{"id":1630,"date":"2020-04-02T18:00:53","date_gmt":"2020-04-02T18:00:53","guid":{"rendered":"https:\/\/prathamconsult.com\/sg\/?page_id=1630"},"modified":"2023-04-20T09:58:11","modified_gmt":"2023-04-20T09:58:11","slug":"faq","status":"publish","type":"page","link":"https:\/\/prathamconsult.com\/sg\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"\t\t
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FAQ<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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SINGAPORE<\/strong><\/span><\/p>

Frequently Asked Questions<\/span><\/p>

A. XBRL Filing Requirements<\/span><\/p>

B. BizFinx Preparation Tool<\/span><\/p>

B1. Download and install the preparation tool<\/span><\/p>

B2. Templates in the Preparation Tool<\/span><\/p>

B3. Fill in the templates<\/span><\/p>

B4. Auto-tagging and drag-and-drop<\/span><\/p>

B5. Validate, save and submit XBRL financial statements<\/span><\/p>

B6. AGM\/ Review copy generated from preparation tool<\/span><\/p>

B7. Other issues<\/span><\/p>

C. BizFinx Embedded Excel Conversion Utility<\/span><\/p>

D. BizFinx Portal<\/span><\/p>

D1. Access the BizFinx Portal<\/span><\/p>

D2. Download the BizFinx Preparation Tool<\/span><\/p>

D3. Subscribe to BizFinx Announcement<\/span><\/p>

D4. Validate & Upload XBRL files<\/span><\/p>

D5. View History<\/span><\/p>

D6. Exemption Request<\/span><\/p>

E. Taxonomy<\/span><\/p>

F. Training and Help Resources<\/span><\/p>

F1. Training and Subsidy Applications<\/span><\/p>

F2. Free Data Analysis<\/span><\/p>

G. General Information<\/span><\/p>

H. Upload XBRL File to BizFinx Server *NEW*<\/span><\/p>

H1. BizFinx Multi Upload Tool<\/span><\/p>

H2. BizFinx Preparation Tool<\/span><\/p>

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Note:<\/strong><\/span><\/p>

  1. For technical issues, please refer to \u201cTechnical Issues\u201d information at<\/span><\/li><\/ol>

    https:\/\/www.acra.gov.sg\/xbrl-filing-and-resources\/help-resources\/technical-issues<\/span><\/p>

    1. Key changes are highlighted in yellow<\/span><\/li><\/ol>

      A XBRL Filing Requirements<\/strong><\/span><\/p>

      List of Questions:<\/strong><\/span><\/p>

      1. What are the XBRL filing requirements? Am I supposed to file in Full set of financial statements in XBRL format or Financial Statements Highlights?<\/span><\/li>
      2. What is an Exempt Private Company (EPC)?<\/span><\/li>
      3. How to differentiate between Solvent and Insolvent EPC? What is the difference between their filing requirements for Annual Return?<\/span><\/li>
      4. What is the minimum requirement list?<\/span><\/li>
      5. My company is a solvent exempt private company (EPC). Am I affected by the XBRL filing requirements?<\/span><\/li>
      6. Why am I required to submit information in the detailed information elements again (e.g. specific amount of revenue) even though the entire set of financial statements is already submitted in textual format within the text block element?<\/span><\/li>
      7. What should I do if my set of financial statements does not contain information relating to all the sections in the minimum requirement list?<\/span><\/li>
      8. Who is responsible for the XBRL filing? Who should file \/ prepare the XBRL financial statements?<\/span><\/li>
      9. What should I do if I have filed erroneous XBRL financial statements?<\/span><\/li>
      10. I am a company regulated under Monetary Authority of Singapore (MAS). Does this mean that I am exempted from filing in XBRL format or is under the exempted category to file financial statements in PDF with Financial Statements Highlights in XBRL?<\/span><\/li>
      11. If an Exempt Private Company has already filed an Annual Return to ACRA, does it still need to file any documents to IRAS?<\/span><\/li>
      12. What does the term Dormant Exempt Private Company (EPC) in the Annual Return mean?<\/span><\/li>
      13. How do I access BizFinx to upload XBRL financial statements?<\/span><\/li>
      14. What documents must an Exempt Private Company lodge with its Annual Return?<\/span><\/li>
      15. If a Dormant Company has already filed an Annual Return to ACRA, does it still need to file any documents to IRAS?<\/span><\/li>
      16. How do I file the financial statements in the Annual Return transaction?<\/span><\/li>
      17. How will I know whether any unauthorised personnel have made changes to the XBRL document that I have uploaded through BizFinx portal before submission of annual returns?<\/span><\/li>
      18. Is there any financial period for financial statements to be filed in XBRL format?<\/span><\/li>
      19. Do sole-proprietors and partnerships need to file financial statements in XBRL format?<\/span><\/li>
      20. With the implementation of XBRL, does my company still have to submit financial statements in PDF or hardcopies?<\/span><\/li>
      21. After uploading my financial statements in XBRL format in BizFile+, can I still make changes before filing Annual Return?<\/span><\/li>
      22. After we have created the financial statements using BizFinx Preparation Tool, what is the filing process?<\/span><\/li>
      23. How long will my uploaded financial statements in XBRL format be kept in BizFinx portal?<\/span><\/li>
      24. What documents must a Dormant Company lodge with its Annual Return?<\/span><\/li>
      25. I am the local agent of a foreign company. Do I have to file the foreign company\u2019s financial statements in XBRL format?<\/span><\/li>
      26. Will ACRA specify the XBRL format that the financial statements need to conform to?<\/span><\/li>
      27. Do I need to file the signed AGM financial statements in PDF format after filing full set of financial statements in XBRL format<\/span><\/li>
      28. Do I need to prepare the XBRL financial statements as per the financial statements (e.g. consolidated or company level \/ type of accounting standards)?<\/span><\/li><\/ol>

