Implementation of revised XBRL Filing Requirement

Implementation of revised XBRL Filing Requirement

Recently introduced on ACRA’s website, ACRA has issued Practice Direction No. 2 of 2020 to support businesses on the revised requirements and data elements for the filing of financial statements in eXtensible Business Reporting Language (XBRL) format in their continual efforts to streamline filing requirements. For most companies, the number of data elements that they need to file with ACRA will be reduced. This comes after the earlier announcement on 9 March 2020. The Practice Direction can be viewed here.

Timeline for implementation of revised XBRL filing requirements

To permit companies more transition time of Coronavirus Disease (COVID-19) situation, ACRA is rescheduling the effective dates as follows:

Companies are required to apply the rerevised filing requirements and data elements from 1 January 2021; and
Companies can opt to voluntarily apply the revised filing requirements and data elements from 16 May 2020 to 31 December 2020.

Companies that submit before 1 January 2021 can continue to arrange and submit the XBRL financial statements based on the current XBRL filing requirements.

Public consultation on the revised XBRL filing requirements and data elements

From November 2018 to January 2019, the public consultation was held to seeking feedback on the proposed revisions to the filing requirements and data elements. Besides, Focus Group Discussions were held that included preparers and organizations to acquire feedback and suggestions.

Revisions of XBRL Filing Requirements

This following table illustrates the revisions to the filing requirements and data elements:

Group	Companies that file FS that are made public	XBRL Filing Requirements
		Current	Revised (mandatory from 1 Jan 2021)
1	SG-incorporated companies that are not covered in Groups 2 to 5 below.	To file FS in Full XBRL template.	To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations: · Smaller and non-publicly accountable companies (both terms are defined in paras 7 and 8 below): To file FS in Simplified XBRL template, together with PDF copy of FS authorised by directors; and · All other companies – To file FS in Full XBRL template.
2	SG-incorporated EPCs that are insolvent (see para 9 below)	To file FS in either: · XBRL FSH (General) template, together with PDF copy of FS authorised by directors; or · Full XBRL template.
3	SG-incorporated EPCs that are solvent	Not required to file FS. If the company opts to voluntarily file, to file FS in any of the following formats: · PDF copy of the FS authorised by directors; · XBRL FSH (General) template; or · FS in Full XBRL template.	Not required to file FS. If the company opts to voluntarily file, to file FS in either: · PDF copy of the FS authorised by directors; or · FS in XBRL format. If the company opts to file FS in XBRL format, its extent of XBRL filing will vary based on the same criteria as Groups 1 and 2.
4	SG-incorporated companies in the business of banking, finance and insurance regulated by MAS	To file FS in: · XBRL FSH (Banks) template; or · XBRL FSH (Insurance) template; together with PDF copy of the FS authorised by directors.
5	SG-incorporated companies preparing FS using accounting standards other than prescribed accounting standards in Singapore or IFRS	To file FS in XBRL FSH (General) template, together with PDF copy of the FS authorised by directors.		To file only PDF copy of the FS authorised by directors.
6	SG-incorporated companies limited by guarantee	To file only PDF copy of the FS authorised by directors.
7	Foreign companies with SG branches	To file only PDF copy of the FS authorised by directors.

An updated version of BizFin^x preparation tool

The companies can access to the website Acra.gov.sg to know more details of preparing, validating, uploading their XBRL financial statements offline and installing the updated version of the BizFin^xpreparation tool (Prep Tool).

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