XBRL filing — full vs simplified — Costs and fees breakdown

Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.

XBRL filing is the electronic submission of a Singapore company’s financial statements to ACRA in eXtensible Business Reporting Language. Under the Companies Act 1967, most Singapore-incorporated companies must file financial statements in XBRL when lodging their annual return. ACRA offers a Full XBRL template capturing a detailed data set, and a Simplified XBRL template for smaller companies, with different scope, effort and cost.

What XBRL filing is and full versus simplified

XBRL converts financial statements into structured, machine-readable data ACRA can analyse. The Full XBRL template captures a comprehensive set of primary statements and notes; the Simplified XBRL template captures a reduced set for smaller companies, paired with a PDF of the financial statements. The obligation to lodge financial statements flows from the annual filing requirements in the Companies Act 1967, and ACRA prescribes the XBRL format and taxonomy. See the official guidance at www.iras.gov.sg.

Who must file in which format

Smaller companies that are not publicly accountable and meet the size criteria may use Simplified XBRL, while larger or publicly accountable companies file Full XBRL. Solvent exempt private companies have concessions, and companies limited by guarantee file financial statements in PDF only. Determining which template applies is the first decision.

Requirements and data scope

Full XBRL demands tagging of the statement of financial position, income statement, and extensive notes to the required elements of ACRA’s taxonomy. Simplified XBRL requires a smaller minimum set plus the signed financial statements in PDF. Data must reconcile exactly to the audited or unaudited financial statements adopted by the directors.

Costs, fees and timeline

Preparing Simplified XBRL typically costs S$200 to S$500 as a service; Full XBRL runs S$400 to S$1,200 depending on the number of notes. This is separate from the ACRA annual return fee of S$60 for a private company. A private company must hold its annual general meeting and file its annual return within the statutory timelines, generally within seven months of financial year-end for the annual return. Preparation usually takes 2 to 5 working days once final accounts are ready.

Step-by-step process

Finalise the financial statements and have directors approve them. Determine the correct XBRL template. Map each figure to ACRA’s taxonomy in the BizFinx preparation tool. Validate the file against ACRA’s rules. Lodge the XBRL with the annual return through BizFile. Retain the validated file and confirmation.

Common mistakes and gotchas

The most common error is a mismatch between the XBRL figures and the adopted financial statements, which triggers rejection. Others pick the wrong template, or leave mandatory elements untagged. Late finalisation of accounts cascades into a late annual return and ACRA penalties.

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Official references

FAQs

Do all companies file Full XBRL?
No. Smaller, non-publicly-accountable companies meeting the size criteria may file Simplified XBRL, while larger or publicly accountable companies file Full XBRL.

What does XBRL filing cost?
Service fees are typically S$200 to S$500 for Simplified XBRL and S$400 to S$1,200 for Full XBRL, separate from ACRA’s S$60 annual return fee for a private company.

When must I file?
A private company generally files its annual return within seven months of its financial year-end, with the XBRL lodged as part of that filing.

Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.