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        1. What are the XBRL filing requirements? Am I supposed to file in Full set of financial statements in XBRL format or Financial Statements Highlights?<\/span><\/li><\/ol>

          Singapore incorporated companies (unlimited or limited by shares) which are required to file financial statements with ACRA, will file the financial statements in XBRL format, unless exempted.<\/span><\/p>

          The table below shows the filing requirements for the different types of companies.<\/span><\/p>

          Type of Company<\/strong><\/span><\/p><\/td>

          Format of Financial Statements<\/strong><\/span><\/p><\/td><\/tr>

          Public\/ Private companies (limited\/ unlimited by shares), except those under (a) and (b) below:<\/span><\/p><\/td>

          Full set of XBRL financial statements (Full XBRL)<\/span><\/p><\/td><\/tr>

          (a) specific below-mentioned companies regulated by MAS, i.e.<\/span><\/p>

          – commercial banks1<\/sup><\/span>
          – merchant banks2<\/sup>,<\/span>
          – licensed insurance companies3<\/sup>,<\/span>
          – finance companies4<\/sup><\/span><\/p><\/td>

          Financial statements highlights in XBRL format (FSH) + PDF copy of signed financial statements tabled at Annual General Meeting (PDF AGM FS)5<\/sup><\/span><\/p><\/td><\/tr>

          (b) companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS(I), SFRS for Small Entities and IFRS<\/span><\/p><\/td>

          FSH + PDF AGM FS<\/span><\/p><\/td><\/tr>

          Solvent exempt private companies (EPCs)<\/span><\/p>

          An exempt private company is a company which has not more than 20 members and in which no corporation holds any beneficial interest in its shares.<\/span><\/p><\/td>

          Not required to file financial statements with ACRA, but are encouraged to file:<\/span><\/p>

          – Full XBRL, or<\/span>
          – FSH<\/span><\/p><\/td><\/tr>

          Insolvent EPCs<\/span><\/p><\/td>

          Required to file financial statements with ACRA in:<\/span><\/p>

          – Full XBRL; or<\/span>
          – FSH + PDF AGM FS<\/span><\/p><\/td><\/tr>

          Companies limited by guarantee<\/span><\/p><\/td>

          PDF AGM FS<\/span><\/p><\/td><\/tr>

          Foreign companies and their local branches<\/span><\/p><\/td>

          PDF AGM FS<\/span><\/p><\/td><\/tr><\/tbody><\/table>

          1<\/sup> Commercial Banks (i.e. full banks, wholesale banks or offshore banks) are licensed under and governed by the Banking Act (Cap. 19).<\/span><\/p>

          2<\/sup> Merchant banks are approved under the MAS Act and their operations are governed by the Merchant Bank Directives.<\/span><\/p>

          3<\/sup> Licensed insurance companies are approved under section 8 of the Insurance Act (Cap. 142).<\/span><\/p>

          4<\/sup> Finance companies are licensed under and governed by the Finance Companies Act (Cap. 108).<\/span><\/p>

          5<\/sup> Financial statements sent to shareholders, if the company is exempted from holding AGMs or has dispensed with AGMs. This will be applicable for all mention of AGM FS mentioned going forward in this document.<\/span><\/p>

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          2 What is an Exempt Private Company (EPC)?<\/strong><\/span><\/p>

          An Exempt Private Company (EPC) is a private company which has at most 20 shareholders. No corporation holds (directly or indirectly) any beneficial interest in the EPC’s shares. It can also be a company the Minister has gazetted as an EPC (see section 4(1) of the Companies Act).<\/span><\/p>

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          3 How to differentiate between Solvent and Insolvent EPC? What is the difference between their filing requirements for Annual Return?<\/strong><\/span><\/p>

          An EPC is required to file Annual Return via BizFile+<\/sup>. If the EPC is insolvent (i.e. unable to meet its debts when they fall due), it has to lodge the financial statements with the Registrar. If the EPC is solvent (i.e. able to meet its debts when they fall due), it has to complete an online declaration of solvency instead (filing of financial statements is voluntary).<\/span><\/p>

