All Singapore incorporated companies are required to file financial statements (FS) except for those which are exempted, with ACRA. In May 2020, ACRA announced that companies are required to file XBRL financial statements (FS) in accordance with the revised XBRL filing requirements with effect from 1st January 2021. However, on 19th December 2020, ACRA issued a one-off extension on the effective date to give companies more time to adopt the XBRL filing requirements revisions in view of the economic situations amid the COVID-19 pandemic.
The revised XBRL filing requirements will now take effect from 1st May 2021.
*If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you do not need to file FS with ACRA.
What are the new XBRL updates?
To streamline the FS filing process, ACRA has revised the filing requirements and data elements in XBRL format. Refer below:
- There are four templates to be used by companies to meet the revised filing requirements and data elements:
- Full XBRL
- Simplified XBRL
- XBRL FSH (Banks)
- XBRL FSH (Insurance)
- Companies are required to apply the revised filing requirements and data elements from 1 May 2021.
- Companies can opt to voluntarily apply the revised filing requirements and data elements from 16 May 2020 to 30 April 2021 (both dates inclusive).
- Companies that file their FS before 1 May 2021 can continue to prepare and file the FS using the current filing requirements and data elements.
In this infographic, we provide you with all the details on the revisions in XBRL filing requirements and data elements.
For the full definition of companies, click here.