XBRL Conversion Services

Starting November 1, 2007, Singapore companies must file their financial reports with company registrar in XBRL format.

What is XBRL?

XBRL (Extensible Business Reporting Language) is a technology language for the electronic communication of business and financial data and is being implemented worldwide. XBRL is not an accounting standard and will not change what is reported, only how it’s reported. The XML tagging means that the information in a business report is computer readable and can be more easily extracted, searched and analyzed by users of that information. XBRL enhances the ability to compare information from one organization or entity to another.

Standardization and clarity are becoming key issues in today’s financial industries. With the emergence of new technologies for managing financial data, interaction and collaboration can present significant challenges. Companies must organize their data so that it is clear and manageable across these emerging technologies, ready for robust analysis with any number of powerful tools.

Singapore XBRL Filing Requirements (Source: ACRA)

ACRA accepts filings of financial statements in both PDF and XBRL format. From 1 November 2007 onwards, Singapore incorporated companies which are either limited by shares or unlimited must file their financial statements in XBRL for financial periods ending on or after 30 April 2007, except as provided below.

Filing Financial Statements in PDF

Singapore incorporated companies excluded from filing their financial statements in XBRL are set out as follows:

Companies Limited by Guarantee
Companies limited by guarantee shall continue to file their financial statements by attaching a PDF copy of the financial statements as tabled at the Annual General Meeting (AGM).

Companies with Financial Periods Ending Before 30 April 2007
Companies filing financial statements relating to the financial periods before 30 April 2007 will continue to file their financial statements by attaching a PDF copy of the financial statements, and will also have to set out their financial highlights in respect of the financial statements in the Annual Return (AR).

Companies with Financial Periods Ending On or After 30 April 2007 (Option C – Full PDF Format)
Categories of companies under Option C (Full PDF format) are:

• a) Companies which fall under the scope of (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies as stated in the MAS Financial Institutions Directory; and
• b) Companies that are allowed by law to prepare accounts in accordance with accounting standards other than Singapore Financial Reporting Standards or International Financial Reporting Standards.

Filing Financial Statements in XBRL

Users may use FS Manager to prepare financial statements in XBRL. The options available are as follows:

a) Option A (Full XBRL); or
b) Option B (Partial XBRL).

Option A (Full XBRL)
A company shall file its financial statements under Option A (Full XBRL) for its AR only under the following two scenarios:
a) The company had used the FS Manager to prepare the full set of financial statements for tabling at the Annual General Meeting (AGM) [note (i)]; or
b) The FS Manager is used to prepare a full set of financial statements identical in content to the full set of financial statements tabled at the AGM [note (i)].

Note (i): For the case of a private company which has dispensed with holding an AGM, the full set of financial statements will be that sent to the shareholders of the company.

The different financial periods stated in Option B do not affect the filing in Option A.

Option B (Partial XBRL)
Companies filing in Option B must attach a PDF copy of its full set of financial statements as tabled at the AGM with its AR (or for the case of a private company which has dispensed with holding an AGM, it shall be a copy of its full set of financial statements which was sent to the shareholders of the company).

There is a difference for filings in Option B for the financial periods:

Financial Periods Beginning On or Before 31 December 2008
A company which chooses to file in Option B files a minimum of the Balance Sheet, Income Statement and information denoted by a red asterisk in FS Manager.

Financial Periods Beginning On or After 1 January 2009 (or Earlier, if FRS 1(R) Has Been Early Adopted)
The Accounting Standards Council has issued on 28 March 2008, the revised FRS 1 for Singapore incorporated companies [FRS 1(R)], effective for annual periods beginning on or after 1 January 2009, with earlier adoption permitted.

A company which chooses to file in Option B files a minimum of Statement of Financial Position, Statement of Comprehensive Income and information denoted by a red asterisk in FS Manager. If the company presents all items of income and expense in two statements, both Statement of Comprehensive Income and Income Statement must also be filed.

Our XBRL Conversion Service

Janus Accounting Services team offers a unique combination of accounting and technology experience to assist companies in converting their financial statements to XBRL format professionally promptly and cost effectively. Janus team has roots in the very beginning of XBRL introduction in Singapore. Our XBRL services are utilized by the following type of customers:

• End clients who utilize our accounting and tax filing services
• Audit firms who do not have the expertise or the time to provide XBRL conversion service in-house
• Corporate secretarial firms who don't have the expertise or the time to provide XBRL conversion service in-house

Our XBRL conversion fee starts at S$500 and depends on the size and complexity of financial data. If you are interested in our XBRL conversion services, please drop us an email at enquiry@guidemesingapore.com.