By when should you submit FS in XBRL format with ACRA?
Timeline for filing XBRL accounts and penalty for delay
Every business entity that is required to file their annual returns must prepare their financial statements in XBRL format after the end of its financial year. From 31 August 2018, the timelines for holding Annual General Meetings and the filing of annual returns have been aligned with the financial year ends of companies.
Companies with financial year ending before 31 August 2018
They should file the annual returns within 30 days after the annual general meeting. In case the companies are having a share capital and keeping a branch register outside Singapore, then the annual returns should be filed within 60 days after AGM.
In addition, the annual return can be filed only:
- after an Annual General Meeting (AGM) has been held
- for a private company which has dispensed with its AGM, after financial statements are sent or all resolutions which were supposed to have been passed at an AGM are passed by written meansa Company Tax Return
Companies with financial year ending on or after 31 August 2018
They should file their annual returns within
- five months (for listed companies) after financial year end or
- seven months (for non- listed companies) after financial year end
For companies having a share capital and keeping a branch register outside Singapore, they should file their annual returns within
- six months (for listed companies) after financial year end or
- eight months (for non-listed companies) after financial year end.
In addition, note that the annual return can be filed only:
- After an Annual General Meeting (AGM) has been held
- After financial statements are sent (if company need not hold an AGM)
- After financial year end, for a private dormant relevant company that is exempted from preparing financial statements or that has dispensed with the AGM.
Penal provisions for late filing
The Singapore Companies Act requires all companies to file an Annual Return with ACRA within 30 days of holding an AGM. A company that files its annual return late with ACRA will be required to pay an additional late lodgment fee which is currently S$300. The late fee increases as the number of days in default increases.