the
highlighted errors are not valid for the XBRL financial statements you have
submitted, then you will have to apply for the exemption from the specific
XBRL Filing format under BizFin Portal.˟

9. ● Possible errors highlight areas where the filed XBRL data might contain
errors. It is necessary to rectify the errors; but, if your XBRL data are free of
errors, simply ignore the warnings without changing anything. Just make
sure to click the provided checkboxes in BizFin Portal, as a confirmation,˟
that the uploaded XBRL data in the file are correct.
● As mentioned earlier, ACRA offers BizFin -Preparation Tool free of charge˟
via a BizFile+ Website. Log into the website and complete all the
procedures and prepare a comprehensive XBRL report all by yourselves.
Although this is very complicated and time-consuming process, you
definitely will save some money if you file your XBRL statements using this
option.
Alternatively, save your valuable time and get rid of a headache by engaging
a professional firm like SBS Consulting offering competitive and cost
effective XBRL Filing services.

10. About SBS Consulting:
SBS with their expert http://www.sbsgroup.com.sg/singapore-accounting-
services/ accounting service and expert accountants, prepare the year-end
financial report in XBRL format, thereby helping businesses to meet the
compliance needs. SBS Consulting with their Error free and accurate XBRL
filing in accordance with the revised XBRL requirements will ensure that all
your XBRL needs are fulfilled satisfactorily.
Contact Us:
35-B Hongkong Street
Singapore 059674
Phone : +65-6536 0036
Email : info@sbsgroup.com.sg
Website : www.sbsgroup.com.sg