Submit updated eXtensible Business Reporting Language (“XBRL”) reports (2025)
Singapore 
Updated on January 21 
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- 1. Introduction to XBRL reporting – Modern financial reporting standards
- 2. Which businesses need to submit financial reports in XBRL format?
- 3. Types of XBRL reports in Singapore
- 4. Common mistakes to watch out for when submitting financial reports using XBRL
- 5. How does GLA support businesses in submitting XBRL financial reports?
- 6. Frequently asked questions about filing XBRL financial statements for Singapore companies
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Are you running a company in Singapore and need to file financial reports as required by ACRA? Preparing and filing XBRL reports is not only a legal requirement but also helps businesses improve financial transparency and build trust with investors and partners. However, not all businesses are aware of the process, required format and common errors when filing XBRL reports for Singapore companies.
In this article, GLA will help you understand what XBRL reporting is, who needs to file, the implementation process and how to avoid common mistakes to ensure compliance with ACRA regulations easily and effectively!
1. Introduction to XBRL reporting – Modern financial reporting standards
What is XBRL?
XBR extension eXtensible Business Reporting Language (XBRL) is the global standard language for electronic business and financial reporting. Part of the "XML" family of languages, XBRL helps businesses communicate financial data more accurately, transparently, and more easily analyzed.
XBRL financial reporting is the process that businesses in Singapore must follow to report financial data in the XBRL (eXtensible Business Reporting Language) format, an electronic reporting standard prescribed by the Accounting & Corporate Regulatory Authority of Singapore (ACRA).
Why is XBRL becoming an inevitable trend in financial reporting?
In an increasingly complex financial data landscape, simply publishing reports in PDF or paper format no longer meets the needs of investors, regulators, and stakeholders. XBRL enables:
- Standardize financial data, making it easier to compare across businesses and countries.
- Automate your analysis process, save time and improve accuracy.
- Supports multiple languages, making reports easily accessible to users globally.
- Increase transparency, helping to reduce information asymmetry in financial markets.
Benefits of XBRL for Stakeholders
- Investors: Easily search and compare company financial performance globally.
- Regulatory agencies: Improve data collection, risk monitoring and market management more effectively.
- Businesses: Increase transparency, improve access to capital and optimize financial reporting processes.
XBRL not only helps businesses comply with regulations, but also opens up opportunities for improved management and financial reporting. Adopting XBRL makes it easier for businesses to access capital, while improving long-term business performance.
2. Which businesses need to submit financial reports in XBRL format?
Since 1 November 11, businesses are required to submit financial statements to ACRA in XBRL format.
All of Company established in Singapore All companies are required to file their financial statements (FS) with ACRA, unless exempted. Some companies will be required to file their entire financial statements in XBRL format, while others will only need to file key financial data in XBRL format, accompanied by a full signed financial statement (AGM FS) in PDF format, which will be presented at the annual general meeting (AGM) and/or distributed to members.
If your business is a sole proprietorship, partnership, limited liability partnership or limited partnership, you do not need to file financial statements with ACRA. However, to avoid confusion, all companies incorporated in Singapore are required to prepare financial statements, except for exempted dormant companies.
Steps to submit financial statements in XBRL format:
- Upload your XBRL file to the BizFinx system (via the BizFinx preparation tool).
- Submit financial statements as part of your Annual Return on BizFile.
3. Types of XBRL reports in Singapore
As of May 1, 5, businesses must comply with revised financial reporting and data element requirements. There are now four XBRL reporting templates that businesses can use to meet the new filing requirements:
- Full XBRL template – The number of data elements in this template has been reduced by 50% to approximately 210 data elements. This template captures information from the main financial statements and some key financial disclosures.
- Simplified XBRL template – Replaces the FSH (General) XBRL template, contains approximately 120 data elements. This template covers all information in the income statement and statement of financial position.
- XBRL FSH (Banks) template – Little changed from before, includes about 80 data elements.
- XBRL FSH (Insurance) template – Little changed from before, includes about 80 data elements.
