All Singapore (SG) incorporated companies are required to file financial statements (FS) with ACRA, except for those which are exempted. Some companies will file a full set of FS in XBRL format, while others will file key financial data in XBRL format along with a full set of signed copies of the FS tabled at the annual general meeting and/or circulated to members (AGM FS) in PDF format. If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not required to file FS with ACRA. For the avoidance of doubt, all SG incorporated companies are required to prepare financial statements, except for those which are dormant relevant companies.

To file FS in XBRL format, please follow these steps:

  • 1. Upload your XBRL file to the BizFinx server (e.g. through the BizFinx preparation tool)
  • 2. Proceed to file it as part of your Annual Return in BizFile.

Click for more information on how to upload your XBRL file.


Revised XBRL filing requirements

Companies are required to apply the revised filing requirements and data elements on or after 1 May 2021:

There are four templates to be used by companies to meet the revised filing requirements and data elements:

  • Full XBRL template – The number of data elements for this template has been reduced by 50% to about 210 data elements. It will capture the information in primary statements and selected notes to FS;
  • Simplified XBRL template - This template, which replaces XBRL FSH (General), has about 120 data elements. It will capture the complete information in the statements of financial performance and position;
  • XBRL FSH (Banks) template – There is minimal change to this template. This template has about 80 data elements; and
  • XBRL FSH (Insurance) template – There is minimal change to this template. This template has about 80 data elements.

The table below summarises the filing requirements and data elements:

GroupCompanies that file FS that are made publicRevised requirements (mandatory from 1 May 2021)
1SG-incorporated companies that are not covered in Groups 2 to 5 below.

To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations:

  • Smaller and non-publicly accountable companies (both terms are defined below):

    To file FS in Simplified XBRL template, together with PDF copy of FS authorised by directors; and
  • All other companies - To file FS in Full XBRL template. Please attach a PDF copy of the FS authorised by directors as part of the Annual Return filing. (*New*) 
2SG-incorporated exempt private companies (EPCs) that are insolvent

To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations:

  • Smaller and non-publicly accountable companies (both terms are defined below):

    To file FS in Simplified XBRL template, together with PDF copy of FS authorised by directors; and
  • All other companies - To file FS in Full XBRL template.
3SG-incorporated EPCs that are solvent

Not required to file FS. If the company opts to voluntarily file, to file FS in either:

  • PDF copy of the FS authorised by directors; or
  • FS in XBRL format.
If the company opts to file FS in XBRL format, its extent of XBRL filing will vary based on the same criteria as Groups 1 and 2.
4

SG-incorporated companies in the business of banking, finance and insurance regulated by MAS

To file FS in:

  • XBRL FSH (Banks) template; or
  • XBRL FSH (Insurance) template;
together with PDF copy of the FS authorised by directors.
5SG-incorporated companies preparing FS using accounting standards other than prescribed accounting standards in Singapore or IFRSTo file only PDF copy of the FS authorised by directors.
6SG-incorporated companies limited by guarantee
To file only PDF copy of the FS authorised by directors.
7Foreign companies with SG branchesTo file only PDF copy of the FS authorised by directors.

Definition of smaller company

A smaller company mentioned in the table above refers to a company whose revenue and total assets for the current financial year do not exceed S$500,000, respectively. The assessment of revenue and total assets should be made based on the FS that are required to be prepared under the Companies Act. When the company controls, jointly controls or has significant influence over other entities, its revenue and total assets should be assessed based on consolidated figures, unless the company is exempted by the accounting standards or by ACRA from preparing consolidated FS.

The amount thresholds of S$500,000 are to be determined based on the FS, regardless of the number of months in the financial year covered by the FS. For FS presented in foreign currency, revenue should be translated based on average rates over the financial year and total assets to be translated based on closing rate as of financial year-end.

Definition of non-publicly accountable company

A non-publicly accountable company mentioned in the table above refers to a company that is not:

  1. a company that is listed or is in the process of issuing debt or equity instruments for trading on a securities exchange in Singapore;
  2. a company whose securities are listed on an exchange outside Singapore;
  3. one of the following financial institutions:
    • entity that is part of the banking and payment systems (namely, licensed banks1, financial institutions approved under section 28 of the Monetary Authority of Singapore Act (Chapter 186), operators of payment systems designated under section 42 of the Payment Services Act 2019 (Act 2 of 2019), settlement institutions of payment systems designated under section 42 of the Payment Services Act 2019, persons that have in force a standard payment institution licence granted under section 6 of the Payment Services Act 2019, persons that have in force a major payment institution licence granted or deemed to have been granted under section 6 of the Payment Services Act 2019 and licensed finance companies);
    • licensed insurer, foreign insurer under Lloyd’s Asia Scheme and registered insurance broker;
    • capital market infrastructure provider (namely, approved holding companies, approved exchanges, recognised market operators, approved clearing houses and recognised clearing houses under the Securities and Futures Act (Chapter 289));
    • capital markets intermediary (namely, holders of capital market services licence, licensed financial advisers, registered fund management companies, licensed trust companies and approved trustee for collective investment scheme);
    • licensed trade repository, authorised and exempt benchmark administrator under the Securities and Futures Act (Chapter 289);
    • operator of the Central Depository System under the Securities and Futures Act (Chapter 289);
    • trustee-manager of listed registered business trust;
    • designated financial holding company under the Financial Holding Companies Act2; and
    • licensed credit bureau under the Credit Bureau Act2.
1 “Licensed banks” should be read as “banks or merchant banks licensed under the Banking Act (Chapter 19)” when section 24 of the  Banking (Amendment) Act 2020 relating to merchant banks come into force.”
2 Applicable once the Acts commences.

Definition of solvent exempt private company

A private company can have not more than 50 members. An exempt private company 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 exempt private company can also be a private company owned by the Government that is declared in the Gazette to be an exempt private company.
  • An exempt private company is insolvent if it is unable to meet its debts when they are due. Insolvent EPCs are required to file FS as mentioned above.
  • Solvent EPCs only need to make an online declaration of their solvency, and filing FS is voluntary.
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