XBRL Filing Singapore | Financial Statement XBRL Conversion & Submission

Last month, a company director from Hougang called me in a panic. His annual return filing was due in three days. He had his financial statements ready. But ACRA's BizFile system kept rejecting his upload.

"It says 'Invalid XBRL format,'" he told me. "What even is XBRL? I just have a PDF of my accounts."

This happens more often than you'd think. Many business owners prepare their financial statements, think they're done, then discover ACRA doesn't accept PDFs or Excel files. You need XBRL format. And if you've never heard of XBRL before the filing deadline, you're in for stress.

XBRL stands for Extensible Business Reporting Language. It's the digital format ACRA requires for all financial statement submissions in Singapore. Not optional. Every company filing annual returns needs it.

This page explains what XBRL actually is, why ACRA requires it, and how to get your XBRL filing done without last-minute panic or rejection errors.

What XBRL Filing Actually Means

XBRL isn't a document. It's a way of tagging financial data so computers can read it automatically. Think of it like barcodes on products. Humans can read "Revenue: $500,000" but computers need structured tags to understand what that number represents.

When you file your annual return with ACRA, they don't want a pretty PDF showing your balance sheet and profit & loss. They want data they can analyze, compare, and validate automatically across thousands of companies.

Your financial statements need to be converted into XBRL format with specific tags for:

• Revenue items
• Asset categories
• Liability classifications
• Equity movements
• Notes and disclosures

Each line item gets a specific tag from ACRA's taxonomy (their official list of accepted tags). Get the taxonomy wrong, your filing gets rejected. Miss a required tag, rejected. Use the wrong format, rejected.

This is why you can't just "convert a PDF to XBRL" using some random online tool. The tagging has to follow ACRA's rules exactly.

Why ACRA Requires XBRL Format

ACRA introduced mandatory XBRL filing in 2007. Before that, companies submitted paper documents or basic digital files. Comparing financial data across companies was manual and slow.

With XBRL, ACRA can:

• Automatically validate your numbers (do assets equal liabilities plus equity?)
• Flag unusual items for review
• Compare your company against industry benchmarks
• Process filings faster
• Make data available to other government agencies (like IRAS) without re-keying

For businesses, this means faster processing. But it also means stricter requirements. Your XBRL file must be perfect, or it bounces back.

I've seen companies try to file annual returns five times because their XBRL kept getting rejected. Each rejection delays your filing. Delays mean late filing penalties ($300-$600). And if you're already past your deadline, you're accumulating penalties while trying to fix XBRL errors.

Full XBRL vs Simplified XBRL

ACRA offers two XBRL options: Full and Simplified.

Simplified XBRL:

• For smaller companies
• Abridged financial statements
• Less detailed disclosures
• Faster to prepare
• Lower cost

Full XBRL:

• Complete financial statements
• All notes and disclosures
• Required for larger companies
• More complex tagging
• Takes longer to prepare

Most SMEs in Singapore can use Simplified XBRL. You qualify if your revenue is under $10 million and you're not required to prepare full financial statements under the Companies Act.

A trading company in Jurong West asked me, "Can I use Simplified XBRL even though my revenue is $8 million?" Yes. Revenue limit is $10 million. They could use Simplified and saved $500 in accounting fees compared to Full XBRL.

Accounting Firm XBRL Services

Most accounting firms in Singapore offer XBRL filing as part of their annual compliance service. But the quality varies wildly.

At our firm, we've prepared thousands of XBRL files. Here's what proper XBRL preparation involves:

Step 1: Review Financial Statements

Your financial statements must be complete and accurate before XBRL conversion. We check that your balance sheet balances, profit and loss is calculated correctly, and all required disclosures are present.

Step 2: Select Correct Taxonomy

ACRA updates their taxonomy regularly. Using an outdated taxonomy = rejected filing. We always use the current approved taxonomy for your filing year.

Step 3: Tag All Line Items

Every item in your financial statements gets mapped to the correct XBRL tag. Revenue goes to the revenue tag. Trade receivables go to the trade receivables tag. Sounds simple, but there are hundreds of possible tags and choosing the wrong one causes rejection.

Step 4: Add Required Notes

Even Simplified XBRL requires certain notes and disclosures. We include all mandatory items so your filing isn't rejected for missing information.

Step 5: Validate and Test

Before submitting to ACRA, we run validation checks. The XBRL file must pass ACRA's validation rules. We catch errors before they cause rejection.

