XBRL

eXtensible Business Reporting Language (XBRL) is an XML-marked language used for the exchange and definition of financial information.

Starting from 2014, all Singapore companies need to convert their financial statements into XBRL format using designated software after completing their annual accounts. During the process, the software will automatically compare and verify all input data.

If the following requirements are met, no XBRL submission is required

Certain financial services companies regulated by the Monetary Authority of Singapore (i.e. merchant banks, licensed insurance companies, finance companies) Foreign companies and their branches are allowed to prepare financial statements in accordance with accounting standards other than SFRS, Small Entity SFRS and IFRS Exempt Private Company (EPC): An EPC company with the following conditions: No more than 20 shareholders No corporate shareholders (i.e. all shareholders are natural persons)