XBRL — eXtensible Business Reporting Language — is the machine-readable format ACRA requires most Singapore companies to use when filing their financial statements together with the Annual Return. For directors and finance managers, XBRL is a peculiar acronym that lurks between the audited or unaudited accounts and the ACRA lodgement, and it is the source of a disproportionate share of late-filing penalties and rework at year-end.
This 2026 guide explains what XBRL is, which Singapore companies must file in XBRL, which are exempt, the difference between full XBRL and XBRL FSH (financial statements highlights), and the step-by-step lodgement process. Get this right and your Annual Return under Section 197 of the Companies Act flows through in a single sitting.
If you are approaching your Annual Return deadline and the XBRL requirement feels opaque, engage Raffles Corporate Services as your corporate secretary. We handle the XBRL preparation and lodgement as part of every annual retainer.
What Is XBRL, and Why Does ACRA Require It?
XBRL is a global reporting standard developed by the XBRL International consortium. It tags every line item in financial statements — revenue, cost of sales, cash and cash equivalents, share capital — with a standardised digital identifier, so regulators and downstream data users can process the numbers automatically.
Singapore was one of the earliest adopters. ACRA introduced XBRL filing progressively from 2007 and now requires most companies to file their financial statements in XBRL as part of the Annual Return under Section 197 of the Companies Act 1967. The XBRL data feeds ACRA’s Bizfile+ system, which the public can access.
Which Singapore Companies Must File in XBRL?
The XBRL filing requirement depends on the company’s solvency status, size, and public interest classification. There are four broad tiers, updated by ACRA in 2020 and refined since:
| Company Type | XBRL Requirement |
|---|---|
| Insolvent Exempt Private Company (EPC) | Full XBRL |
| Solvent EPC (voluntary filing) | Exempt (may file voluntarily) |
| Solvent EPC (Annual Return only, no financials) | Exempt |
| Non-EPC (private, limited by shares) | Full XBRL |
| Small Company (unlisted) | Simplified XBRL (FSH) |
| Listed / Public Interest Entity | Full XBRL |
| Company preparing SFRS for Small Entities accounts | Simplified XBRL (FSH-SFRS(SE)) |
| Company with foreign parent / branch of foreign company | Full XBRL (in specified cases) |
| Charity / IPC | Full XBRL (in specified cases) |
A Solvent Exempt Private Company (EPC) is broadly a private company with 20 or fewer members, all of whom are natural persons, and where no corporation holds a beneficial interest in any share. Solvent EPCs are the most common SME category in Singapore, and they are exempt from XBRL filing.
A small company under Section 205C is any private company that satisfies 2 of 3 criteria: revenue ≤ S$10m, total assets ≤ S$10m, employees ≤ 50. Small companies may qualify for Simplified XBRL (FSH) instead of Full XBRL.
Full XBRL vs Simplified XBRL (FSH): The Key Distinction
Full XBRL
Full XBRL tags every line item in the full set of financial statements — balance sheet, income statement, cash flow statement, statement of changes in equity, and disclosures. The tagging is granular: individual note disclosures, tax reconciliation, related-party transactions, provision movements. A typical full XBRL file for an SME contains 800 to 1,500 tagged items.
Full XBRL is required for:
- Insolvent EPCs.
- Non-EPC private companies (companies with corporate shareholders or more than 20 members).
- Public companies limited by shares.
- Listed companies.
- Charities and IPCs (in specified cases).
Simplified XBRL (FSH)
Simplified XBRL — also called FSH (Financial Statements Highlights) — captures a shorter, defined subset of financial statement items. FSH typically tags 100 to 200 items, focusing on top-level balance sheet, income statement, and key note disclosures.
Simplified XBRL is available to small companies (satisfying the Section 205C criteria) that are not EPCs. Companies preparing financial statements under Singapore Financial Reporting Standard for Small Entities (SFRS for SE) can use a further-simplified FSH-SFRS(SE) taxonomy.
Which taxonomy to use?
ACRA publishes the current XBRL taxonomy annually. As of 2026, the applicable taxonomy is ACRA Taxonomy 2020 (as updated). Companies must use the taxonomy in force at the time of filing, not at year-end.
Who Is Exempt From XBRL Filing?
The following are fully exempt:
- Solvent Exempt Private Companies (EPCs). These file an Annual Return without financial statements attached.
- Companies limited by guarantee (in most cases; certain charities must still file in XBRL).
- Foreign branches whose parent company files consolidated accounts overseas (subject to Section 373 filings).
- Companies dormant throughout the financial year (may file dormant declarations instead).
Directors of exempt companies should confirm their status each year — a change in corporate shareholder or a related-party transaction can shift a company from Solvent EPC into a filing tier without directors realising.
Step-by-Step XBRL Filing Process
Step 1: Finalise the financial statements
Before XBRL tagging can start, the underlying financial statements must be finalised. That means:
- Trial balance reconciled and closed.
- Auditors’ report signed (for audit-required companies).
- Directors’ statement under Section 201 signed by directors.
