Singapore’s Accounting and Corporate Regulatory Authority (ACRA) has revised the effective date for the filing of financial statements in full XBRL (eXtensible Business Reporting Language) format. Instead of coming into effect on 22 October 2013, Singapore incorporated companies are required to file their financial statements in this format on 2 December 2013.
Companies which plan to file their Annual Return with XBRL financial statements prepared with FS Manager, must complete their Annual Return transaction before 30 November 2013, 2359 hours. From 2 December 2013 onwards, companies will file their financial statements in accordance with the revised XBRL filing requirements through the BizFinx portal.
ACRA will allow companies (other than public listed companies) more time to hold their Annual General Meeting and to file their Annual Return form. This arrangement of fee waiver under extension of time application or penalty waiver is given to provide more time to companies in preparing full set of financial statements in XBRL, under the revised filing requirements for the first time. As such, it will only be applicable for companies filing a full set of financial statements in XBRL format during the first year of implementation of the revised XBRL filing requirements (i.e. 02 December 2013 to 01 December 2014).
This fee waiver will be available for companies applying for extension of time from 19 August 2013 onwards.
For more information, please refer to the ACRA website at www.acra.gov.sg.