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Who need to file in XBRL?
Applicability of Filing Financial Statements in XBRL mode with the Accounting and Corporate Regulatory Authority (ACRA)
All Singapore incorporated companies are required to file financial statements with ACRA, except for those which are exempted. Some companies will file a full set of financial statements in XBRL format, while some others will file only salient financial data in XBRL format and a full set of financial statements in PDF. The filing requirements depend on the type of company you own (see table below).
If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not required to file financial statements with ACRA.
Type of company | Financial statements you need to file |
Public / private companies (limited or unlimited by shares), except those under (a) and (b) below | Full set of financial statements in XBRL format. |
(a) Specific companies regulated by MAS, such as commercial banks, merchant banks, insurance companies, and finance companies* *Companies other than the specified types (e.g. money changers) are required to file a full set of XBRL financial statements | Financial Statements Highlights in XBRL format, plus PDF copy of the financial statements. |
(b) Companies permitted to use accounting standards other than SFRS, SFRS for Small Entities, and IFRS** **SFRS stands for Singapore Financial Reporting Standards and IFRS stands for International Financial Reporting Standards | Financial Statements Highlights in XBRL format, plus PDF copy of the financial statements. |
Solvent Exempt Private Companies (EPCs) | Exempted from filing financial statements. Nonetheless, you are encouraged to file the full set of financial statements or the financial statement highlights in XBRL format. |
Insolvent EPCs | You must either: (b) financial statements highlights in XBRL format, plus a PDF copy of the financial statements. |
Companies limited by guarantee | PDF copy of the financial statements |
Foreign companies, or local branches of foreign companies | PDF copy of the financial statements |
Differences between a solvent and insolvent EPC
A private company can have not more than 50 members. An exempt private company (EPC) can be a private company with less than 20 members, and does not have any corporations holding beneficial interest in its shares (whether directly or indirectly). An EPC can also be a private company owned by the Government that is declared in the Gazette to be an EPC.
- An EPC is insolvent if it is unable to meet its debts when they are due. Insolvent EPCs are required to file financial statements as mentioned above.
- Solvent EPCs only need to make an online declaration of their solvency, and filing financial statements is voluntary.