Every Singapore-incorporated company filing its Annual Return with ACRA has to reckon with XBRL at some point, and the rules around it changed materially in 2026. On 25 February 2026, ACRA released version 4.0 of the BizFinx Preparation Tool and Multi-Upload Tool, tied to a new ACRA Taxonomy 2026, and set a transition deadline of 15 April 2026 for every filer to move onto the new version. That deadline has now passed, so any company or corporate secretary still working from an older Preptool build is filing on borrowed time.
This guide sets out what changed in BizFinx v4.0, clears up a mistake we see constantly (companies applying the wrong revenue and asset threshold when working out which XBRL template applies), and walks through the current step-by-step filing process. For the fuller picture on who must file XBRL and who is exempt, see our companion guide on XBRL filing requirements and exemptions.
Why XBRL Exists, and Why ACRA Still Insists On It
XBRL, eXtensible Business Reporting Language, tags every line item in a set of financial statements with a standardised digital identifier so that the data can be extracted, compared and analysed by machine rather than read line by line from a PDF. ACRA has required XBRL filing of financial statements alongside the Annual Return since 2007, and the data collected feeds directly into Bizfile+, which the public can search and purchase records from.
For directors, the practical effect is simple: your Annual Return under Section 197 of the Companies Act 1967 cannot be lodged until a valid XBRL file (or, where exempt, a PDF copy of your financial statements) is attached. A rejected or incomplete XBRL submission stalls the whole Annual Return, which is what generates most of the late-lodgement penalties companies pick up each year.
The Test Companies Keep Getting Wrong: Which XBRL Template Applies
ACRA’s current guidance on filing financial statements in XBRL format draws a line between two tests that sound similar but are not the same, and conflating them is the single most common preparation mistake we see.
The audit exemption “small company” test
Under the Companies Act, a small company for audit exemption purposes must meet at least two of three criteria: revenue not exceeding S$10 million, total assets not exceeding S$10 million, and no more than 50 employees. This is the test corporate secretaries usually mean when they say a client “qualifies as a small company.” It determines whether a statutory audit is required. It does not, on its own, determine which XBRL template applies.
The “smaller company” test for the Simplified XBRL template
Separately, ACRA defines a smaller company for XBRL purposes as one where, for the current financial year, revenue does not exceed S$500,000 and total assets do not exceed S$500,000. Both limbs must be met, and the assessment uses consolidated figures where the company has subsidiaries, associates or joint ventures, unless it is exempt from preparing consolidated statements. Only a smaller and non-publicly accountable company (not a listed entity, bank, insurer, capital markets intermediary or similar regulated entity) is eligible for the Simplified XBRL template. Everyone else, including many companies comfortably within the S$10 million audit exemption thresholds, must file Full XBRL.
| Company profile | What must be filed |
|---|---|
| Smaller, non-publicly accountable company (revenue and assets each S$500,000 or below) | Simplified XBRL, plus a PDF copy of the financial statements |
| Larger non-publicly accountable company, including an insolvent exempt private company that is not smaller | Full XBRL |
| Bank, finance company or insurer regulated by MAS | XBRL FSH (Banks) or XBRL FSH (Insurance), plus a PDF copy |
| Company limited by guarantee, or using accounting standards approved by ACRA other than the prescribed standards | PDF copy of financial statements only, no XBRL |
| Solvent exempt private company (fewer than 20 members, no corporate shareholder, able to pay debts as they fall due) | Exempt, no financial statements need be filed (voluntary filing permitted) |
| Dormant relevant company meeting the Section 201A substantial assets and dormancy tests | Exempt from preparing and filing financial statements |
The Full XBRL template captures around 210 data elements across the primary statements and selected notes. Simplified XBRL captures around 120 elements, still covering the full financial position and performance statements but with less note-level granularity. Getting the tier wrong means either over-tagging a straightforward set of accounts or, worse, under-tagging a filing that ACRA later queries.
What Changed in BizFinx Preparation Tool v4.0
ACRA’s release of version 4.0 in February 2026 was not a cosmetic update. Filers preparing statements for financial years affected by the ACRA Taxonomy 2026 need to be on this version, and the changes are worth understanding before you open a file rather than after a rejection.
- Updated insurance accounting standards. The Financial Reporting Standard 117 elements for insurance companies were revised to reflect current disclosure requirements.
- SFRS (Reduced Disclosure Requirements) option. Eligible companies using this framework can now select it directly in the Preptool, rather than forcing a mapping against a standard that does not match their actual accounting policy.
- A new “AdditionalInformation” tab. This captures supplementary data elements intended to improve transparency and give ACRA better analytical data without expanding the core tagging burden for most filers.
