The following table provides you with our fee guideline for GST Filing Services. For a more accurate estimate, kindly contact us for further discussion.
| Preparation of Financial Highlights in XBRL Format | From $300 |
| Preparation of Full set of Financial Statement in XBRL Format | From $500 |
XBRL stands for eXtensible Business Reporting Language, a computer language that enables source data to be tagged electronically, making the data machine-readable. By converting the financial data into XBRL Format, any user can automatically extract the information without the need for copy-pasting or keying-in. Financial data can therefore be easily retrieved and disseminated to other users such as auditors and regulators whenever needed.
ACRA implemented this new filing requirement for Singapore Companies to file their financial statements in XBRL format effective from 1 November 2007. ACRA believes that the use of XBRL will further simplify the conduct of business in Singapore and improving the regulatory environment with better transparency and faster dissemination of financial data.
The following table summarizes the Financial Statement (FS) filing requirements for various types of companies in Singapore.
| Exempted from FS Filing | FS in PDF Format | FS Highlights in XBRL | Full set of FS in XBRL Format | |
| Unlimited or Limited Companies by shares, excluding companies below:
For Banks, Insurers and Finance Companies regulated by MAS, or companies allowed by law to prepare FS in a different format other than SFRS |
Yes | Yes | Yes | |
| Solvent exempt private companies (EPCs) | Yes | Highly Recommended | ||
| Insolvent EPC (i.e. Company with negative Net Tangible Asset Values) |
Yes | Yes | ||
| Companies limited by guarantee or Foreign Companies |
Yes |
One of the main benefits of doing an XBRL Filing is the availability of Free Data Analysis using ACRA’s financials portal, BizFinx.
Company Officers (Director or Secretary) can log into BizFinx Portal to generate the free analysis within 30 days after filing their AR form with a full set of financial statements in XBRL format to do the following:
– Benchmark their own financial results against peers or competitors
– Gain a competitive edge with improved financial analytics
– Understand industry trends and hence, to make more informed business decisions. This in turn help the company to achieve better sales or cost savings in the longer run.
– Compare and share data across the company group of companies (subsidiaries) and different company divisions, even if different accounting systems are being used. (XBRL is a common platform to unify data from different accounting system)
At Timcole, we provide XBRL services starting from SGD250, and we normally complete the job within 1 – 3 working days, depending on the complexity.
Please call us now for a discussion on how we can help you to explain the statutory requirements for XBRL filing depending on the type and nature of your company.
