Effective XBRL Submission for ACRA
All Singapore incorporated companies must file their financial statements with the Accounting and Corporate Regulatory Authority (ACRA), except those exempted. Some companies need to file a full set of financial statements in XBRL format, while some others require filing key financial data in XBRL format with a full set of a signed copy of financial statements in PDF. Partnerships, limited liability partnerships, limited partnerships, and sole proprietorships are not required to file their financial statements with ACRA. But how to ensure effective XBRL submission for ACRA? Let’s find out.
XBRL Filing Requirements of ACRA
The company can use four templates to meet the filing requirements of ACRA, which are as follows:-
- Full XBRL template: With about 210 data elements, it captures the information in the primary statements and selected notes to FS.
- Simplified XBRL template: With about 120 data elements, it captures complete information in the statements of financial position and performance.
- XBRL FSH (Banks) template: The template has about 80 data elements.
- XBRL FSH (Insurance) template: The template has about 80 data elements.
The following table summarises the filing requirements of different companies in Singapore.
|Group||Type of Company||XBRL Filing||Type of Filing|
|1||Insolvent Exempt Private Companies (EPCs)||Yes||File FS in XBRL format|
|2||Solvent Exempt Private Companies (EPCs)||Optional||The company can opt to file FS voluntarily in either of the two:|
|3||Bank, Insurance, or Finance Company||Yes||File FS in|
Along with PDF copy authorised by directors
|4||Companies allowed to prepare accounts following accounting standards other than prescribed standards in Singapore or IFRS||No||A PDF copy of FS authorised by directors|
|5||Companies that are not covered in the above groups||Yes||File FS in XBRL format|
|6||Companies limited by guarantee||No||A PDF copy of FS authorised by directors|
|7||Foreign companies registered in Singapore||No||A PDF copy of FS authorised by directors|
The few things you should remember to ensure a low error rate in XBRL submission include:-
- Re-ordering the Columns in Fixed Asset Schedule
The fixed asset schedule can be challenging schedule to handle. Why? Due to its large number of columns representing assets such as ‘building’, ‘machinery’, ‘land’, etc. Your company may not have all the classes of assets mentioned in the schedule. Therefore, you need to remove the class of assets you do not possess. You can do this by clicking on the “Edit Dimensions” button and unchecking the columns that are not required. This step not only saves time but ensures that you transport accurate data from your source file to the XBRL tool.
- Full List vs Minimum Tagging Requirements
ACRA allows companies to file their XBRL statements using minimum tagging requirements to make the process easier. So while using the BizFinx tool, do not select the “Switch to Full List” option.
- Carefully Reading the Instructions in Every Template
Though obvious, it is an important tip worth mentioning. You should read the instructions in every template of the BizFinx tool to avoid mistakes, errors, and rework.
What Does DataTracks Have in Store for You?
DataTracks is a global leader in the preparation of XBRL compliance reports. With more than 17 years of experience, the company has prepared 220,000+ reports for 26 countries. The accountants at DataTracks are well-versed in the filing requirements for effective XBRL Download and submission for ACRA. So if you are looking for XBRL reports that are rich in quality and accuracy, contact a DataTracks expert @ +65-31-582-850 or email at email@example.com.