What is XBRL Filing?
extensible Business Reporting, or XBRL for short, is a computer language used to present financial statements. These statements can only be retrieved from online records and then transferred directly to users. These users could be auditors, regulators and even financial analysts, and can be transferred for various purposes.
ACRA adopted this reporting language for the financial statement reporting done by companies. This reporting is done by companies who are required to lodge their accounts with ACRA, and the types of companies involved include:
- Public companies
- Private companies (limited/unlimited by shares)
- Solvent exempt private companies (EPCs)
- Insolvent EPCs
XBRL is used by ACRA because they believe that this format will achieve the objective of facilitating the conduct of business in Singapore. XBRL will be able to provide more value-added financial information and further enhance the regulatory environment through improved transparency and the timely dissemination of relevant financial information.