ACRA XBRL Filing Services
ACRA XBRL Filing Services in Singapore
In Singapore, companies incorporated under the Companies Act are required to file their financial statements in XBRL (eXtensible Business Reporting Language) format via BizFinx, ACRA’s online filing platform. Non-compliance or submission errors can result in delays, penalties, or rejection of your filing.
At Excellence Singapore, we provide accurate, IRAS- and ACRA-compliant XBRL filing services that save you time, reduce errors, and ensure seamless acceptance by the authorities. Our team combines accounting expertise with the latest technology to deliver efficient and stress-free submissions.
What Is XBRL Filing?
XBRL is a digital format for presenting financial statements in a machine-readable way. It enhances data accuracy and standardisation for regulatory reviews.
Companies must convert their unaudited or audited financial statements into XBRL before submitting them to ACRA. Depending on your company’s size and type, you may be required to file:
- Full XBRL
- Simplified XBRL
Our XBRL Filing Services Include:
Preparation & Conversion
- Convert financial statements into Full or Simplified XBRL format
- Tagging based on the latest ACRA taxonomy
- Ensure consistency with SFRS-compliant statements
Validation & Error Checks
- Run pre-submission validation checks using ACRA’s BizFinx tool
- Resolve tagging errors and eliminate common rejection causes
Direct ACRA Submission
- Submit via BizFinx portal on your behalf
- Provide digital confirmation
Audit & Non-Audit Scenarios
- Work seamlessly with companies that are audit-exempt or require coordination with external auditors
Who Needs XBRL Filing in Singapore?
All Singapore-incorporated companies are required to file financial statements with ACRA, unless they meet specific exemption criteria. The format and extent of XBRL filing depends on the type and size of the company:
1. Exempt Private Companies (EPCs)
- Solvent EPCs are exempted from filing financial statements but may choose to file voluntarily in either PDF or XBRL format.
- Insolvent EPCs must file in XBRL format:
- Use Simplified XBRL if the company qualifies as a smaller company (i.e., both annual revenue and total assets are S$500,000 or less).
- Use Full XBRL if above the small company threshold.
2. Non-Exempt Private Companies and Public Companies
- These entities must file financial statements in XBRL format as part of their annual return submission.
- Companies classified as smaller and non-publicly accountable (both revenue and assets at or below S$500,000) may file in Simplified XBRL.
- All others must file in Full XBRL format.
3. Financial Institutions Regulated by MAS
- Entities such as banks, insurance companies, and merchant banks are required to use sector-specific XBRL templates, along with a signed PDF copy of the financial statements.
4. Other Incorporated Entities
- Companies limited by guarantee, foreign subsidiaries, and those preparing financial statements under non-SFRS standards typically file a signed PDF copy only, with no XBRL filing required.
Why Choose Excellence Singapore for XBRL Filing?
- Compliant & Up-To-Date – We follow ACRA’s latest filing guidelines and taxonomy updates
- Fast Turnaround – Standard filings completed within 1 to 2 business days
- Secure Handling – All data managed in secure environments
- One-Stop Service – We integrate your accounting and tax data for accuracy across compliance areas
- Local Expertise – Years of helping Singapore businesses file error-free statements
Transfer Pricing
The terms and procedures for valuing transactions involving related parties are referred to as transfer pricing. The sale or purchase of products, the rendering of services, the borrowing or lending of money, the usage or transfer of intangibles, etc. are examples of such transactions.
Due to a lack of independence in their business and financial relationships, related parties may not price their transactions to reflect market conditions. Because of this, their earnings and tax obligations may be distorted, especially if they are based in jurisdictions with various tax rates. This raises questions about whether the related parties are paying their fair share of taxes and whether they would be able to benefit from a tax advantage collectively.
The arm’s length principle, which has been approved internationally, is used by IRAS to make sure taxpayers transact with their related parties at prices that reflect independent pricing. IRAS will revise taxpayers’ profits upward in accordance with the Income Tax Act (ITA) if they have understated their profits and have not complied with the arm’s length principle.
Excellence Singapore can assist you with the transfer pricing documentation (local/master/country by country). When it comes to tax audits, we act as a transfer pricing consultant, supporting you in coordinating with the tax authorities and defending your transfer pricing reports. Advance Pricing Arrangements (APAs) or mutual agreement processes (MAPs) are negotiated with our assistance. We provide clients from a range of industries and jurisdictions both in Singapore and abroad.
We give businesses advice on the best ways to manage the transfer pricing life cycle. The planning, implementation, documentation, and monitoring phases make up the life cycle. While the majority of businesses concentrate on the first three phases, the evolving tax landscape has forced businesses to actively monitor their transfer pricing positions in order to manage new challenges like greater data gathering and information sharing among tax authorities. Companies must establish a well-defined approach to control and reduce their transfer pricing risks.
