XBRL Filing Deadlines in Singapore – Don’t Miss Them!
Introduction to XBRL Filing Deadlines in Singapore Dont Miss Them
In any company, being in Singapore, it is not negotiable to remain in compliance with Accounting and Corporate Regulatory Authority (ACRA). Compliance is an important area within any organization, and timeliness of filing financial statements in XBRL (eXtensible Business Reporting Language) format is one of its main features.
XBRL filing would be a guarantee that the companies will provide their financial information in a uniform digital format, facilitating accuracy, uniformity, and readability to both regulators and investors. Late filing may lead to high fines, delays before annual returns are filed and even loss of reputation, which makes proper financial knowledge essential—similar to the value companies gain from the best finance courses Singapore offers to improve compliance awareness.
The paper is a comprehensive guide that can be used by Singapore companies to learn about their XBRL filing requirements, major deadlines, and the repercussions of late or inaccurate submission.
Knowledge of XBRL Filing in Singapore.
ACRA has made companies file their financial statements in XBRL since 2007. This shift towards digital reporting allows comparing financial data of companies easily and analyzing them.
The application of XBRL filing framework is limited to Singapore incorporated companies that must prepare and file financial statements under the Companies Act. Entities can submit either full XBRL or simplified XBRL formats depending on the size of the company, its revenues and reporting requirements.
However, at all levels of filing, all companies are expected to meet the deadlines stipulated to them to avoid regulatory problems.
Key XBRL Filing Deadlines
The important XBRL filing submission deadlines in Singapore are tied to your company’s Annual General Meeting (AGM) and Annual Return (AR) filing obligations. Both play a very important role in the financial reporting calendar of a company.
Conducting Annual General Meeting (AGM)
In Section 175, of the Companies Act, every company is obligated to conduct an AGM within:
- Six months to the financial year-end (FYE) of the company; and
- 15 months before the last AGM date, which is the earlier.
The directors are required to present audited financial statements of the company in front of shareholders during the AGM.
Filing the Annual Return (AR)
The AGM obliges companies to submit their Annual Return to the ACRA under Section 197 of Companies Act. This is to submit financial statements in XBRL format.
AR Deadlines vary slightly according to type of company:
- Private companies: Less than seven months after the FYE.
- Public companies: Within five months of the FYE.
XBRL financial statements are important to be completed before the Annual return is filed since the two are interconnected.
Congruency Financial Year-End with Filing Dates.
As many firms pick the end of the financial year at an opportune time- which in most cases happens to be December 31- in order to match the tax filings and audit timetables. This enables the following filing cycle to be foreseeable:
- AGM date: June 30 (six months later)
- Deadline for annual Return and XBRL filling: July 31 (seven months)
The only thing is that, when you use a different financial year-end in your company, you should always compute the deadlines on that particular date, to avoid confusion.
To illustrate, a company whose financial year ends in March 31 must have its AGM, or other words, before the end of September and its Annual Return, including XBRL statements, by the end of October.
What Should appear in the XBRL Filings.
The XBRL filing can contain:
- Balance sheet (Statement of Financial Position).
- Profit and loss statement of Comprehensive Income.
- Cash Flow Statement
- Statement of Change in Equity.
- Notes to Financial Statements
Smaller firms can use simplified XBRL option, which has less data elements and is simpler to prepare. Nevertheless, irrespective of the format, fullness and accuracy must be made before submitting the files as the BizFinx system provided by ACRA automatically verifies file compliance.
Penalties for Missing the Deadline
Missing your filing date is more than a simple administrative error. The penalties for late XBRL financial statement filing can accumulate quickly, impacting both the company and its officers.
Late Filing Fees
ACRA levies fines against late lodgment of its filing depending on the duration with which the company is delayed:
- Up to 30 days late: S$300
- 31 to 60 days late: S$600
- 61 to 90 days late: S$900
- More than 90 days late: S$1,200
Such fines are cumulative in regard to every late filing of the Annual Return, as well as the financial statements.
Director Liability
Directors of the company have a personal responsibility of compliance. Delay repeated or prolonged, might lead to summonses or disqualification as director.
Reputational Impact and Operational Impact.
Delayed filing may also have an impact on the credibility of your company to the banks, investors and the partners. The timeliness of filing is captured in the books of the government hence chronic delays can be an indication of bad governance or incompetence.
Best Practice to Beat Filing Deadlines.
Plan Early
Begin the preparation of your financial statements early enough before the end of the financial year. Make arrangements with auditors, accountants and management teams in advance to avoid bottlenecks.
Automate Accounting Software.
When accounting tools are used as clouds, it will make data collection, report generation, and error checks automated. Submission can be further simplified by integrating with XBRL preparation software like that of ACRA with its BizFinx.
Conduct a Pre-Filing Review
Check your XBRL file before submitting it to ensure that all the necessary data is tagged. Confirm it with the inbuilt error detector of BizFinx.
Outsource to Specialists
In case your team does not have in-house knowhow, you may consider hiring the services of professional XBRL filing. They guarantee that your reports are technically and regulatory compliant, time saving, fewer mistakes and ensures that you comply.
Monitor Regulatory Provisions.
The ACRA reinstatially updates its XBRL taxonomy and rules of reporting. Being updated with such changes would make your next filing be up to date.
Some of the most common errors that result in late filings.
The mistakes which can be avoided may make even the well-prepared companies miss deadlines. Common pitfalls include:
- Financial year-end recorded wrongly in BizFile+.
- Delayed audit completion
- Lack of communication among compliance and finance departments.
- The XBRL file contains errors that result in rejection.
- Conversion to XBRL format will commence after AGM.
To prevent such problems, establish internal deadlines, not less than two or three weeks prior to the statutory due date. This buffer is used to spare time to correct mistakes or solve unexpected delays.
Actions to be taken in case the deadline is missed.
In case your company already has missed the XBRL filing deadline, move fast to reduce the impact:
- Send it as soon as you can – Better Late than never. The stiffer the punishment the later.
- Pay fines and charges – Pay the fines and charges through BizFile+ to reinstate compliance.
- Communicate with ACRA – In exceptional situations, extensions may be sought by companies that have to experience unavoidable delays (e.g., because of audit disputes or technical problems).
Put in place better procedures– Examine the errors and put a reminder or outsourced support in place to avoid future occurrences.
Conclusion
It is important to remain in good terms with ACRA by remaining in compliance with the corporate filing requirements of Singapore. Knowing the significant XBRL filing submission dates in Singapore and preventing the fines due to late XBRL financial statement filing would keep your company transparent in terms of financial reporting and law-abiding.
Relevant filings demonstrate professionalism, investor confidence and securing your company image. With sufficient planning, using digital tools, and professional advice when necessary, you can make sure that your submissions are error-free and smooth as well, and therefore keep your business on track in terms of high regulatory standards of Singapore.
