The latest version of a software tool for companies to prepare their financials in full XBRL (eXtensible Business Reporting Language) format was released today. This follows the announcement earlier this year by the Accounting and Corporate Regulatory Authority (ACRA) that come October 2013, Singapore incorporated companies (unless exempted*) will be required to file a full set of financial statements in XBRL based on revised filing requirements. ACRA has now set the effective date for companies to start filing in full XBRL as 22 October 2013.

* The exceptions to this requirement will be companies from certain specified industries, companies allowed to prepare financial statements using accounting standards other than SFRS (Singapore Financial Reporting Standards), SFRS for Small Entities and IFRS (International Financial Reporting Standards), and insolvent exempt private companies.

Under the revised XBRL filing requirements with effect from late October 2013, all Singapore incorporated companies which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to the new expanded ACRA Taxonomy 2013. Filing of Option B (Partial XBRL), a filing option under the current XBRL filing system, will no longer be available. In this article, ASTAB will be summarising how companies will be affected.

Solvent Exempt Private Limited Company
All solvent Exempt Private Limited Companies, including Dormant Exempt Privated Limited Companies will continue to be exempted from filing their accounts and XBRL filing will not required.

Insolvent Exempt Private Limited Company
Insolvent Exempt Private Limited Companies will be required to file their financial statements with ACRA. They will have the choice of filing the new full set of financial statements in XBRL format or a full set of financial statements in PDF with Financial Statement Highlights in XBRL format.

Private Company (non EPC)
Private Companies will be required to file a full set of financial statements in XBRL format.

Companies exempted from filing full set of financial statements in XBRL format
Commercial Banks, Merchant Banks, Registered Insurers and Finance Companies regulated by the Monetary Authority of Singapore and Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting standards) will be exempted from filing full sets of financial statements in XBRL. They will be required to file their financial statements in PDF with Financial Statements Highlights in XBRL format.