If you run a small business in Singapore, the term XBRL might sound technical and dry. However, understanding the basics can make the process much simpler. This guide aims to break down XBRL filing into manageable steps to ensure compliance and avoid unnecessary stress.

Understanding XBRL and Its Importance

XBRL, or eXtensible Business Reporting Language, is a digital format for financial data that enables machines to read and compare financial information easily. ACRA requires most incorporated companies in Singapore to file their financial statements in XBRL format. This has been the standard for many years, covering the majority of locally incorporated companies unless a specific exemption applies.

Who Needs to File

Most private companies need to attach either a full set of XBRL-tagged financial statements or key financial data in XBRL format, along with PDF copies of their AGM accounts. There are exemptions for dormant companies, certain qualifying small companies, and a few special cases. However, don't assume exemption without verifying ACRA’s rules. Skipping the XBRL step when required will lead to questions from ACRA.

A Simple Workflow You Can Follow

Start with your AGM financial statements—the version approved by the directors and presented to shareholders. ACRA recommends using its BizFinx Preparation Tool to convert this document into XBRL format. The tool guides you through tagging the correct numbers and selecting the appropriate taxonomy items. Once the XBRL file validates, attach it to your annual return on BizFile+ and submit. The process is straightforward if your accounts are well-organized.

Practical Tips on Preparation

Keep your financial statements clear and consistent. Use the same labels and structure as when you prepared the AGM accounts. If you plan to use BizFinx, prepare the source document in Word or Excel as ACRA expects. Avoid last-minute edits to numbers after tagging. Validation errors often arise from mismatched figures, missing comparative periods, or incorrect taxonomy mapping. Take time to resolve these issues before filing.

Common Pitfalls and How to Avoid Them

One common mistake is waiting until the last week to start XBRL. Another is assuming the XBRL tool will “fix” messy accounts—it won’t. Prepare the accounts properly first. Also, be aware of exemptions and special business rules—if you’re eligible, you may file a simpler XBRL dataset or apply for a rule exemption through ACRA rather than forcing a full submission.

Using Software and Validators

You have several options. ACRA’s BizFinx tool is free and designed for smaller companies. Accounting packages and third-party providers also offer XBRL export capabilities that integrate with the submission step. Regardless of the route you choose, run the ACRA validator before lodging. This is the fastest way to catch structural errors. If a validator flags an issue, fix the source document and regenerate the XBRL file.

How Corporate Secretarial Services Fit In

Filing XBRL involves both data and process management. Many small companies use corporate secretarial services to handle this. A good provider keeps statutory books in order, coordinates with your accountant, runs the XBRL validation, and lodges the files on BizFile+. They don’t handle your accounting, but they make the filing process smooth and reduce the risk of missing deadlines. If compliance isn’t your strong suit, outsourcing this step is a practical choice.

Costs and Time to Budget For

If your accounts are straightforward, converting to XBRL and filing can take a few hours. If there are complexities—such as multiple subsidiaries, unusual disclosures, or non-cash transactions—expect more time. Using a corporate secretarial services firm adds cost but saves you time and the stress of redoing failed filings. Budget for a short review cycle and a buffer before the annual return deadline.

When to Get Help from a Professional

Seek help early if you have unusual items like share-based payments, related-party transactions, or unusual tax positions. Also, ask for help if you’ve never used BizFinx or XBRL before. Your accountant prepares the numbers, while a secretarial services Singapore assists with tagging, validation, and lodgement. Together, they help you complete the process faster.

A Small Business Checklist Before You File

• Ensure the AGM-tabled financial statements are final.

• Prepare the source document in Word or Excel.

• Use BizFinx or equivalent software to tag and generate XBRL.

• Run the ACRA validator and fix errors.

• Attach the XBRL file to your annual return on BizFile+ and submit.

• Save the lodgement receipt.

• Keep copies of the tagged files and source documents for your records.

Final Thoughts: Keep It Simple, Keep It Early

XBRL filing doesn’t need to be painful. The real work is in preparing accurate, well-organized accounts. Once that’s done, tagging and filing are straightforward. If you’d rather remove the admin from your plate, consider corporate secretarial services to coordinate the process with your accountant. This allows you to focus on running your business while someone else handles the technical filing details.

If you want a short starter plan this week: confirm your financial statements are final, download the BizFinx tool, and map out two days to run validation and lodge on BizFile+. This small effort prevents last-minute headaches and keeps your filings clean and compliant.