TaxSavvySG

Full or simplified XBRL

Do we need full XBRL or simplified?

The situation

Companies filing financial statements file in XBRL. Some can use simplified XBRL depending on their profile.

The law

  • Companies Act 1967 and ACRA XBRL filing requirements: Companies filing financial statements file them in XBRL format (full or simplified) unless exempt

What it means for you

Simplified XBRL has fewer data points and suits small companies. Use the ACRA preparation tool to check. Wrong template choice leads to rejection. Companies with complex group structures or larger revenue usually file full XBRL. Choose before preparing, because switching templates means redoing the mapping.

What to do

  1. Check company type.
  2. Check simplified eligibility.
  3. Prepare in BizFinx.
  4. Validate.

We can do this for youXBRL financial statements preparation and filing: SGD 400

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