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XBRL in 2025: New Filing Requirements and Common Mistakes to Avoid

Singapore companies preparing to file their Annual Returns (AR) with ACRA are already familiar with the term XBRL — short for eXtensible Business Reporting Language.

As Singapore continues to push for digital transformation in corporate reporting, ACRA has progressively tightened its XBRL filing standards, ensuring greater accuracy, consistency, and accessibility of financial data.

In 2025, these requirements remain central to ACRA compliance — but the details and expectations have evolved.
This guide explains what’s new, who’s affected, and how to avoid common mistakes when filing your financial statements in XBRL format.

1. What Is XBRL and Why It Matters

XBRL (eXtensible Business Reporting Language) is a standardized digital format that allows companies to file financial statements in a structured, machine-readable way.

Instead of submitting PDFs alone, companies must use ACRA’s BizFinx system to tag financial data fields — such as revenue, expenses, and balance sheet items — according to ACRA’s taxonomy.

This ensures:

• Data consistency across industries
• Faster analysis by regulators and investors
• Lower audit risks from human error

2. Who Must File in XBRL Format

Under ACRA’s rules, the following entities are required to file their financial statements in XBRL format:

• All Singapore-incorporated companies (limited by shares) that are not exempt from filing financial statements
• Both active and dormant companies, unless specifically exempted

Companies Exempt from XBRL Filing

You do not need to file in XBRL format if your company:

• Qualifies as a solvent Exempt Private Company (EPC) (i.e., no more than 20 shareholders and no corporate shareholders)
• Has been dormant since incorporation, or
• Is a foreign company branch (filing financial statements from the parent entity’s jurisdiction)

3. XBRL Filing Options in 2025

ACRA currently provides three main filing options, depending on your company type and financial complexity:

a. Full XBRL

For larger companies and public entities that must tag all key line items and detailed disclosures in accordance with ACRA’s full taxonomy.

b. Simplified XBRL

For most private companies — a streamlined template capturing key financial statement elements such as:

• Balance sheet
• Profit and loss statement
• Cash flow summary
• Key notes and directors’ declarations

c. XBRL FSH (Banks, Insurance, or Finance Entities)

Specialized templates for financial institutions, which include industry-specific data points.

💡 Tip: Not sure which XBRL format applies to your company? You can check ACRA’s XBRL Filing Requirements section on BizFile+ — or consult your company secretary to confirm eligibility.

4. Key Changes and Expectations for 2025

While there’s no “brand-new” taxonomy as of early 2025, ACRA has enhanced compliance expectations around:

• Data validation and consistency checks before submission
• Tagging accuracy — companies must map financial statement items correctly to taxonomy elements
• Timely submissions — XBRL filing remains tied to Annual Return deadlines (7 months after FYE)
• Digital verification — companies are expected to maintain digital copies of underlying financial data for at least 5 years

Companies using automation or cloud accounting tools, like ccMonet, will find it easier to generate accurate, ready-to-tag data for submission.

5. Common Mistakes to Avoid in XBRL Filing

Even experienced preparers make errors that can delay filing or trigger ACRA rejections. Here are the most common issues — and how to avoid them.

Mistake 1: Using the Wrong Template

Many SMEs mistakenly use the Full XBRL template when they qualify for the Simplified XBRL version.
👉 Always confirm your company type before you begin — incorrect template use can cause system rejections.

Mistake 2: Incomplete Tagging

Leaving financial items untagged or tagging them under “Others” reduces filing accuracy and may lead to follow-up queries from ACRA.
👉 Use the latest BizFinx Preparation Tool and complete all mandatory fields.

Mistake 3: Mismatch Between PDF and XBRL Data

Your XBRL submission must exactly match the figures in your signed financial statements.
👉 Double-check that rounding, sub-totals, and disclosures are identical across both versions.

Mistake 4: Late Submission

XBRL filings are part of the Annual Return — missing the AR deadline also means missing your XBRL submission.
👉 Set automated reminders or use ccMonet’s compliance calendar to avoid late penalties.

Mistake 5: Ignoring Data Validation Errors

BizFinx provides built-in validation checks. Skipping them may result in incomplete or rejected filings.
👉 Always run validation reports and fix flagged errors before uploading to BizFile+.

6. Preparing for XBRL Filing: Best Practices

1. Close your accounts early — finalize financial statements at least 1–2 months before your filing deadline.
2. Use digital accounting tools — platforms like ccMonet organize ledgers and reports in XBRL-ready formats.
3. Validate before you file — always cross-check financial statements and XBRL tags.
4. Keep everything centralized — store your signed accounts, tax computations, and XBRL files securely.
5. Engage professional review — for first-time filers, a company secretary or outsourced accounting firm can review your draft submission to prevent costly errors.

7. How ccMonet Simplifies XBRL Compliance

Manual data tagging and report preparation are often tedious and error-prone — especially for SMEs without an in-house finance team.

With ccMonet, you can:

• Automatically extract and categorize financial data from invoices, receipts, and statements
• Generate structured reports aligned with ACRA’s latest templates
• Export XBRL-ready summaries for your company secretary or filing agent
• Track deadlines for FYE, AGM, and AR submissions
• Access expert review to ensure accuracy before filing

By combining AI automation with human compliance expertise, ccMonet ensures that your financial data is accurate, validated, and ready for every statutory submission.

8. Quick Recap: 2025 XBRL Filing Essentials

• Who files: All Singapore-incorporated companies (unless exempt)
• Deadline: With Annual Return, within 7 months after FYE
• Templates: Full XBRL / Simplified XBRL / FSH (industry-specific)
• Retention: Keep records for 5 years
• Penalties: Late or incorrect filings can attract fines up to S$600 per breach

Conclusion

XBRL filing is now a standard part of Singapore’s financial compliance landscape — but it doesn’t have to be complicated.

By organizing your financial records early and leveraging automation platforms like ccMonet, SMEs can meet every filing requirement confidently, avoid common errors, and stay audit-ready year after year.

👉 Simplify XBRL preparation, stay compliant, and save time — learn how at ccMonet.ai.

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