Criteria for companies required to file financial statements in XBRL and exemptions.
ACRA mandates all Singapore incorporated companies to file their financial statements in XBRL format except those companies that are specifically exempted. Depending on the classification of business entities, the mandated business entity may have to submit,
As per the information available in ACRA website the filing requirements in XBRL format applicable to different business entities are as follows:
Singapore incorporated public/private companies (unlimited or limited by shares) which are required to file their financial statements with ACRA, will file a full set of financial statements in XBRL format, according to a minimum requirement list within the ACRA Taxonomy.
Filing of Option B (Partial XBRL), a filing option under the previous XBRL system (FS Manager), will no longer be available.
The following type of companies are exempted from filing the full set of XBRL financial statements and can file only Financial statements highlights (FSH) in XBRL format with PDF copy of financial statements.
Insolvent Exempt Private Companies (EPCs) are required to file the full set of XBRL financial statements or financial statements highlights (FSH) in XBRL format with PDF copy of financial statements.
Solvent Exempt Private Companies (EPCs) are exempted from filing financial statements, but are encouraged to file the full set of XBRL financial statements or financial statements highlights (FSH) in XBRL format
Companies limited by guarantee need to file only the PDF copy of financial statements. XBRL filing is not required.
Similarly foreign companies and their local branches need to file only the PDF copy of financial statements. XBRL filing is not required.
The revised XBRL filing requirement is applicable for companies filing their financial statements with periods ending on or after 30 April 2007. Companies filing financial statements pertaining to periods ending before 30 April 2007 can continue to file in PDF format. Their financial highlights in respect of the financial statements can be shown in their Annual Return form.