Every year, thousands of Singapore companies reach the same point in the annual cycle: the accounts are finished and approved, and then the financial statements have to be converted into a format that ACRA can read automatically. That format is XBRL. Many directors and finance teams only meet it when a filing is rejected. This article explains how to use XBRL filing correctly for ACRA, including the requirements that apply, the steps to follow and the tips that save the most time.
Raffles Corporate Services works with a panel of experienced Singapore law firms who offer cost-effective and efficient legal service and advice. This article is general information only and is not legal advice.
In short, XBRL (eXtensible Business Reporting Language) tags each figure in your financial statements with a standard label, so ACRA can process the numbers without anyone retyping them. If you want to use XBRL filing correctly for ACRA, you need accounts that are internally consistent, a correct mapping to the ACRA taxonomy, and a submission made through the right route on the ACRA BizFile+ portal.
Who this applies to
Under the Companies Act 1967, companies must file their annual returns and, where required, their financial statements with ACRA. Whether the financial statements must be in XBRL depends on the type of company.
- Most companies that are required to file financial statements, including many private companies limited by shares and public companies, must file them in XBRL.
- Solvent exempt private companies, which are exempt from audit and meet the criteria to file a simplified set of financial information, file a reduced set of information rather than full XBRL statements.
- Foreign companies registered in Singapore and some other entities have separate filing routes, so the XBRL requirement may not apply in the same way.
- Companies that can show that preparing XBRL would cause genuine hardship may apply to ACRA for an exemption, although approval is not automatic.
Because the rules turn on the facts of each company, it is worth confirming your filing category before you start, particularly if your company has recently changed its status or Financial Year End.
Key rules and requirements in Singapore
The legal obligation to lay accounts before shareholders and then file them with ACRA comes from the Companies Act. XBRL is the technical format ACRA requires for the submission. The main points to understand are set out below.
Financial statements must be approved first
The XBRL file must reflect the financial statements as approved by the directors and, where applicable, audited. Filing XBRL figures that differ from the signed statements is one of the most common causes of later amendments.
The taxonomy must match the reporting framework
ACRA publishes a taxonomy that matches the financial reporting framework used, such as the Singapore Financial Reporting Standards. Each line item in your statements must be mapped to a taxonomy element. Wrongly mapped items may still pass validation but can display incorrectly in ACRA’s records.
Statements must be internally consistent
The balance sheet must balance, the notes must agree with the primary statements, and prior-year comparatives must match last year’s filing. ACRA’s validation checks look for these inconsistencies and will flag them.
Deadlines continue to apply
The XBRL requirement does not extend any deadline. The annual return must still be filed within the period required by the Companies Act after the Annual General Meeting, and late filing can attract composition fines and may affect the company’s standing.
Step-by-step process
- Confirm your filing category. Check whether your company files full XBRL statements, a simplified set of financial information, or uses another route.
- Finalise the financial statements. Make sure the directors have approved them and the audit, if required, is complete. Do not begin tagging until the numbers are final.
- Prepare the data. Gather the primary statements, the notes and the comparative figures in a structured layout, usually a spreadsheet.
- Map to the ACRA taxonomy. Match each line item to the correct element. Software tools and ACRA’s own preparation tools can help, but the judgement on mapping stays with the preparer.
- Generate and validate the XBRL file. Run the validation provided by the tool or by ACRA. Clear every error and review every warning rather than ignoring it.
- Review the rendered output. Compare the rendered statements against the signed PDF, line by line.
- Submit through ACRA BizFile+. Upload the file, complete the annual return and pay the applicable fees.
- Keep the records. Retain the final XBRL file, the signed statements and the acknowledgement for your records.
Common mistakes to avoid
- Starting the XBRL preparation before the accounts are approved, which forces the whole exercise to be repeated if figures change.
- Using last year’s mapping without checking whether the taxonomy has been updated.
- Entering signs incorrectly, for example showing a loss as a positive figure.
- Leaving notes untagged or tagged to generic elements, so the file validates but is not useful.
- Treating validation as a pass or fail test only, and ignoring warnings that point to genuine inconsistencies.
- Filing close to the deadline, leaving no time to fix a rejected submission.
Practical examples
Example 1: a trading company with a December year end. A small private company has a Financial Year End of 31 December and holds its Annual General Meeting in May. The accountant finishes the statements in April, converts them to XBRL in early May and validates the file before the meeting. When the AGM is held, the annual return is filed on BizFile+ within days, well ahead of the statutory deadline.
Example 2: a mismatch caught by validation. A company’s trade receivables note shows SGD 184,500, but the balance sheet shows SGD 148,500 because of a transposed figure. The validation check flags the difference. Correcting the underlying statements before filing avoids an amendment and a possible query from ACRA.
Example 3: a company outside the usual route. A company that believes it qualifies for the simplified filing finds that its revenue has grown beyond the threshold. It needs to file full XBRL statements this year, so it should plan extra preparation time rather than assuming the previous year’s process will apply.
How a corporate secretary can help
A corporate secretary in Singapore sits at the point where the accounts, the AGM and the ACRA filing meet. Raffles Corporate Services can confirm your filing category, coordinate the timeline between the accountant and the directors, and handle the submission through ACRA BizFile+. We can also support the related accounting, tax and payroll work so that the figures filed with ACRA agree with those used for IRAS purposes, including the Estimated Chargeable Income and the Form C-S or Form C filing on the IRAS myTax Portal.
Frequently Asked Questions
Is XBRL required for every Singapore company?
No. Many companies must file in XBRL, but solvent exempt private companies file a simplified set of financial information, and foreign companies and certain other entities follow different routes. Check your category before you begin.
Can we prepare the XBRL file ourselves?
Yes, provided you have suitable software or use ACRA’s preparation tools. The difficult part is the mapping, so many companies engage their accountant or corporate secretary to prepare and review the file.
What happens if the XBRL file is rejected?
The submission is returned with error messages. You must correct the file and resubmit. If the correction takes you past the statutory deadline, late filing consequences may apply, which is why early preparation matters.
Is it possible to be exempted from XBRL?
ACRA may grant an exemption in limited circumstances, such as when a company can demonstrate genuine difficulty. Applications are assessed individually and are not guaranteed.
Do the XBRL figures need to match our tax filings?
The figures in the financial statements form the starting point for the tax computation, so the two should reconcile. Differences should be explained by recognised tax adjustments, not by inconsistencies in the accounts.
Key takeaways
- XBRL is the format ACRA uses to receive financial statements, and most Singapore companies that file full financial statements must use it.
- Finalise and approve the accounts before tagging them.
- Map each line item to the correct taxonomy element and review the rendered output against the signed statements.
- Clear all validation errors and review all warnings before submitting on ACRA BizFile+.
- Allow time for corrections so that a rejected submission does not push you past the deadline.
Requirements may change, so always check the latest guidance from ACRA, IRAS or MOM, or consult a professional adviser.
If you would like to find out more about how Raffles Corporate Services can assist with your company’s compliance and corporate secretarial requirements, please get in touch with the team at [email protected].
Yours sincerely,
The editorial team at Raffles Corporate Services
Disclaimer: This does not constitute legal advice. If you require legal advice, please contact a lawyer.