- All notes to accounts drafted.
XBRL is a downstream tagging exercise; you cannot start it while accounts are still being adjusted.
Step 2: Use BizFinx Preparation Tool or approved software
ACRA provides a free offline preparation tool called BizFinx, downloadable from acra.gov.sg. Third-party providers (accounting firms, corporate secretarial firms, XBRL bureaus) offer paid services that use approved software. Preparation options:
- Self-prepare using BizFinx: suitable for small companies with simple financial statements.
- Outsource to a corporate secretarial firm: common for SMEs with S$1m to S$50m revenue.
- Prepare in-house with proprietary software for larger listed companies with sophisticated finance teams.
Step 3: Tag every required line item
The preparer opens the financial statements in BizFinx (or equivalent) and maps each line item to the correct ACRA taxonomy tag. Common tagging errors include:
- Tagging “Trade and other receivables” to the wrong parent tag.
- Missing disaggregation of “Other operating expenses” when required.
- Incorrect classification of related-party items.
- Currency mismatches (all figures must be in Singapore dollars for XBRL, even if the presentation currency is USD).
Step 4: Validate against ACRA rules
BizFinx runs a validation check to verify that mandatory tags are present, footnote references are consistent, and totals balance. Errors must be resolved before submission.
Step 5: Upload to Bizfile+ as part of the Annual Return
The validated XBRL file is uploaded to Bizfile+ together with the Annual Return submission. ACRA’s system rejects filings where XBRL is missing or invalid, so the AR cannot be lodged until XBRL is in order.
Timeline: When XBRL Must Be Ready
The XBRL file must be lodged with the Annual Return, which under Section 197 is due within 7 months of the Financial Year End for private companies. For a 31 December FYE, the AR (and XBRL) must be filed by 31 July.
Practical timeline for a 31 December FYE:
| Month | Activity |
|---|---|
| January – February | Close books, finalise trial balance. |
| March – April | Prepare draft financial statements. File ECI (by 31 March). |
| April – May | Auditor sign-off (if audit required). Directors’ statement. |
| May | XBRL preparation begins. |
| June | AGM held (Section 175 deadline: 30 June). |
| July | Annual Return + XBRL filed with ACRA (Section 197 deadline: 31 July). |
Common XBRL Filing Errors
- Wrong taxonomy version. Filing with an outdated taxonomy triggers rejection.
- Missing mandatory tags. BizFinx flags these before submission, but preparers sometimes submit without resolving warnings.
- Incorrect balance sheet totals. If assets ≠ equity + liabilities in the XBRL data (rounding errors, tagging errors), the file is rejected.
- Wrong company classification. Filing Full XBRL when Simplified XBRL applies (or vice versa) leads to acceptance-then-rework issues later.
- Currency errors. Where presentation currency ≠ SGD, the XBRL must still be in SGD.
- Late filing. The Annual Return late-lodgement fee (S$300 – S$600) applies whenever XBRL delays hold up the AR.
Cost of XBRL Preparation (2026)
| Company Type | Typical XBRL Fee (S$) |
|---|---|
| Small company, Simplified XBRL | 200 – 400 |
| Non-EPC private, Full XBRL, simple accounts | 400 – 800 |
| Complex private, Full XBRL, multiple subsidiaries or forex | 800 – 2,500 |
| Listed / group consolidation, Full XBRL | 2,500 – 8,000+ |
Fees depend on complexity (number of subsidiaries, notes, forex components), size of accounts and whether the preparer starts from a signed PDF or a live accounting system.
XBRL and the Small Company Audit Exemption
The small company audit exemption under Section 205C removes the requirement for a statutory audit but does not remove the XBRL filing obligation. Small companies still file XBRL — either Full XBRL or, more commonly, Simplified XBRL (FSH).
This is a common misconception: directors of newly-qualified small companies sometimes assume audit exemption also means XBRL exemption. It does not.
Voluntary XBRL Filing by Solvent EPCs
Solvent EPCs are exempt but may voluntarily file XBRL if they wish their financial statements to appear on the public Bizfile+ registry. Reasons to voluntarily file include:
- Improved credibility with lenders, suppliers, or grant agencies.
- Streamlined future onboarding to banks that request Bizfile financials.
- Simpler transitions if the company later loses EPC status.
Most EPCs do not file voluntarily — the public visibility of financial data is often the reason they chose the EPC route in the first place.
Get XBRL Right at the First Filing
The XBRL tagging exercise is not intellectually difficult, but it is procedurally strict. Miss a tag, use the wrong taxonomy, or submit unbalanced numbers, and the whole Annual Return grinds to a halt. Every late-filing composition penalty starts with a rejected XBRL file.
Raffles Corporate Services handles XBRL preparation as part of every corporate secretarial retainer. We work directly from your accounting system, tag the financial statements against the current ACRA taxonomy, validate against Bizfile+ rules, and lodge the Annual Return with a single-file submission. Contact us if your FYE is approaching and you would like the XBRL burden lifted.
— The Editorial Team, Raffles Corporate Services