There are a few common XBRL errors that companies make from time to time. These errors are and not limited to the following:
- Incomplete data
- Financial statements that are tabled at the AGM does not match the data prepared in XBRL format
- Wrongly tagged elements in the XBRL prepared
If you have detected an error in your company’s past XBRL filings, you may rectify the error through one of these methods.
- File a Notice of Error (NOE) with ACRA to rectify the errors (typography or clerical)
- File a Court Order to expunge the filed Annual Return. You will then be able to file a new Annual Return.
If you choose to rectify the XBRL error through the NOE method, the method to do so will depend on whether the Annual Return was filed before or on/after 3rd January 2016.
NOE for XBRL errors for Annual Returns filed before 3rd January 2016
The company should file the PDF copy of the financial statements as part of the NOE. There is no need to file a rectified XBRL file.
NOE for XBRL errors for Annual Returns filed on/after 3rd January 2016
The company will need to prepare the file the amended XBRL financial statements.
XBRL filing requirements for taxonomy version of v4.1 and earlier
If the original XBRL financial statements filed for the Annual Return are prepared based on these XBRL filing requirements, the amended XBRL financial statements should also be prepared based on the same XBRL filing requirements.
Revised XBRL filing requirements for taxonomy version 2020_v1.0
If the original XBRL financial statements filed for the Annual Return are prepared based on the revised XBRL filing requirements, the amended XBRL financial statements should also be prepared based on the same revised XBRL filing requirements.
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
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