Singapore Guide to XBRL Filing
In today's increasingly digital business environment, regulatory compliance and efficient financial reporting are more important than ever. In Singapore, one significant step in this direction is the adoption of XBRL (eXtensible Business Reporting Language) for corporate financial statements submitted to the Accounting and Corporate Regulatory Authority (ACRA).
What Is XBRL?
XBRL is an XML-based framework that allows financial information to be standardized and submitted in a machine-readable format that facilitates the electronic submission of financial statements. It enhances transparency, comparability, and accuracy of financial data, making it easier for regulators, investors, and stakeholders to analyze and compare company performance.
2025 XBRL Filing Requirements in Singapore
Since 2007, ACRA has required certain categories of companies incorporated in Singapore to file their financial statements in XBRL format. Over the years, the requirements have been refined. As of now, most Singapore-incorporated companies (except those exempted such as sole proprietorships and partnerships) must file their financial statements in XBRL format via the BizFinx portal.
However, the extent of the filing depends on the company's nature and size. XBRL filing types include:
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Full XBRL – for most companies limited by shares, including larger companies and those with more complex operations. This format captures detailed financial data across various statements and notes.
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Simplified XBRL – for smaller and non-publicly accountable companies meeting specific criteria. This streamlined format reduces the number of data elements, making the filing process more efficient.
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Exemptions – available for certain dormant or insolvent companies:
a) Dormant Companies: Entities that are not actively trading or generating income may be exempt from XBRL filing requirements.
b) Exempt Private Companies (EPCs): Solvent EPCs are not required to file financial statements. If they choose to file, they may do so in PDF format or a simplified XBRL format.
c) Companies Using Non-SFRS Accounting Standards: Entities preparing financial statements using accounting standards other than Singapore Financial Reporting Standards (SFRS) or International Financial Reporting Standards (IFRS) are not required to file in XBRL format.
Non-compliance with XBRL filing requirements may result in penalties and enforcement actions by ACRA.
XBRL Filing Deadlines in Singapore (2025)
In Singapore, the deadline for filing financial statements in XBRL format varies depending on the type of company:
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Listed Companies: Must file their XBRL financial statements within 5 months from the end of their financial year.
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Non-Listed Companies: Must file their XBRL financial statements within 7 months from the end of their financial year.
These timelines are based on the company's financial year-end, not the Annual General Meeting (AGM) date. It's essential to plan ahead to ensure timely submission and avoid potential penalties.
Extension of Time for XBRL Filing
If your company anticipates challenges in meeting the XBRL filing deadline, you can apply for an extension of time through ACRA's online portal. The application process typically takes 3 to 7 working days, and it is advisable to apply as early as possible to avoid last-minute complications.
Penalties for Late XBRL Filing
Failing to file your XBRL financial statements on time can result in penalties:
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Late Filing Fees: A fee of S$300 is imposed for late filing within 3 months after the due date. The fee increases progressively, up to S$600 for filings overdue by more than 12 months.
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Director Disqualification: Directors who are convicted of three or more filing-related offenses within five years may be disqualified from holding directorships.
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Striking Off: Persistent non-compliance can lead to the company being struck off the register, ceasing to exist as a legal entity.
How Our Firm Supports Your XBRL Needs
At Kaizen, we understand that XBRL filing can be complex and time-consuming—especially for SMEs without in-house compliance expertise. That is where our experienced team steps in. Here’s how we can assist:
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Accurate Conversion of Financial Statements
We ensure your financial statements are accurately mapped and converted into ACRA-compliant XBRL format using the latest BizFinx preparation tools and taxonomy.
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Tailored Filing Approach
Depending on your company's profile, we determine the appropriate filing type (Full XBRL or Simplified) and prepare the required data accordingly—saving you time and reducing your compliance burden.
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Error Checking and Validation
Our team thoroughly reviews and validates your XBRL file before submission to prevent rejections or delays due to errors.
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Timely Submission
We help ensure your filings are submitted well before ACRA deadlines, avoiding late filing penalties and enhancing your company’s compliance track record.
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One-Stop Financial Reporting Support
Beyond XBRL, we offer end-to-end financial statement preparation and corporate secretarial services, making us your trusted partner in statutory compliance.
Why Choose Us?
With deep expertise in Singapore’s regulatory environment and a commitment to high-quality service, our firm is well-positioned to support your XBRL filing needs. Whether you’re a growing SME or an established firm navigating complex financial reporting, we provide clarity, accuracy, and peace of mind.
Let us simplify your compliance journey. Contact us today for a free consultation on how we can support your XBRL filing and other accounting needs.
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