Extensible Business Reporting Language (XBRL) is an internationally recognised language for the electronic communication of business information.
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.
Why Outsource XBRL Reports?
Directors are responsible for the correct representation and accuracy of the information filed. The online filing process can be time-consuming and difficult for someone who does not do this every day. Outsourcing this to a professional firm helps to eliminate the hassle of figuring out how to use the online filing system and the potential filing errors.
Contact us to find out more on how we can assist you.