Singapore XBRL filing

Whether financial statements must be filed, and whether that means full XBRL, simplified XBRL or another applicable format, depends on the company type, its size and whether an exemption applies. “The company is small” or “it has no trade” is not enough to decide that nothing needs to be filed.

Full XBRL and simplified XBRL cover different sets of data. The format follows ACRA’s conditions. It is not a higher or lower package the customer chooses. Smaller companies that are not publicly accountable may use simplified XBRL. The financial figures and the company’s facts still have to be checked.

Preparing financial statements turns the books into the statements and notes. XBRL classifies, tags and converts the information that has to be filed. If the books or the statements are not ready, that work comes first.

Usually the full financial statements for the year, basic company particulars, and comparative figures where they apply. An editable copy makes checking easier. Anything else depends on the statements and the filing.

Confirm what applies, check the statements and records, convert and validate the data, confirm the file, then lodge it as agreed.

XBRL is scoped and quoted on its own. It is not included in year-one accounting. The quote states whether it covers preparing the statements, XBRL conversion, revisions and lodgement, so the same work is not bought twice and nothing required is left out.