Below is an overview of financial reporting requirements and data elements by business group:
| Group | Companies that file public financial reports | Revised requirements (required from May 1, 5) |
| 1 | Companies incorporated in Singapore that do not fall under groups 2 to 5 | Financial statements must be filed in XBRL format, the extent to which XBRL is filed will depend on the size and nature of the company's operations:
|
| 2 | Insolvent Exempt Private Companies (EPCs) in Singapore | Similar to group 1, financial statements must be filed in XBRL format depending on the size and nature of the company's operations:
|
| 3 | Solvent Exempt Private Companies (EPCs) in Singapore | It is not mandatory to submit financial statements. However, if the enterprise voluntarily submits, it can choose one of the following two forms:
If you choose to file in XBRL format, the requirements are similar to groups 1 and 2. |
| 4 | Companies incorporated in Singapore operating in the banking, finance and insurance sectors are regulated by the Monetary Authority of Singapore (MAS). | Financial statements must be submitted in one of the following two forms:
Attached is a PDF of the financial statements approved by the director. |
| 5 | Companies incorporated in Singapore prepare financial statements in accordance with accounting standards other than Singapore accounting standards or IFRS | Simply submit a PDF of the financial statements approved by the director. |
| 6 | Companies limited by guarantee in Singapore | Simply submit a PDF of the financial statements approved by the director. |
| 7 | Foreign companies with branches in Singapore | Simply submit a PDF of the financial statements approved by the director. |
4. Common mistakes to watch out for when submitting financial reports using XBRL
Below is the table errors Common issues businesses encounter when submitting Singapore corporate XBRL reports:
| Common mistake | Detailed explanation |
| Financial statements at the General Meeting of Shareholders (AGM) do not match text data in XBRL | The content in the “Disclosure of complete set of financial statements” section must be clear and exactly the same as the financial statements presented at the AGM. |
| Data in XBRL financial statements does not match financial statements at AGM | XBRL data must be accurate compared to the financial statements at AGM. Some common errors include:
|
| Incomplete XBRL data | Make sure all fields in the minimum required list are filled in. Only leave blank if the information is not applicable to your company. Some common fields that are often left out include:
|
| Incorrectly assigning data to the XBRL taxonomy | Businesses should use the "best fit" principle when assigning items to taxonomies. Only items that cannot be assigned to any category should be classified as "others." |
5. How does GLA support businesses in submitting XBRL financial reports?
GLA provides services to support businesses in preparing and submitting financial statements in XBRL format accurately, in full compliance with the requirements of the Accounting and Corporate Regulatory Authority of Singapore (ACRA), specifically:
- Consulting and determining the appropriate type of XBRL report (Full XBRL, Simplified XBRL, XBRL FSH for banking, insurance).
- Prepare and convert financial statements to XBRL format
- Collect audited financial statements of the business.
- Use BizFinx tool to convert financial data to XBRL format.
- Check to ensure that the data in the XBRL report matches the original financial statements.
- Support businesses in checking and reviewing XBRL errors
- Business Representative Submitting XBRL Reports to ACRA
- Assist businesses in handling any feedback or additional requests from ACRA, if any.
6. Frequently asked questions about filing XBRL financial statements for Singapore companies
Is XBRL financial reporting mandatory in Singapore?
Yes, most companies incorporated in Singapore are required to file their financial statements in XBRL format when filing with the Accounting & Corporate Regulatory Authority of Singapore (ACRA).
How many types of XBRL format financial reports are there?
There are 4 main types:
- Full XBRL
- Simplified XBRL
- XBRL FSH (Banks) – For Banks
- XBRL FSH (Insurance) – For insurance
Highlights- XBRL (eXtensible Business Reporting Language) is an electronic financial reporting standard that helps standardize, automate and improve financial transparency of businesses.
- Most companies incorporated in Singapore are required to file their financial statements in XBRL format, except for certain exemptions such as exempted private companies (EPCs) or foreign companies with branches in Singapore.
- There are four types of Singapore corporate XBRL reports: Full XBRL, Simplified XBRL, XBRL FSH (Banks) for banks and XBRL FSH (Insurance) for insurance, with different requirements depending on the size and type of business.
- Common mistakes when filing XBRL reports include XBRL data not matching AGM financial statements, accounting standards being wrong, missing important data or incorrectly classifying information, etc.
This article was published by GLA on 31/12/2020. Copyright and accompanying content are intellectual property of GLA. All rights reserved.
The guidance and content are for general information only and are not intended to provide specific guidance and advice on accounting, tax, legal or other professional advice. Readers should consult professional advisors on specific issues.
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