Who Needs to File Financial Statements
Except for exempted companies, all companies incorporated in Singapore (SG) must file financial statements (FS) with ACRA. Some companies will file a full set of financial statements in XBRL format, while others will file key financial data in XBRL format along with a full signed copy of AGM FS submitted and/or distributed to members at the annual general meeting in PDF. If you own a sole proprietorship, partnership, limited liability partnership or limited partnership, you do not need to file an FS with ACRA.
There are four templates used by companies to meet the filing requirements and data elements:
Full XBRL template – The number of data elements for this template is about 210 data elements. It captures the information in primary statements and selected notes to FS;
Simplified XBRL template - This template has about 120 data elements. It captures the complete information in the statements of financial performance and position;
XBRL FSH (Banks) template – This template has about 80 data elements; and
XBRL FSH (Insurance) template – This template has about 80 data elements.
Below summarises the XBRL filing requirements and data elements of companies that file FS that are made public
Group 1: SG-incorporated private companies
Smaller and non-publicly accountable companies: 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.
Group 2: SG-incorporated exempt private companies (EPCs)
- Insolvent EPCs:
Smaller and non-publicly accountable companies: 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.
An exempt private company is insolvent if it is unable to meet its debts when they are due.
- Solvent EPCs:
Solvent EPCs are not required to file FS. They only need to make an online declaration of their solvency, and filing FS is voluntary.
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 above same criteria.
Group 3: 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.
Group 4: SG-incorporated companies preparing FS using accounting standards other than prescribed accounting standards in Singapore or IFRS
To file only PDF copy of the FS authorised by directors.
Group 5: SG-incorporated companies limited by guarantee
To file only PDF copy of the FS authorised by directors.
Group 6: Foreign companies with SG branches
To file only PDF copy of the FS authorised by directors.
Definition of Smaller Company
A smaller company mentioned above refers to a company whose revenue and total assets for the current financial year do not exceed S$500,000 and S$500,000, respectively. The assessment of revenue and total assets should be made based on the FS that are required to be prepared under the Companies Act. When the company controls, jointly controls or has significant influence over other entities, its revenue and total assets should be assessed based on consolidated figures, unless the company is exempted by the accounting standards or by ACRA from preparing consolidated FS.
The amount thresholds of S$500,000 are to be determined based on the FS, regardless of the number of months in the financial year covered by the FS. For FS presented in foreign currency, revenue should be translated based on average rates over the financial year and total assets to be translated based on closing rate as of financial year-end.
Definition of Non-Publicly Accountable Company
A non-publicly accountable company mentioned above refers to a company that is not: a. a company that is listed or is in the process of issuing debt or equity instruments for trading on a securities exchange in Singapore; b. a company whose securities are listed on an exchange outside Singapore; c. a financial institutions.
Definition of Exempt Private Company
A private company can have not more than 50 members. An exempt private company can be a private company with less than 20 members, and does not have any corporations holding beneficial interest in its shares (whether directly or indirectly). An exempt private company can also be a private company owned by the Government that is declared in the Gazette to be an exempt private company.
If you would like to know more, please contact Bestar.
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