XBRL Filing
XBRL (eXtensible Business Reporting Language) is an XML-based markup language for defining and exchanging business and financial information.
After you’ve done your accounting, you need to convert your existing financial reports into XBRL format according to XBRL’s formatting and classification requirements. During the conversion process, the XBRL software also compares and validates the data in the company’s financial reports.
Since 2014, the Singapore government has required companies to file their financial statements in Extensible Business Reporting Language (XBRL). XBRL is an XML-based format for business documents for exchanging financial information for financial documents. The format is open source and is free to use.
Certain companies are exempt from the use of XBRL in preparing their financial statements, including:
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Certain financial services companies, which are regulated by the Monetary Authority of Singapore (i.e. commercial banks, licensed insurance companies, finance companies).
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Foreign companies and their branches
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Allowing companies to prepare financial statements in accordance with accounting standards other than SFRS, SFRS for SE, and IFRS
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Exempt Private Company (EPC): an EPC company that has：
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No more than 20 shareholders
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No corporate shareholders (i.e. all shareholders are natural persons)