What are the XBRL filing requirements
What is annual return (AR)
The Singapore Companies Act requires all mandated companies to file an Annual Return with ACRA within 30 days of holding an AGM. The Annual Return is an electronic document and provides information like:
The AR needs to be duly signed by the director or company secretary before filing it with ACRA. A company must attach its audited financial statements when it submits an Annual Return with ACRA, unless it is a small private company meeting two of the three following criteria:
What are the information that financial statements should have?
A complete set of financial statements should contain the following:
What are the taxonomy and accounting standards adopted in Singapore?
In Singapore, the ACRA Taxonomy is created based on disclosure requirements for financial statements from
The ACRA Taxonomy is a closed taxonomy and is not extensible. Therefore it does not allow preparers to add or define their own company specific concepts or create their own relationships between concepts. This is to enhance the comparability of the data collected. However, certain customizations are allowed within the ACRA Taxonomy to give preparers flexibility in their presentation, such as company specific labels and re-ordering of the concepts.
What is minimum tagging requirement list?
As a concession to ease the introduction of XBRL, ACRA has allowed that companies submitting their financial statements in XBRL can tag the elements from a “minimum tagging requirement list’ within the ACRA taxonomy. Companies may choose to submit more information in XBRL format than the minimum requirement list.
The minimum requirement list consists of two parts:
The minimum requirement list, as well as the full ACRA Taxonomy, is available in the ACRA Taxonomy 2016 templates (Excel, 489KB)
It may be mentioned here that the taxonomy may be updated from time to time by ACRA. So users are recommended to subscribe to taxonomy update alerts