About XBRL filing requirement
ACRA implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format.
The following companies need to file their financial statements in XBRL format:
- Non-Exempt Private Limited Companies (“Non-EPCs”), normally refer to companies with corporate shareholders
- Insolvent Exempt Private Limited Company (“EPCs”), normally refer to companies with deficit equity or the current liabilities exceed current assets.
Certain companies need not file XBRL. These companies include solvent exempt private limited companies, companies limited by guarantee, foreign companies and their local branches, banks, insurance companies and finance companies regulated by the Monetary Authority of Singapore and companies that are allowed by law to prepare accounts in other accounting standards.
Outsource to a professional firm
Filing of XBRL is not something that directors or owners of businesses can leave to the juniors to do as the filing process can be time-consuming and daunting for directors. It is much convenient and hassle-free to let us handle this work for you.
Outsourcing the filing to a professional accounting services firm will give you the peace of mind in meeting your company’s compliance needs.