FAQs - Business Consulting Firm Singapore | Excellence Singapore https://www.excellencesg.com Tue, 24 Jun 2025 11:27:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.9 https://www.excellencesg.com/wp-content/uploads/2025/05/cropped-Logov2_500px-whatsapp-32x32.jpg FAQs - Business Consulting Firm Singapore | Excellence Singapore https://www.excellencesg.com 32 32 Do audit-exempt companies need to file XBRL? https://www.excellencesg.com/faqs/do-audit-exempt-companies-need-to-file-xbrl/ Tue, 24 Jun 2025 11:27:42 +0000 https://www.excellencesg.com/?post_type=faqs&p=1895 Yes, if the audit-exempt company is insolvent or does not qualify as a Solvent EPC, it may still be required to file Simplified XBRL depending on its revenue and asset levels.

The post Do audit-exempt companies need to file XBRL? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> Yes, if the audit-exempt company is insolvent or does not qualify as a Solvent EPC, it may still be required to file Simplified XBRL depending on its revenue and asset levels.

The post Do audit-exempt companies need to file XBRL? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> How long does it take to prepare and submit an XBRL file? https://www.excellencesg.com/faqs/how-long-does-it-take-to-prepare-and-submit-an-xbrl-file/ Tue, 24 Jun 2025 11:27:04 +0000 https://www.excellencesg.com/?post_type=faqs&p=1894 The typical turnaround time is 1 to 2 business days from the time we receive your complete financial statements. We also offer express services for urgent filings.

The post How long does it take to prepare and submit an XBRL file? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> The typical turnaround time is 1 to 2 business days from the time we receive your complete financial statements. We also offer express services for urgent filings.

The post How long does it take to prepare and submit an XBRL file? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> Can I file XBRL on my own using BizFinx? https://www.excellencesg.com/faqs/can-i-file-xbrl-on-my-own-using-bizfinx/ Tue, 24 Jun 2025 11:26:16 +0000 https://www.excellencesg.com/?post_type=faqs&p=1893 Yes, but the tagging process can be complex and prone to errors, especially if you’re unfamiliar with ACRA’s taxonomy requirements. Engaging a professional ensures accuracy and improves your chances of first-time approval.

The post Can I file XBRL on my own using BizFinx? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> Yes, but the tagging process can be complex and prone to errors, especially if you’re unfamiliar with ACRA’s taxonomy requirements. Engaging a professional ensures accuracy and improves your chances of first-time approval.

The post Can I file XBRL on my own using BizFinx? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> What are the consequences of incorrect or late XBRL filing? https://www.excellencesg.com/faqs/what-are-the-consequences-of-incorrect-or-late-xbrl-filing/ Tue, 24 Jun 2025 11:25:40 +0000 https://www.excellencesg.com/?post_type=faqs&p=1892 Incorrect or late filings may result in ACRA rejections, late penalties, or enforcement actions. Accurate and timely filing is essential to maintaining your company’s compliance status.

The post What are the consequences of incorrect or late XBRL filing? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> Incorrect or late filings may result in ACRA rejections, late penalties, or enforcement actions. Accurate and timely filing is essential to maintaining your company’s compliance status.

The post What are the consequences of incorrect or late XBRL filing? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> How do I know if my company qualifies as a smaller company? https://www.excellencesg.com/faqs/how-do-i-know-if-my-company-qualifies-as-a-smaller-company/ Tue, 24 Jun 2025 11:25:11 +0000 https://www.excellencesg.com/?post_type=faqs&p=1891 A company qualifies as “smaller” if it has both annual revenue and total assets of S$500,000 or less in its most recent financial year. For groups, these criteria must be met on a consolidated basis.

The post How do I know if my company qualifies as a smaller company? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> A company qualifies as “smaller” if it has both annual revenue and total assets of S$500,000 or less in its most recent financial year. For groups, these criteria must be met on a consolidated basis.

