What is XBRL?
XBRL stands for eXtensible Business Reporting Language. It is a global framework (XML based language) mainly used to used for communicating and exchanging business information globally. In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) requires business owners and or company to file their financial statements in such format should they meet the requirement of XBRL filing.
Introduced in 2007, XBRL serves to promote an effective business communication among companies, business owners and the government authorities.
Which Companies are required to file in XBRL FORMAT?
- All Public/ Private Companies limited or unlimited by shares unless exempted. (Refer below for exceptions)
- Solvent exempt private limited company whose revenue is less than S$5 million
- Companies limited by guarantee
- Companies such as Commercial Banks, Merchant Banks, Registered Insurers and Finance Companies regulated by the Monetary Authority of Singapore
- Foreign companies
- Insolvent Exempted Private Companies
All solvent and dormant Exempt Private Companies will continue to be exempted from filing their accounts to ACRA during the filing of Annual Returns.
Click here for more information on W.L.P XBRL Filing