XBRL Conversation

Why do I need to convert to XBRL format?

If you run a company incorporated in Singapore, it becomes compulsory to file the annual accounts in eXtensible Business Reporting Language(XBRL) format
which is a global standard that allows for efficient retrieval and  analysis of financial information


According to Accounting & Corporate Regulatory Authority (ACRA), it is compulsory to file their financial statements in XBRL unless they met one of the following exemptions:

  1. Specific companies regulated by MAS,
    i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS
  2. Companies allowed by law to prepare accordance with accounting standards
    other than Singapore Financial Reporting Standards(SFRS), SFRS for Small Entities and IFRS 
  3. Solvent exempt private private companies (EPCS) 
  4. Insolvent exempt private private companies (EPCS) 
  5. Companies limited by guarantee 
  6. Foreign companies and their local companies

Why should I Consider Outsourcing This?

  • It might sound easy, but it is not. Conversion to XBRL can sometimes be time-consuming and complicated.
  • Outsourcing this tasks will help to lighten your burden, especially when you are not accounting trained.