Extensible Business Reporting Language
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XBRL
XBRL is a form of reporting language adopted by ACRA for the purpose of financial statements reporting by companies that are required to be lodged accounts with the authority.
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With the holistic approach to facilitate the conduct of business in Singapore, all Singapore incorporated companies are required to file their financial statement in XBRL format. With XBRL, financial statements can be easily retrieved online and transferred to the local or international community.
Types of Company
Filing of Financial Statements
Full set of XBRL financial statements
Types of Public/ Private companies (limited/ unlimited by shares), except those under (a) and (b)
Solvent exempt private companies (EPCs)
Exempted from filing financial statements, but are encouraged to file with following options: – Full set of XBRL financial statements or – FSH (XBRL)
Insolvent EPCs
Either: – Full set of XBRL financial statements; or – FSH (XBRL) + PDF copy of financial statements
Though the collation of information and ensuring of correct representation and accuracy of the information filed is usually done by directors or owners of the companies themselves, the tedious and daunting filing of them can be outsourced to professional accounting firms.
By outsourcing your filing, it not only saves you a tremendous amount of time but also removes any unwanted hassle and mistake of using the online filing system due to unfamiliarity.
Outsourcing your filing to Ceres Pacific will in turn give you a peace of mind knowing that your compliance needs are in good hands
If you require assistance with filing your financial statements, do not hesitate to contact us and talk to our experienced accountants.
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