XBRL filing remains a key regulatory requirement for private limited companies in Singapore. Overseen by the Accounting and Corporate Regulatory Authority (ACRA), this structured format is used to report financial statements in a digital, machine-readable manner. While it improves transparency and data accuracy, it also introduces a layer of complexity for business owners.
Non-compliance doesn’t just mean administrative headaches, it can lead to penalties, re-filing, or in severe cases, even court intervention. This guide explains everything you need to know about XBRL Filing Singapore, including mandatory filing requirements, the latest ACRA Taxonomy, and how MBiA can help you file correctly and on time.
- What is XBRL?
- Who Must File in XBRL format and who is exempt?
- How to prepare and file the XBRL financial statements?
- What Deadlines and Penalties Apply to XBRL Filing?
What is XBRL?
XBRL means eXtensible Business Reporting Language and is a world-wide publicly available international standards framework. This standard is used for the exchange of digital business and financial information.
This business reporting standard is managed by a nonprofit consortium organization gathering more than 50 countries and 600 public institutions. Unlike a static PDF, XBRL filings break down each line item of your financial statements into structured, tagged data.
In Singapore, ACRA (Accounting and Corporate Regulatory Authority) chose to implement the XBRL filing requirements in 2007. Until 2020, testing and feedback led to the improvement of the XBRL implementation. ACRA released the latest version of standards used for XBRL on 1st May 2021.
XBRL provides several benefits to business reporting and analysis. Indeed, it is considered cost-effective, timesaving, more accurate, and reliable workflow for stakeholders involved in supplying or using financial information.
What is the ACRA Taxonomy?
ACRA introduced the 2021 Taxonomy to modernise XBRL reporting and align with the latest Singapore Financial Reporting Standards (SFRS). But it also made the process more technically demanding. A key challenge is Dimensional Analysis, a concept where financial items must be tagged with not just their value but their business context (e.g., product line, region, or segment). There are two types of data fields:
- Mandatory Elements: These must be tagged for submission to pass validation.
- Voluntary Elements: Tagging these improves data quality but isn’t required.
Without the correct tagging, your submission may trigger errors during BizFinx validation, delaying your AR and potentially incurring penalties.
Who Must File in XBRL format and who is exempt?
Nearly all private limited companies incorporated in Singapore must file their financial statements in XBRL format unless they qualify for specific exemptions.
Solvent EPCs: Key Exemption
A Solvent Exempt Private Company (EPC) is exempt from full XBRL if it meets the following criteria:
- It has 20 or fewer shareholders, none of whom is a corporation.
- It is solvent, able to meet its liabilities as they fall due.
Solvent EPCs may file a simplified Annual Return with a PDF copy of their unaudited financials.
Other Exemptions
- Companies limited by guarantee
- Foreign companies and branches
- Companies using non-SFRS standards (e.g., US GAAP)
If you fall outside these exemptions, full XBRL submission is mandatory.
Companies using revenue recognition under FRS 115 or asset leases under FRS 16 face complex tagging requirements. These standards introduce multi-dimensional line items and require detailed breakdowns, which must be correctly mapped in the ACRA 2021 Taxonomy.
What are the different options to prepare and file the XBRL financial statements?
There are 3 ways to prepare and use XBRL for the financial statements:
1. Using BizFinx.
Through BizFix, it is a preparation tool for XBRL, the software is available on ACRA’s website. The financial statements can be submitted through the BizFile+ portal. The process is detailed below.
2. Using an XBRL-ready accounting software.
Some accounting software already integrate the XBRL format. The financial statements can then be submitted with Simplified XBRL Financial Statement function to ACRA.
3. Going through an accounting service provider.
As part of our accounting and company secretary services we offer to prepare your financial statements in the XBRL format and file them for your company with ACRA.
How to prepare and file XBRL Financial Statements?
If you choose the BizFinx tool, here’s a simplified step-by-step breakdown to prepare and file your XBRL report without unnecessary technical overload:
- Download BizFinx: Get the latest version of the BizFinx preparation tool from ACRA’s official site.
- Compile AGM-approved financials: Prepare your company’s financial statements, including:
- Statement of Comprehensive Income (P&L)
- Statement of Financial Position (Balance Sheet)
- Cash Flow Statement
- Statement of Changes in Equity
- Import into BizFinx: You can upload Word or Excel versions of your financial statements or enter the data manually.
- Tag key items: Use the ACRA 2021 Taxonomy to tag required elements. Mandatory fields must be completed; optional fields can be left blank if not applicable.
- Validate the file: Run the BizFinx validator to identify and fix any errors before submission.
- Upload via BizFinx Portal: Click “Acknowledge and Upload” in the tool to send your file to ACRA’s server. You will receive confirmation if the upload is successful.
Note: Uploaded XBRL files remain on the BizFinx platform for 14 days only. Ensure that the Annual Return is filed within this period, or the upload will expire.
Uploading your company’s XBRL Financial Statements to the BizFinx Portal
From the BizFinx software, you can click on the “Acknowledge and Upload” button to upload the XBRL Financial Statements. If document is properly uploaded, the following message should appear: “Your XBRL file has been successfully uploaded”.
Please note that the XBRL Financial Statements are available on the BizFinx platform for 14 days only. If an error has been spotted from the previous XBRL filings, you will have to:
- file a Notice of Error (NOE) with ACRA to correct the errors, or
- file a Court Order to delete the filed Annual Return. You will then be able to re-file a new Annual Return.
More information on these procedures can be found on the following ACRA resource.
How to file the XBRL Financial Statements through the Annual Return form of BizFile?
Filing the Annual Return with the proper XBRL Financial Statements is straight forward:
- First, log into Bizfile+
- Proceed as per the detailed steps to file the Financial Statements in XBRL format.
Please note that if your company’s Financial Year End is before August 31st 2018 you will have to follow these steps instead.
What Deadlines and Penalties Apply to XBRL Filing?
Before discussing penalties, it’s important to understand the statutory deadlines:
- Annual Return (AR) must be filed within 7 months from your company’s financial year-end.
- The XBRL financial statements must be uploaded and attached to the Annual Return (AR) at the time of filing.
Incorrect or late XBRL filings can disrupt your Annual Return submission and result in penalties.
- Late AR Filing: Fines up to S$600
- Failure to File XBRL: Considered AR non-compliance
- Incorrect XBRL Submission:
- Must file a Notice of Error (NOE) within 14 days
- Severe issues may require a Court Order to correct or withdraw filings
Companies that repeatedly violate these obligations may face ACRA enforcement action, including potential deregistration.
Concerned about XBRL? We can handle it entirely!
If you are not sure or have doubts regarding the whole procedure, we can assist you.
Filing in XBRL format is not just a formality, it’s a detailed technical process that requires understanding the ACRA Taxonomy, tagging rules, and validation tools. Errors in mapping, formatting, or submission can lead to rejected filings, penalties, or legal complications. At MyBusiness in Asia (MBiA), our XBRL compliance service includes:
- Preparing financial statements based on Singapore Financial Reporting Standards (SFRS)
- Mapping and tagging each item according to ACRA’s XBRL Taxonomy
- Validating with the BizFinx tool to prevent submission errors
- Uploading and linking the file to your Annual Return via BizFile+
- Submitting your Annual Return on time to avoid late filing penalties
Whether you’re an EPC, SME, or group entity, we ensure your financials are compliant and correctly filed, without the stress.
