Is My Company Required To Do XBRL Filing?

Did you know? In Singapore, over 95% of locally incorporated companies must file their financial statements in XBRL format with ACRA. Missing this requirement can result in late filing fees of up to $600 and potentially more serious compliance actions.

This guide explains what is XBRL, why ACRA mandates it, who must file, who is exempt, the available formats, and the filing process in four simple steps. You’ll also get a checklist to ensure you’re ready to file and tips to avoid common mistakes.

💡 TL;DR:

Filing XBRL with ACRA isn’t one-size-fits-all. If your Singapore company meets certain criteria—like being a small EPC, dormant, or under specific revenue thresholds—you might qualify for an exemption. But rules are strict, penalties are steep, and exemptions vary depending on your company type and industry. Understand your category, check ACRA’s requirements, and keep your records airtight to stay compliant and avoid fines.

What is XBRL and Why is it Required?

XBRL (eXtensible Business Reporting Language) is a structured, computer-readable format for financial statements. It allows ACRA, investors, and analysts to quickly process and compare data across companies.

Why ACRA introduced the XBRL format

ACRA adopted the XBRL format in 2007 to:

• Improve data accuracy — automated tagging reduces human error.
• Enhance transparency — stakeholders can analyse data consistently.
• Save time for regulators — no manual data entry required.
• Streamline compliance checks — easier to flag discrepancies.

📊 Fact: According to ACRA’s annual statistics, over 400,000 companies file financial statements each year, and more than 95% of them submit in XBRL format.

Does Your Company Need to File in XBRL?

The quick answer: If your company is incorporated in Singapore and must submit financial statements to ACRA, you probably need to file in XBRL.

Who is Required to File

You must file in XBRL format if your company:

• Is incorporated in Singapore (e.g., private limited companies).
• Is required by the Companies Act to prepare financial statements.
• Does not fall under an exemption.

Example:
A Singapore-based marketing agency with three directors, annual revenue of $1.5 million, and standard audited accounts must file Full XBRL.

Who is Exempt from XBRL Filing

Some companies do not need to submit full XBRL financial statements. The main exemption categories include:

1. Foreign-listed companies
   • Example: A Singapore subsidiary of a UK-listed conglomerate.
   • Reason: Already follows approved overseas reporting standards.
2. Financial institutions regulated by MAS
   • Example: Banks, insurance companies, and capital markets firms.
   • Reason: They already submit financial reports to MAS under different frameworks.
3. Exempt private companies (EPCs)
   • Definition: Private companies with no more than 20 shareholders, none of whom is a corporation.
   • Criteria: May qualify to file only in PDF if they meet specific conditions.
4. Companies allowed to file in PDF format only
   • Granted in rare cases where financial reporting does not fit XBRL templates.

📌 Tip: Don’t self-declare exemption without checking ACRA’s official guidelines or consulting a corporate secretary.

Understanding the Different XBRL Filing Formats

Not all companies file the same type of XBRL. The format depends on your size, complexity, and exemption status.

1. Full XBRL

• What it includes: Primary statements + detailed notes and disclosures.
• Who uses it: Most standard companies with audited accounts.
• Example: A manufacturing firm with multiple subsidiaries and consolidated accounts.

2. Simplified XBRL

• What it includes: Primary statements + minimal note disclosures.
• Who uses it: Smaller companies meeting ACRA’s simplified reporting criteria.
• Example: A start-up software firm with simple accounts, few assets, and no subsidiaries.

3. PDF with XBRL Summary

• What it includes: Full financial statements in PDF + small set of key financial data in XBRL.
• Who uses it: Companies exempt from full XBRL requirements.
• Example: An EPC filing unaudited accounts in PDF but providing summary figures in XBRL.

XBRL Filing Process in 4 Steps

If you must do XBRL filing, here’s the step-by-step process:

1. Prepare Financial Statements

• Follow the Singapore Financial Reporting Standards (SFRS).
• Get them audited (if required) and signed off by directors.

2. Convert to XBRL Format

• Use ACRA’s BizFinx Preparation Tool to tag data.
• Or outsource to a professional service like Grof.

3. Validate the File

• Use BizFinx’s validation tool to detect missing or incorrect tags.
• Correct all errors before submission to avoid rejection.

4. Submit via BizFile+

• Log in using CorpPass.
• Upload the file, pay any applicable fees, and save the confirmation receipt.

Pre-Filing Compliance Checklist

Before you submit your file, make sure you:

• ✅ Have prepared statements under SFRS.
• ✅ Know your filing format (Full, Simplified, or PDF with summary).
• ✅ Have checked your exemption status.
• ✅ Have validated your file for errors.
• ✅ Can meet the annual return deadline.

Common XBRL Filing Mistakes to Avoid

Even experienced companies make filing errors. Watch out for:

• ❌ Using outdated templates or BizFinx versions.
• ❌ Missing required data tags.
• ❌ Submitting after the deadline.
• ❌ Assuming exemption without verification.

How Grof Simplifies Your XBRL Filing

At Grof, we handle your XBRL filing from start to finish:

• Prepare — Convert your statements into ACRA-compliant XBRL format.
• Validate — Run error checks to ensure smooth acceptance.
• Submit — File directly with ACRA on your behalf.

This means no missed deadlines, no rejected files, and no stress — just compliance made easy.

FAQs About XBRL Filing in Singapore

1. Is XBRL filing mandatory in Singapore?
   Yes. Most locally incorporated companies must file in XBRL unless exempted.
2. Who is required to do XBRL filing?
   Any Singapore-incorporated company that must submit financial statements to ACRA.
3. Who is exempted from XBRL filing?
   Foreign-listed companies, MAS-regulated institutions, and certain EPCs.
4. What is the penalty for not filing XBRL?
   Late filing fees up to $600, plus possible enforcement actions.