What is XBRL filing? Do I need it?

XBRL is a form of reporting language adopted by ACRA for the purpose of financial statements reporting by companies that are required to be lodged accounts with the authority.

Types of Company Filing of Financial Statements
Public / Private companies (limited/unlimited by shares), except those under (a) and (b) Full set of XBRL financial statements
Solvent exempt private companies (EPCs) Exempted from filing financial statements, but are encouraged to file with following options:
– Full set of XBRL financial statements or
Insolvent EPCs Either:
– Full set of XBRL financial statements; or
– FSH (XBRL) + PDF copy of financial statements

Preparing XBRL Financial Statements
The very first step is to prepare a copy of financial statements for your company, usually completed by an accountant you have employed or engaged. The translation process requires the use of a preparatory tool to convert your data into XBRL format. The current XBRL system used for the translation is BizFinx, an ACRA initiative to equip preparers with the preparatory tools for purpose of translation.

Types of XBRL documents for filing
Full Set XBRL Financial Statements refers to the full presentation of your accounts in XBRL format.
Financial Statement Highlights refer to the presentation of key accounts positions instead of every single account line item in XBRL format.