For many Singapore SMEs, preparing notes to the financial statements is the most overlooked part of XBRL filing — and often the source of unexpected errors. While the main financial statements may look correct, incomplete or inconsistent notes can still lead to validation issues or rejected submissions.
Understanding how to prepare notes properly makes XBRL filing smoother and far less risky.
In XBRL, notes are not optional add-ons. Certain disclosures must be tagged and submitted alongside primary financial statements. These notes provide context, explanations, and breakdowns that support the numbers reported.
Missing or inconsistent notes can:
Accuracy in notes is just as important as accuracy in the balance sheet or P&L.
Notes should always be prepared after financial statements are finalised. Draft figures lead to mismatches that are difficult to fix once XBRL tagging begins.
Before preparing notes, ensure:
This avoids unnecessary revisions later.
Not all notes are required for every company, but certain disclosures are mandatory depending on company size and filing format.
Common disclosures include:
Knowing what applies to your company early reduces last-minute scrambling.
One of the most common XBRL issues is inconsistency between notes and primary statements.
Check that:
XBRL systems perform cross-checks, so mismatches are easily flagged.
Manually copying figures from spreadsheets into notes increases the risk of errors.
Using a single, structured data source reduces inconsistencies. AI-powered bookkeeping platforms help maintain alignment between transaction data, financial statements, and disclosures.
Platforms like ccMonet support this by keeping financial data consistent throughout the reporting process.
Some notes require professional judgement, such as revenue recognition or asset valuation. Clear documentation helps ensure consistency and reduces follow-up questions during filing or review.
Well-documented notes also support audits and regulatory reviews.
Notes deserve the same level of review as balance sheets and P&Ls.
Before submission:
This reduces the risk of rejected filings.
Preparing accurate notes is much easier when financial records are clean and well-organized throughout the year.
SMEs using AI-powered bookkeeping platforms like ccMonet benefit from:
When the foundation is strong, notes become a natural extension of your financial reporting.
In XBRL filing, notes to the financial statements are just as important as the numbers themselves. Preparing them carefully helps SMEs avoid rework, delays, and compliance risk.
With the right preparation and systems, notes don’t have to be the hardest part of XBRL filing.
👉 Learn how AI-powered bookkeeping helps Singapore SMEs prepare accurate, XBRL-ready disclosures at ccMonet
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