XBRL filing — full vs simplified — Timeline and processing benchmarks

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 way Singapore companies submit their financial statements to ACRA in a structured, machine-readable format. Most companies file either Full XBRL or Simplified XBRL, and choosing the right template depends on company size, solvency and whether the accounts are audited.

What XBRL filing is

XBRL filing (eXtensible Business Reporting Language) is the electronic format in which Singapore incorporated companies lodge their financial statements with the Accounting and Corporate Regulatory Authority (ACRA). Instead of a PDF, the figures are tagged against a defined taxonomy so that they can be read and analysed by software.

The requirement flows from the filing obligations in the Companies Act 1967. Companies limited by shares that are required to file financial statements generally do so in XBRL when they lodge their annual return.

Full versus Simplified XBRL: who files what

There are two main templates. Full XBRL captures a comprehensive set of data elements and applies to larger companies. Simplified XBRL captures a reduced set of the most important figures and applies to smaller companies that are both non-publicly-accountable and meet the size test.

A company qualifies for Simplified XBRL where it is not publicly accountable and is classified as smaller, broadly meaning revenue and total assets each not exceeding S$500,000 for the financial year. Larger or publicly accountable companies file Full XBRL. Our SFRS basics guide explains the reporting framework that produces the figures being tagged.

Requirements and exemptions

Solvent exempt private companies are exempt from filing financial statements altogether and therefore need not file XBRL, although they must still declare solvency. Companies limited by guarantee file their financial statements in PDF rather than XBRL. Foreign companies and their branches follow separate rules.

The figures tagged in XBRL must agree with the audited or unaudited financial statements prepared under the Singapore Financial Reporting Standards. Where corporate tax positions depend on those figures, our Singapore corporate tax guide shows how the accounts flow into the tax computation, and staff-cost lines interact with the rules in our Employment Pass and S Pass guide.

Cost, timeline and the numbers

XBRL is filed as part of the annual return, which under the Companies Act 1967 must be lodged within seven months of the financial year end for a private company. Preparing a Simplified XBRL set typically takes a few hours for a small company, while Full XBRL for a larger company can take one to two working days of tagging and review.

Outsourced XBRL preparation commonly costs between S$300 and S$800 for Simplified XBRL and S$500 to S$1,500 or more for Full XBRL, depending on complexity. Late annual-return filing attracts a penalty of S$300, so the tagging work should start well before the deadline.

Step-by-step: preparing an XBRL filing

First, finalise the financial statements under the applicable reporting standard. Second, determine whether the company qualifies for Simplified XBRL or must file Full XBRL. Third, tag the figures in ACRA’s BizFinx preparation tool. Fourth, validate the file to clear tagging errors. Fifth, upload the validated file with the annual return in BizFile+. Sixth, retain the source statements to support the tagged data.

The Companies Act 1967 sets the filing deadlines and the financial-statement requirements that make XBRL necessary; the ACRA BizFinx taxonomy defines exactly which elements must be tagged.

Common mistakes and gotchas

Frequent problems include mis-mapping accounts to the wrong taxonomy element, tagged figures that do not reconcile to the signed accounts, and choosing Simplified XBRL when the company actually exceeds the size test. Leaving the tagging until the deadline is the most common operational failure, because validation errors often take time to resolve.

BizFinx, validation and common tagging errors

XBRL is prepared in ACRA’s BizFinx tool, which maps each figure in the financial statements to an element in the taxonomy. The tool runs a validation check before submission, flagging figures that do not add up or elements that are missing. Clearing these validation messages is where most of the preparation time is spent.

The most frequent tagging errors are mapping a line to the wrong element, omitting a mandatory disclosure, and leaving a tagged total that does not reconcile to the signed accounts. Because validation can surface these late, the tagging should begin as soon as the accounts are finalised, not on the day the annual return is due.

How XBRL data is used after filing

Once filed, the tagged data feeds Singapore’s business registry and is used by regulators, lenders and analysts to read a company’s financial position. This is why accuracy matters beyond mere compliance: the numbers a company tags become part of its public financial record.

For directors, the discipline of XBRL is a useful prompt to ensure the underlying accounts are prepared correctly under the applicable reporting standard in the first place. A clean set of financial statements makes for a clean, fast XBRL filing.

Practical workflow for a small company

For a typical small private company, the sequence is straightforward. The bookkeeper closes the year and produces draft accounts; the accountant prepares the financial statements under the Singapore Financial Reporting Standards for Small Entities where eligible; the directors approve them; and only then does the Simplified XBRL tagging begin. Filing the annual return with the tagged file completes the cycle.

Building in a buffer of at least two to three weeks between finalising the accounts and the filing deadline avoids the last-minute scramble that causes most late filings and the associated S$300 penalty.

FAQs

What is XBRL filing?
It is the submission of a company’s financial statements to ACRA in a structured, machine-readable format tagged against a defined taxonomy.

Who can file Simplified XBRL?
Smaller companies that are not publicly accountable, broadly those with revenue and total assets each not exceeding S$500,000, may file Simplified XBRL.

Are any companies exempt from XBRL?
Solvent exempt private companies are exempt from filing financial statements, and companies limited by guarantee file in PDF rather than XBRL.

When is XBRL due?
It is filed with the annual return, which for a private company must be lodged within seven months of the financial year end under the Companies Act 1967.

Official resources and related guides

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.