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Oribell Pte. Ltd. Oribell Pte. Ltd. Oribell Pte. Ltd. Oribell Pte. Ltd.
  • Homepage
  • About
  • Services
    • Accounting Services
    • Audit Services
    • GST
    • Incorporation Services
    • Company Secretary Services
    • Corporate Income Tax Services
    • XBRL Services
  • Articles
    • XERO vs QuickBooks
    • Deadlines
  • Contact Us

XBRL

What is XBRL?

XBRL or eXtensible Business Reporting Language is the language for the electronic communication of business and financial data worldwide. The idea that lies behind XBRL is to simplify the flow of information, making it easier to understand and minimising the chances of misanalysis.

Since the last decade, numerous countries have begun adopting the standard while some even made it mandatory for companies to file their financials via XBRL. The most notable ones among these countries are the United States, United Kingdom, India and Singapore.

Who Needs to File?

Accounting and Corporate Regulatory Authority (ACRA) in Singapore has made filing an XBRL based report along with the usual ACRA requirements mandatory for all companies since 2014, whether limited or unlimited by shares. This meant that registered companies could no longer file a partial XBRL report as they did so previously.

Under the new requirements, there are only two types of XBRL filing available, which are the Financial Statement Highlight (FSH) and the full set of financial statements in XBRL filing.

FSH filing is only allowed for a few specific companies, namely the commercial banks, merchant banks, licensed insurers and finance companies regulated by MAS, along with other companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities, IFRS and Insolvent Exempted Private Companies (EPCs). These companies are the only ones allowed to submit an FSH along with a PDF copy of their financial statements.

Solvent EPCs are exempted from filing FSH, Full XBRL, or PDF copy of their financial statements, but they are encouraged to so. Companies limited by guarantee and foreign corporations are only required to file PDF copy of their financial statements.

All other companies not listed above are required to submit the full set of financial statements in XBRL format.

Does Your Company Need to File XBRL Reports?

It may be a little confusing to determine whether a business needs to adhere to the new filing requirements or not. Here’s a simple illustration to assess whether your company falls under the new XBRL filing requirements.

XBRL Filing Requirements In Singapore

Our Packages

Financial Statement Highlights in XBRL (FSH)

S$50 nett

Full Financial Statements in XBRL (Dormant Company)

S$99 nett

Full Financial Statements in XBRL (Private Company)

S$175 nett (limited time only)

Full Financial Statements in XBRL (Consolidated)

S$250 nett
XBRL Services

No other hidden charges!

Terms & Conditions:

  • To provide us with Microsoft Word copy (not excel table or PDF converted copy) of the financial statements to prepare the XBRL. You can obtain a copy from your auditor or accountant. If you do not have one, we can compile the accounts for you, contact us for details.
  • Completion within 5 working days (excluding public holidays and weekends) upon receipt of Microsoft Word copy of the financial statements.
  • For express cases, an additional fee of $150-$50 will be charged. Please contact us to for express services.
  • You may send the Microsoft Word copy of the financial statements to hello@oribell.com.sg

Alternatively, contact us for more information or other payment methods.

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Contact Info

  • Oribell Pte. Ltd.
  • 16 Kallang Place #07-01 Singapore 339156
  • 6909 3687
  • hello@oribell.com.sg
  • www.oribell.com.sg

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