Step 6: Submit to BizFile

We file directly through ACRA's BizFile system. You get the acknowledgment receipt immediately after successful submission.

An F&B business in Bedok once tried to do XBRL themselves using free software they found online. Spent three days learning the software. Filed it. Rejected. Tried again. Rejected. Called us. We fixed it in two hours and filed successfully. They wished they'd just paid us the $400 from the start instead of wasting three days.

Tax Preparation Service and XBRL Filing

Your XBRL filing and tax filing are connected but separate. Many people confuse them.

XBRL Filing:

• Goes to ACRA
• Part of annual return submission
• Deadline: Within 7 months of financial year-end for most companies
• Contains financial statements only

Tax Filing:

• Goes to IRAS
• Form C-S or Form C submission
• Deadline: November 30 (or December 15 if e-filing)
• Contains tax computation and supporting schedules

However, the numbers in your XBRL filing should match your tax filing. IRAS and ACRA can cross-check. If there are big differences, you might get queries from both agencies.

We prepare both XBRL and tax filings together. This way, the numbers are consistent. We use the same financial statements as the basis for both filings. No discrepancies, no queries.

One construction company in Woodlands filed XBRL themselves but hired a different accountant for their tax filing. The revenue in XBRL was $1.2 million. The revenue in their tax filing was $1.5 million. IRAS sent a query asking why the difference. Turns out they'd updated their revenue figure after filing XBRL but forgot to amend the ACRA filing. Cost them $800 to sort out the mess.

Bookkeeping Service Impact on XBRL Quality

Good bookkeeping makes XBRL filing faster and cheaper. Bad bookkeeping makes it expensive and error-prone.

If you do proper monthly bookkeeping, your year-end financial statements are already organized. We just need to make final adjustments, close the books, and convert to XBRL. Takes 2-3 days.

If you hand us a shoebox of receipts in November and say "can you prepare XBRL for filing," we first need to do a full year of bookkeeping, then prepare financial statements, then convert to XBRL. This takes 2-3 weeks and costs triple because we're doing three jobs instead of one.

A consulting firm in Tanjong Pagar did no bookkeeping all year. Came to us in December needing XBRL filing by year-end. We had to reconstruct 12 months of transactions, prepare financial statements, and do XBRL conversion in three weeks. Cost them $3,500. If they'd done monthly bookkeeping with us all year, the year-end XBRL would have been $600.

Do monthly bookkeeping. Your year-end XBRL filing will be cheaper, faster, and more accurate.

Why you get a Chartered Accountant to prepare your XBRL?

Only chartered accountants should prepare your XBRL filing. Here's why:

We Know ACRA's Requirements:

ACRA's taxonomy changes. Filing rules change. We stay updated through professional training. We know what tags to use, what disclosures are required, what causes rejections.

We Know SFRS:

XBRL filing must follow Singapore Financial Reporting Standards (SFRS). Your financial statements need to be SFRS-compliant before XBRL conversion. We prepare statements that comply, so the XBRL filing is correct.

We Sign Off on Accuracy:

When directors sign the annual return, they're declaring the financial statements are accurate. If your XBRL filing contains errors because someone incompetent prepared it, the directors are still liable. With chartered accountants, we review everything before filing.

I've seen XBRL files prepared by unqualified "bookkeepers" that had revenue tagged as expenses, assets tagged as liabilities, and missing mandatory disclosures. ACRA rejected them all. The company had to pay a proper accountant to redo everything. Wasted time and money.

Common XBRL Filing Errors in Singapore

Here are mistakes that cause ACRA rejection:

Wrong Taxonomy Version:

Using last year's taxonomy for this year's filing. ACRA updates the taxonomy list regularly. You must use the correct version for your filing period.

Missing Required Fields:

Even Simplified XBRL requires certain disclosures. Accounting policies, director information, share capital details. Skip any required field = rejection.

Invalid Tag Combinations:

Some tags can't be used together. Some tags require supporting tags. The validation rules are complex. Professional XBRL software knows these rules. DIY attempts often miss them.

Balance Sheet Doesn't Balance:

XBRL validation checks if your total assets equal total liabilities plus equity. If they don't balance, rejected. This seems obvious but happens when people manually tag items incorrectly.

Inconsistent Financial Year:

Your XBRL states one financial year end, but your annual return form states a different one. ACRA rejects this inconsistency.

Special Characters in Text:

Certain characters in company names or note descriptions cause XBRL validation errors. Professional software handles this. DIY conversions often don't.

