05 November 2024
Editor: ET
In Singapore, all companies limited by shares, including dormant ones, are generally required to file financial statements in XBRL (eXtensible Business Reporting Language) format with the Accounting and Corporate Regulatory Authority (ACRA).
Further Reading: How to Handle Late Payments and Improve Cash Flow
However, companies may apply for specific exemptions from certain XBRL filing rules based on valid reasons. This article offers an overview of the process and requirements for companies seeking exemptions from XBRL filing requirements in Singapore.
Understanding XBRL Filing Requirements
XBRL is a standardized format that allows companies to submit financial information digitally, enabling better data comparability and ease of access for regulatory and financial analysis. While ACRA’s general filing requirements apply to most companies, certain companies may face unique challenges and wish to apply for specific exemptions.
Reasons for Seeking an Exemption
Companies can request exemptions from certain business rules associated with XBRL filings. Examples include removing the need to disclose comparative periods if there are valid reasons for doing so. A full list of business rules is available for review, and exemptions are granted based on the unique circumstances of each case.
How to Apply for an XBRL Exemption
To apply for an XBRL exemption:
Complete the Exemption Request Form: Download the form (DOCX, 26KB) and fill in the required information.
Attach Required Documents: Ensure you include the company’s signed AGM financial statements and the XBRL file.
Submit the Application: Send your completed form and documents to ACRA at ACRA_XBRL_Application@acra.gov.sg.
The evaluation process takes approximately 3-7 working days, depending on the complexity of the request.
What to Do After Receiving an Exemption
Once an exemption is granted, companies can proceed with filing their XBRL financial statements. If validation results show errors marked as “possible” or “granted exemption,” companies may upload the XBRL file directly to BizFinx without further modifications.
Further Reading: Preparing Your XBRL Financial Statements
How Expede Can Assist
Expede’s team of experienced professionals can help Singapore companies navigate XBRL filing requirements and the exemption application process. From preparing accurate XBRL financial statements to assisting with exemptions, Expede offers a comprehensive range of services to streamline regulatory compliance. Contact Expede to learn more about simplifying your XBRL filing.
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