In Singapore, the regulatory landscape surrounding financial reporting for incorporated companies is robust and continuously evolving. The Accounting and Corporate Regulatory Authority (ACRA) mandates that all Singapore-incorporated companies, except those exempted, submit financial statements (FS). Therefore, understanding these requirements is crucial for compliance and efficient reporting practices.
Mandatory Filing Obligations
For most Singapore-incorporated companies, filing financial statements with ACRA is obligatory. However, exemptions exist for specific entities, such as insolvent exempt private companies (EPCs) and foreign companies with Singapore branches. Let’s delve into the filing obligations based on different company classifications:
1. Insolvent Exempt Private Companies (EPCs)
Smaller and Non-Publicly Accountable Companies are obligated to submit their financial statements in Simplified XBRL format, accompanied by a PDF copy of the statements authorized by directors. While, for All Other Companies are mandated to file their financial statements using the Full XBRL template.
2. Solvent Exempt Private Companies (EPCs)
For Solvent EPCs are not required to file FS. However, if the company choose to do so voluntarily, they can opt for either a PDF copy of FS authorized by directors or FS in XBRL format. The extent of XBRL filing based on the same criteria as point 1 above.
3. Companies in Banking, Finance, and Insurance Sectors Regulated by MAS
-These companies must file FS using specific XBRL templates tailored to their industries (e.g. XBRL FSH (Banks) template and XBRL FSH (Insurance) template), along with a PDF copy of FS authorized by directors.
4. Companies Using Non-Prescribed Accounting Standards
Entities preparing FS using accounting standards other than those prescribed in Singapore or International Financial Reporting Standards (IFRS) are only required to submit a PDF copy of FS authorized by directors.
5. Companies Limited by Guarantee and Foreign Companies with Singapore Branches
These entities are mandated to file only a PDF copy of FS authorized by directors.
6. Other Singapore-Incorporated Companies
Similar to insolvent EPCs, smaller and non-publicly accountable companies must submit FS in Simplified XBRL format, accompanied by a PDF copy of FS authorized by directors. While all other companies are obligated to file FS in Full XBRL format.
Understanding XBRL Templates
ACRA provides various XBRL templates to facilitate efficient filing processes. These templates cater to different company profiles and industries, ensuring comprehensive reporting while minimizing administrative burdens. Key XBRL templates include:
- Full XBRL Template
- Simplified XBRL Template
- XBRL FSH (Banks) Template
- XBRL FSH (Insurance) Template
Conclusion
Navigating the intricacies of financial statement filing requirements in Singapore is essential for all incorporated companies. Compliance with ACRA regulations ensures transparency, accountability, and adherence to best practices in financial reporting. Understanding the specific obligations based on company classification and utilizing appropriate XBRL templates streamline the filing process, enabling businesses to focus on their core operations while fulfilling regulatory mandates effectively.
Disclaimer: This article is for informational purposes only and does not constitute any professional advice. Feel free to contact us to consult with our professional advisors team for personalized advice and guidance.
Sources: https://www.acra.gov.sg/xbrl-filing-and-resources/who-needs-to-file-financial-statements
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