Is It Possible to Prepare XBRL Without External Accountants in Singapore?

For many Singapore SME owners, XBRL filing feels like something only accounting firms can handle. The format looks technical. The taxonomy seems complex. And validation errors can feel intimidating.

So a common question arises:

Is it possible to prepare XBRL without external accountants in Singapore?

The answer is: Yes — but only if your company has the right financial foundation and internal capability.

Let’s unpack what that really means.

1️⃣ Technically, Yes — Companies Can Prepare XBRL Themselves

ACRA does not require companies to appoint an external accounting firm specifically for XBRL preparation.

If your company:

• Has properly prepared financial statements
• Understands ACRA’s XBRL taxonomy requirements
• Has access to XBRL preparation tools
• Can resolve validation errors independently

Then you can technically handle the filing internally.

Some SMEs with in-house finance teams do exactly that.

2️⃣ The Real Challenge Isn’t XBRL — It’s the Financial Data

In practice, most difficulties do not come from the XBRL software itself. They come from:

• Incomplete bookkeeping
• Inconsistent expense categorization
• Unreconciled bank transactions
• Missing disclosures
• Errors in financial statements

XBRL simply exposes these weaknesses because every number must map correctly to ACRA’s structured format.

If your financial records are clean and finalized, XBRL becomes a structured reporting step.

If they aren’t, it quickly becomes a time-consuming troubleshooting process.

3️⃣ When Internal Preparation Makes Sense

Preparing XBRL without external accountants may be feasible if:

• Your company has a dedicated finance manager
• Financial statements are prepared monthly
• Bank reconciliation is consistently completed
• Your structure is simple (no group consolidation)
• Directors are comfortable reviewing financial disclosures

In such cases, SMEs can manage compliance more independently.

4️⃣ When External Support Is Still Advisable

It may be wise to engage professionals if:

• Your company structure is complex
• There are recent shareholding or structural changes
• You are unsure about disclosure requirements
• You are approaching filing deadlines with incomplete data

Directors remain legally responsible for accurate submission, whether prepared internally or externally.

5️⃣ The Smarter Middle Ground: Automate the Foundation

Many SMEs today don’t necessarily want to fully outsource everything — but they also don’t want year-end chaos.

The smarter solution is strengthening bookkeeping throughout the year.

AI-powered platforms like ccMonet help companies:

• Maintain real-time, structured financial records
• Automate bank reconciliation
• Categorize transactions consistently
• Support multi-currency operations
• Combine AI processing with expert review for compliance accuracy

When your accounts are always organized, preparing XBRL internally becomes far more manageable — and external reliance decreases significantly.

Final Takeaway

Yes, it is possible to prepare XBRL without external accountants in Singapore.

But success depends less on technical tools and more on financial discipline throughout the year.

If your books are clean, reconciled, and properly structured, XBRL is simply a reporting format.

If they aren’t, it becomes a deadline-driven challenge.

The best approach isn’t choosing between DIY or outsourcing — it’s building a financial system that keeps your company ready at all times.

👉 Discover how AI-powered bookkeeping can make compliance simpler at https://www.ccmonet.ai/

‍