Role of Company Secretary in XBRL Filing
Complying with section 171 of the Companies Act, every company in Singapore must appoint a Company Secretary within six months of its incorporation. If the position is left unoccupied for more than six months, the company is liable to a penalty of up to $1,000. A company secretary is responsible for the company’s administration. In addition, they ensure that all the stakeholders and directors are provided with the company information via AFS and annual return.
Let’s understand the requirements and responsibilities of a company secretary.
The Requirements for Becoming a Company Secretary
For a private company, any resident of Singapore can become a company secretary. However, for a public company, the company secretary can be a qualified individual or a filing agent fulfilling at least one of the following criteria:-
- A qualified person under the Legal Profession Act
- A registered public accountant under the Accountants Act
- Member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
- Member of the Institute of Certified Public Accountants of Singapore
- Member of the Association of International Accountants (Singapore Branch)
- Member of the Institute of Company Accountants in Singapore
Note that the company secretary and the company’s sole director cannot be the same person.
The Responsibilities of a Company Secretary in XBRL Filing
A company secretary’s principal responsibility is compliance with the law, which involves preparing, filing, and submitting multiple essential documents with Accounting and Corporate Regulatory Authority (ACRA). In the XBRL filing of a company, the secretary has the following roles and responsibilities:-
- Updating and Filing AFS with ACRA
Under the filing requirements, a company secretary is tasked with:-
- XBRL filing of the company’s annual returns on time
- Updating the information of directors, including the date of their appointment, resignation, or demise
- Filing changes in the company’s name and constitution
- Filing the share allotments and transfers
- Conducting Board Meetings and Annual General Meetings
A company secretary organizes and maintains the essential meetings of the company, where they:-
- Hands out the company’s financial records
- Provides reminders for XBRL filings
The company secretary is responsible for compliance with financial standards and statutory requirements. Filing a company’s AFS and annual returns with ACRA is vital as companies can face several penalties if they file inaccurate data or miss deadlines. Therefore, a company secretary must have a thorough knowledge of all the regulatory compliance and act upon the XBRL filing requirements within deadlines in an appropriate manner to avoid non-compliance penalties.
Make Your Way Towards Compliance Reporting with XBRL
To ensure compliance with the regulatory authority and file 100% error-free financial reports with ACRA, you only need a trusted XBRL service vendor. DataTracks, a global leader in XBRL solutions, has experience of more than 16 years in generating 200,000+ compliance reports globally. Even when your reports include a million pieces of data, DataTracks ensure that accurate reports are delivered within deadlines.
To know more about our services, schedule an XBRL Demo and get in touch with an XBRL expert @ +65-31-582-850 or email email@example.com.