Avoid These Common XBRL Filing Mistakes – A Guide for Singapore Companies

Filing financial statements in XBRL (eXtensible Business Reporting Language) format is a mandatory requirement for many companies in Singapore. While XBRL improves data transparency and consistency, errors in filing are still common—often due to oversight or a lack of understanding of the ACRA requirements.

Here’s a simple guide to help you avoid the most common mistakes and ensure a smooth XBRL submission process.

1. Incorrect Selection of XBRL Filing Type

Many companies choose the wrong XBRL filing type. For example, a company eligible for simplified filing may incorrectly select full XBRL, or vice versa. Always check ACRA’s latest guidelines to determine your correct filing type (e.g., Full XBRL, Simplified XBRL, or Financial Statements Highlights).

2. Mismatch Between XBRL and PDF Financial Statements

Your XBRL file must reflect exactly what’s in your signed PDF financial statements. Errors like missing notes, different financial figures, or mismatched accounting policies can cause your filing to be rejected.

3. Inaccurate Tagging of Data

Each item in your financial statements must be tagged to the right element in the XBRL taxonomy. Incorrect tagging—such as putting revenue under other income—can distort your financial picture.

4. Omitting Key Information

Important disclosures such as related party transactions, contingent liabilities, or significant accounting judgments are sometimes missed out in the XBRL version. ACRA expects the same level of detail in the XBRL as the PDF version.

5. Using Outdated Templates or Tools

ACRA regularly updates the BizFinx preparation tool and taxonomy. Using old versions may cause submission errors. Always download the latest version from the ACRA website.

6. Not Performing Validations

Before submitting, companies should run both pre-submission checks and ACRA validations. This helps catch tagging errors, missing values, or structural issues that could result in a failed submission.

How to Avoid These Mistakes

• Refer to ACRA’s preparation guides and taxonomy updates.

• Double-check your financial statements before tagging.

• Run all validation checks before submitting your file.

• Consider using outsourced professionals familiar with XBRL preparation requirements.

Need Help With XBRL Filing?

Preparing your financial statements in XBRL format can be complex, but you don’t have to handle it alone. Our team helps Singapore companies ensure XBRL compliance while saving time and reducing filing errors. Contact us today to find out how we can support your ACRA filing needs.

Disclaimer:

This content reflects ACRA’s guidance at time of publication. Companies should refer to the official ACRA guide on XBRL filing for up-to-date rules and procedures.