An e-commerce business in Tampines tried to prepare XBRL using Excel and an online converter. Got rejected four times before giving up and hiring us. We found eight errors in their tagging. Fixed everything and filed successfully the same day.

XBRL Filing Timeline and Deadlines

Your XBRL filing deadline depends on when your financial year ends.

Most companies (non-listed):

File annual return within 7 months after financial year end. XBRL filing is part of the annual return submission.

Example:

• Financial year end: December 31, 2024
• Annual return due: July 31, 2025
• XBRL must be submitted by July 31, 2025

Don't wait until the last week. If your XBRL gets rejected, you need time to fix errors and resubmit before the deadline passes.

Our recommendation:

• Month 1-2 after FYE: Complete bookkeeping and close accounts
• Month 3: Prepare financial statements
• Month 4: Convert to XBRL and review
• Month 5: File with ACRA (2 months before deadline)

This gives you a buffer if anything goes wrong. Most companies wait until month 6 or 7, then panic when XBRL gets rejected with only days left before penalty kicks in.

What XBRL Filing Actually Costs

• Simplified XBRL: $400-$800
• Full XBRL: $800-$1,500

Price depends on complexity of your financial statements and whether you already have clean bookkeeping done.

What's included in XBRL filing service:

• Review of financial statements for SFRS compliance
• XBRL conversion using professional software
• Validation and error checking
• Submission to ACRA via BizFile
• Acknowledgment receipt

What's NOT included (separate charges):

• Bookkeeping (should be done beforehand)
• Financial statement preparation (separate service)
• Tax filing (separate service)
• Annual return filing fees paid to ACRA

If you bundle XBRL with financial statement preparation and annual return filing, you often get a package discount. We charge $1,200-$2,000 for the complete year-end package (financial statements + XBRL + annual return filing).

XBRL Software and Tools

Professional XBRL preparation requires specialized software. The main options in Singapore:

ACRA BizFinx:

ACRA's official XBRL preparation tool. Free to use but limited functionality. Good for very simple companies. Most professional firms don't use it because it's slow and has limited features.

Commercial XBRL Software:

Professional tools like CoreFiling, Clarity, or other XBRL platforms. These cost $1,000-$5,000 per year in licensing fees but handle complex tagging, validation, and batch processing. Accounting firms use these.

Integrated Accounting Software:

Some accounting software (like certain versions of QuickBooks or Xero add-ons) claim to export XBRL. The quality varies. We've seen XBRL exports from these that needed significant manual correction before passing ACRA validation.

We use commercial XBRL software that's specifically designed for Singapore ACRA filing. It's expensive, but it produces clean, validated XBRL files that rarely get rejected.

XBRL Filing for Different Company Types

Trading Companies:

Need proper inventory tagging, cost of goods sold breakdown, and gross profit disclosure. XBRL must show these clearly.

Service Companies:

Simpler XBRL usually. Main focus on revenue recognition and operating expenses. Less complex than trading or manufacturing.

Holding Companies:

Investment in subsidiaries needs specific tagging. Related party transactions must be disclosed. More complex XBRL.

Dormant Companies:

Still need XBRL filing even with zero activity. Simplified XBRL showing no transactions. Quick to prepare but still required.

Companies with Subsidiaries:

Each company files separately. If consolidated statements are required, that's additional XBRL complexity and cost.

Every company type has specific XBRL tagging requirements. Professional accountants know these differences. DIY attempts often miss industry-specific tags.

Getting Your XBRL Filing Done

Here's what you need to provide us:

• Completed financial statements (balance sheet, profit & loss, notes)
• Director information (names, NRIC, residential addresses)
• Share capital details
• Company registration details
• Financial year end date

We'll review everything, convert to XBRL format, validate, and submit to ACRA. You get the acknowledgment receipt typically within 2-3 business days of providing complete information.

If your financial statements aren't ready yet, we can prepare those first, then do XBRL conversion.

Why Businesses Choose Us for XBRL Filing

"You fixed our XBRL in two hours after we'd been trying for three days ourselves."

"First time our XBRL filing was accepted on first submission. Previous accountant took 3-4 attempts every year."

"You explained what each XBRL error meant in plain English instead of technical jargon."

"Worth every dollar to not deal with XBRL headaches myself."

We're a team of ACCA and SQP top graduates, ex-Big 4 audit managers, and Singapore Chartered Accountants. We've prepared thousands of XBRL files. We know ACRA's system. We respond within 1 hour. We deliver in 2-3 days, not 2-3 weeks.