A set of criteria used to prepare financial statements is a financial reporting
All Singapore (SG) incorporated companies are required to file financial statements (FS) with ACRA, except for those which are exempted. Some companies will file a full set of FS in XBRL format, while some others will file key financial data in XBRL format and a full set of signed copy of the FS tabled at annual general meeting and/or circulated to members (AGM FS) in PDF. If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not required to file FS with ACRA. Show
To file FS in XBRL format, please upload your XBRL file to BizFinx server (e.g. through BizFinx preparation tool), then proceed to file it as part of Annual Return in BizFile+. More information on how to upload your XBRL file. Revised XBRL filing requirementsACRA has revised the filing requirements and data elements in XBRL format for companies. This is a part of our efforts to streamline the filing of FS. The effective implementation date for companies to file FS in XBRL format using the revised filing requirements and data elements are as follows:
There are four templates to be used by companies to meet the revised filing requirements and data elements:
The table below summarises the revisions to the filing requirements and data elements:
Definition of smaller companyA smaller company mentioned in the table above refers to a company whose revenue and total assets for the current financial year do not exceed S$500,000, respectively. The assessment of revenue and total assets should be made based on the FS that are required to be prepared under the Companies Act. When the company controls, jointly controls or has significant influence over other entities, its revenue and total assets should be assessed based on consolidated figures, unless the company is exempted by the accounting standards or by ACRA from preparing consolidated FS. The amount thresholds of S$500,000 are to be determined based on the FS, regardless of the number of months in the financial year covered by the FS. For FS presented in foreign currency, revenue should be translated based on average rates over the financial year and total assets to be translated based on closing rate as of financial year-end. Definition of non-publicly accountable companyA non-publicly accountable company mentioned in the table above refers to a company that is not:
1 “Licensed banks” should be read as “banks or merchant banks licensed under the Banking Act (Chapter 19)” when section 24 of the Banking
(Amendment) Act 2020 relating to merchant banks come into force.” Definition of solvent exempt private companyA private company can have not more than 50 members. An exempt private company can be a private company with less than 20 members, and does not have any corporations holding beneficial interest in its shares (whether directly or indirectly). An exempt private company can also be a private company owned by the Government that is declared in the Gazette to be an exempt private company.
Did you find this page useful? What is a set of financial reporting standards?International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world.
What set of rules must be used in preparing financial statements?GAAP is a term that refers to a set of accounting rules, standards, and practices used to prepare and standardize financial statements that are issued by a company. The goal of these standards is to help investors and creditors better compare companies by establishing consistency and transparency.
What are the criteria for recognition of the elements of financial statements?Recognition of the elements of financial statements
Based on these general criteria: An asset is recognised in the balance sheet when it is probable that the future economic benefits will flow to the entity and the asset has a cost or value that can be measured reliably.
What are the 3 financial statements that we use for financial reporting?The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company's financial strength and provide a quick picture of a company's financial health and underlying value.
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