- Re-categorised validation rules. Some checks that previously stopped a filing dead as a “genuine error” have been reclassified as “possible error,” meaning the filer can proceed once satisfied the flag does not apply, without submitting a separate exemption request. The example ACRA gives is the SFRS for Small Entities reconciliation for property, plant and equipment and intangible assets, which is not required for the prior year under that framework.
Entities can prepare, validate and upload financial statements using the version 4.0 Preptool and Multi-Upload Tool from 25 February 2026, and the transition deadline for moving off older versions was 15 April 2026. If your firm or in-house team last downloaded BizFinx before that date, check the version number under the Filing Information tab before starting your next filing; ACRA will not accept an XBRL file validated on an outdated build against the 2026 taxonomy.
Step-by-Step: Preparing and Filing XBRL in 2026
Step 1: Finalise the underlying financial statements
XBRL tagging is a downstream exercise. The trial balance must be closed, the directors’ statement signed, and (where required) the auditor’s report finalised before tagging starts. Starting XBRL preparation against draft numbers almost always means re-tagging later.
Step 2: Confirm the correct template before opening BizFinx
Apply the smaller company test above, not the audit exemption test, to decide between Full and Simplified XBRL. If your company is banking, finance or insurance regulated by MAS, confirm whether XBRL FSH (Banks) or XBRL FSH (Insurance) applies instead.
Step 3: Download and install BizFinx Preparation Tool v4.0
The Preptool and its performance patch are available from ACRA’s XBRL filing tools page. Confirm your machine meets the current system requirements (Windows 8.1 or later, .NET Framework 4.8.0, 4GB RAM minimum) before installing, as an incomplete installation is a frequent source of validation errors that have nothing to do with the accounts themselves.
Step 4: Tag each line item against the ACRA Taxonomy 2026
Map every line in the financial statements to the correct taxonomy element. Pay particular attention to the classification of trade and other receivables, disaggregation of other operating expenses, related-party items, and currency (all XBRL figures must be presented in Singapore dollars, even where the financial statements are prepared in a foreign presentation currency).
Step 5: Run validation and resolve flags
The Preptool checks for missing mandatory tags, unbalanced totals, and business rule breaches. With v4.0, some flags now appear as “possible error” rather than “genuine error.” Review each one on its merits rather than assuming it can be dismissed, and keep a note of your reasoning in case ACRA queries the filing later.
Step 6: Upload via Bizfile+ with the Annual Return
The validated XBRL file is submitted together with the Annual Return. ACRA will not lodge the Annual Return while the XBRL component is missing or invalid, so build in time for at least one round of corrections before your filing deadline.
Common Preparation Mistakes We Still See
- Applying the S$10 million audit exemption threshold to decide the XBRL template, instead of the separate S$500,000 smaller company test.
- Filing on a pre-v4.0 Preptool build after the 15 April 2026 transition deadline, resulting in an outright rejection.
- Treating the small company audit exemption as automatically removing the XBRL obligation. It does not; audit-exempt small companies that are not “smaller companies” under the S$500,000 test still file Full XBRL.
- Presenting figures in a foreign currency inside the XBRL file rather than converting to Singapore dollars.
- Leaving XBRL preparation until after the Annual General Meeting, when the accounts should already be final by then. See our guide on choosing your financial year end for how the AGM and Annual Return deadlines interact.
Deadlines: XBRL Sits Inside the Annual Return Clock
XBRL has no separate filing deadline. It is due whenever the Annual Return is due, which for a private company is generally within seven months of the financial year end under Section 197. Because the Annual Return also depends on the Annual General Meeting or the Section 175A written resolution process being completed first, a company working backward from a financial year end should treat XBRL preparation as something to schedule alongside the audit sign-off, not after it. Companies working through their first audit appointment or consolidating results under FRS 110 should factor the extra tagging time a group structure adds into that schedule.
Getting the 2026 Filing Cycle Right
The mechanics of XBRL have not changed since 2007, but the tooling and the fine detail of who files what has moved twice in 2026 alone: a new taxonomy, a new Preptool version, and a transition deadline that has already passed. Corporate secretaries and finance teams filing without checking the current BizFinx version, or without re-testing which template their company actually falls into, are the ones who end up with a rejected submission days before the Annual Return deadline.
Raffles Corporate Services prepares and lodges XBRL financial statements as part of every corporate secretarial retainer, using the current ACRA taxonomy and the latest BizFinx release. If your financial year end is approaching and you would rather hand the tagging and validation to someone who tracks these changes as they happen, get in touch.
The Editorial Team, Raffles Corporate Services