The post How do I know if my company qualifies as a smaller company? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> What is the difference between Full XBRL and Simplified XBRL? https://www.excellencesg.com/faqs/what-is-the-difference-between-full-xbrl-and-simplified-xbrl/ Tue, 24 Jun 2025 11:24:14 +0000 https://www.excellencesg.com/?post_type=faqs&p=1890 Full XBRL is a comprehensive format that includes detailed financial data tagging. Simplified XBRL requires fewer data points and is applicable to companies classified as “smaller and non-publicly accountable” (those with both annual revenue and total assets not exceeding S$500,000).

The post What is the difference between Full XBRL and Simplified XBRL? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> Full XBRL is a comprehensive format that includes detailed financial data tagging. Simplified XBRL requires fewer data points and is applicable to companies classified as “smaller and non-publicly accountable” (those with both annual revenue and total assets not exceeding S$500,000).

The post What is the difference between Full XBRL and Simplified XBRL? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> Do all companies in Singapore need to file financial statements in XBRL format? https://www.excellencesg.com/faqs/do-all-companies-in-singapore-need-to-file-financial-statements-in-xbrl-format/ Tue, 24 Jun 2025 11:22:14 +0000 https://www.excellencesg.com/?post_type=faqs&p=1889 No. Only certain types of companies are required to file in XBRL. Solvent Exempt Private Companies (EPCs) are exempt from filing, but they may choose to file voluntarily. Insolvent EPCs, non-exempt private companies, and public companies are generally required to file in XBRL format unless specifically exempted.

The post Do all companies in Singapore need to file financial statements in XBRL format? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> No. Only certain types of companies are required to file in XBRL. Solvent Exempt Private Companies (EPCs) are exempt from filing, but they may choose to file voluntarily. Insolvent EPCs, non-exempt private companies, and public companies are generally required to file in XBRL format unless specifically exempted.

The post Do all companies in Singapore need to file financial statements in XBRL format? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> What’s the main difference between a scrutineer and a polling agent? https://www.excellencesg.com/faqs/whats-the-main-difference-between-a-scrutineer-and-a-polling-agent/ Tue, 26 Sep 2023 03:56:55 +0000 https://www.excellencesg.com/?post_type=faqs&p=1423 While both roles focus on ensuring a fair voting process, scrutineers are primarily involved in verifying and counting votes, whereas polling agents focus on monitoring the voting process and ensuring voter eligibility.

The post What’s the main difference between a scrutineer and a polling agent? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> While both roles focus on ensuring a fair voting process, scrutineers are primarily involved in verifying and counting votes, whereas polling agents focus on monitoring the voting process and ensuring voter eligibility.

The post What’s the main difference between a scrutineer and a polling agent? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> How do these roles contribute to transparency in the voting process? https://www.excellencesg.com/faqs/how-do-these-roles-contribute-to-transparency-in-the-voting-process/ Tue, 26 Sep 2023 03:56:23 +0000 https://www.excellencesg.com/?post_type=faqs&p=1422 They offer an unbiased oversight of the voting process, ensuring that all rules are followed, votes are counted accurately, and only eligible voters participate. This fosters trust among shareholders and stakeholders.

The post How do these roles contribute to transparency in the voting process? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> They offer an unbiased oversight of the voting process, ensuring that all rules are followed, votes are counted accurately, and only eligible voters participate. This fosters trust among shareholders and stakeholders.

The post How do these roles contribute to transparency in the voting process? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> Can a single individual serve as both a scrutineer and a polling agent? https://www.excellencesg.com/faqs/can-a-single-individual-serve-as-both-a-scrutineer-and-a-polling-agent/ Tue, 26 Sep 2023 03:55:50 +0000 https://www.excellencesg.com/?post_type=faqs&p=1421 A scrutineer must be independent.

The post Can a single individual serve as both a scrutineer and a polling agent? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]> A scrutineer must be independent.

The post Can a single individual serve as both a scrutineer and a polling agent? first appeared on Business Consulting Firm Singapore | Excellence Singapore.

]]>