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          4 What is the minimum requirement list?<\/strong><\/span><\/p>

          The minimum requirement list is a set of elements within ACRA Taxonomy which companies are required to submit to ACRA if the information is available in the AGM (Annual General Meeting) financial statements.<\/span><\/p>

          For example, within the Statement of Cash Flows, the amount of cash used in Purchase of Property, Plant and Equipment is an item within the minimum requirement list. Your company will need to submit the value for this item if it is present within your financial statements and leave the item blank if it is not part of your financial statements. Conversely, if you have items within your Statement of Cash flows, such as the cash used in Purchase of Investment Properties, which are not required within the minimum requirement list, you need not submit this information.<\/span><\/p>

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          5 My company is a solvent exempt private company (EPC). Am I affected by the XBRL filing requirements?<\/strong><\/span><\/p>

          The XBRL filing requirements will only affect companies which are required by the Companies Act to file their financial statements with ACRA. A solvent EPC (with the exception of such companies which are required by law to file their financial statements with ACRA) is not required to file their financial statements with ACRA. As such, they will not be required to file their financial statements in XBRL format. However, ACRA would like to encourage solvent exempt private companies to file their financial statements voluntarily with ACRA. Such companies can file either 1) a full set of financial statements in XBRL format or 2) Financial Statements Highlights or 3) a copy of their financial statements in PDF format. Incentives such as more time for filing and free data analysis are available in encouraging solvent EPCs to file voluntarily.<\/span><\/p>

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          6 Why am I required to submit information in the detailed information elements again (e.g. specific amount of revenue) even though the entire set of financial statements is already submitted in textual format within the text block element?<\/strong><\/span><\/p>

          Information submitted using text block element and detailed information elements serve different purposes.<\/span><\/p>

          The text block element \u201cDisclosure of Complete Set of Financial Statements\u201d allows companies to submit an entire set of financial statements to ACRA in XBRL format, while retaining company\u2019s preferred presentation layout. This will be regarded as the set of financial statements prepared in accordance with the Companies Act. As this is submitted to ACRA in free text format, information within cannot be extracted easily for consumption purposes.<\/span><\/p>

          On the other hand, information submitted using detailed information elements facilitates data extraction and analytics.<\/span><\/p>

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          7 What should I do if my set of financial statements does not contain information relating to all the sections in the minimum requirement list?<\/strong><\/span><\/p>

          Not all the sections required in the minimum requirement list are relevant to all companies, as information to be disclosed by different types of companies varies. For example, not all the companies have a disclosure note for \u201cProvisions\u201d. If there are certain sections which are not applicable for your company, you are not required to submit any information under those sections.<\/span><\/p>

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          8 Who is responsible for the XBRL filing? Who should file\/ prepare the XBRL financial statements?<\/strong><\/span><\/p>

          ACRA does not prescribe who is to file\/ prepare the XBRL financial statements. However, it is important to note that it is the responsibility of the companies and the directors to practice due diligence in ensuring high quality of their filings with the Registrar, failing which signifies non-compliance with the Companies Act, Cap.50.<\/span><\/p>

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          9 What should I do if I have filed erroneous XBRL financial statements?<\/strong><\/span><\/p>

          Companies which note errors in their past XBRL filings should file a Notice of Error (NOE) to rectify the errors if the errors are typographical or clerical in nature. Alternatively, a court order may be filed instead to expunge the filed Annual Return and re-file a new Annual Return.<\/span><\/p>

          NOE for Errors in XBRL filings in AR filed before 3 Jan 2016<\/u><\/span><\/p>

          The company should file the signed copy of the AGM financial statements in PDF format as part of the NOE. It will not be necessary to file a rectified XBRL file.<\/span><\/p>

          NOE for Errors in XBRL filings in AR filed on \/ after 3 Jan 2016<\/u><\/span><\/p>

          In filing NOE to rectify the errors in XBRL financial statements, the company should file the amended XBRL financial statements.<\/span><\/p>

          Guidance in filing NOE through BizFile+<\/sup> is available in the e-guide to filing NOE (PDF) (www.bizfinx.gov.sg\/HtmlContents\/NOE_eguide.pdf).<\/span><\/p>

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          10 I am a company regulated under Monetary Authority of Singapore (MAS). Does this mean that I am exempted from filing in XBRL format or is under the exempted category to file financial statements in PDF with Financial Statements Highlights in XBRL?<\/strong><\/span><\/p>

          Not all companies regulated under MAS are exempted from filing their full set of financial statements in XBRL.<\/span><\/p>

          Only the following types of companies regulated by MAS are exempted from filing in full set of financial statements in XBRL, and will file their signed copy of the AGM financial statements in PDF format with Financial Statements Highlights in XBRL instead:<\/span><\/p>