Annual return filing in Singapore: The ultimate guide to financial statements and XBRL

If you are a Singapore-incorporated company, you need to file your annual returns with the Accounting and Corporate Regulatory Authority (ACRA) within the statutory timeline after the end of every financial year. Understanding financial statements is crucial for making informed decisions, but navigating the world of annual returns can be daunting. In this guide, we will cover everything you need to know including the documents to prepare, the deadline and what happens if you fail to comply with the regulations. Read our guide to find out more about filing annual returns for Singapore companies.

Let’s start with your annual return checklist:

An annual return is a yearly statement containing important particulars of the company’s composition, activities and financial position.

The appointed officer of your company can file the annual return on ACRA’s online filing portal BizFile. Alternatively, you can engage the services of a registered filing agent to do this for you.

An annual return typically contains the following:

Company details: Your company’s name, unique entity number and registered office address
Principal activities: A description of your company’s primary and secondary business activities
Details of company officers: The details of your company directors, secretary and auditors
Shareholder details: The number of shares held, issued share capital, and amount of paid-up share capital.
Financial statements: Check whether your company is required to file financial statements with the annual return. Companies that are not required to file financial statements must instead submit an online declaration.

Financial statements

All Singapore-incorporated companies are required to file financial statements (“FS”) with ACRA, except for those which are exempted. The key components of financial statements are:

Statement of Financial Position: This is a balance sheet reflecting your equity, assets, and liabilities.
Statement of Comprehensive Income: This is a profit and loss statement that includes your revenue, expenses, gains and losses, and income tax. It reflects your company's financial performance during that period.
Statement of Changes in Equity: This displays the transactions between your company and its shareholders, changes to its share capital at the beginning and the end of the financial year, the classes of shares issued, profits and dividends during that year.
Statement of Cash Flows: This shows cash or cash equivalents flowing out of or into your company as a result of its operating, investing and financing activities.
Notes to the Financial Statements: This provides additional details, including adopted accounting policies and breakdowns of financial numbers.

Without going into too much technicality, your company may be required to have your financial statements audited if your company/group meets any two of the following conditions:

Total annual revenue exceeding S$10 million;
Total assets exceeding S$10 million; or
Has more than 50 employees

XBRL

Since 2014, Singapore companies are required to file their financial statements in eXtensible Business Reporting Language (XBRL), except for those which are exempted. This is an XML-based format for financial documents that businesses use to exchange financial information.

Do you need a full set of financial statement in XBRL format or in PDF format? Check out the table below:

Group	Companies that file FS that are made public	XBRL Filing Requirements
1	SG-incorporated companies that are not covered in Groups 2 to 5 below.	To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations: Smaller and non-publicly accountable companies (both terms are defined below): To file FS in Simplified XBRL template, together with PDF copy of FS authorised by directors; and All other companies - To file FS in Full XBRL template.
2	SG-incorporated exempt private companies (EPCs) that are insolvent	To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations: Smaller and non-publicly accountable companies (both terms are defined below): To file FS in Simplified XBRL template, together with PDF copy of FS authorised by directors; and All other companies - To file FS in Full XBRL template.
3	SG-incorporated EPCs that are solvent	Not required to file FS. If the company opts to voluntarily file, to file FS in either: PDF copy of the FS authorised by directors; or FS in XBRL format. If the company opts to file FS in XBRL format, its extent of XBRL filing will vary based on the same criteria as Groups 1 and 2.
4	SG-incorporated companies in the business of banking, finance and insurance regulated by MAS	To file FS in: XBRL FSH (Banks) template; or XBRL FSH (Insurance) template; together with PDF copy of the FS authorised by directors.
5	SG-incorporated companies preparing FS using accounting standards other than prescribed accounting standards in Singapore or IFRS	To file only PDF copy of the FS authorised by directors.
6	SG-incorporated companies limited by guarantee	To file only PDF copy of the FS authorised by directors.
7	Foreign companies with SG branches	To file only PDF copy of the FS authorised by directors.

Source: ACRA

Annual General Meeting (AGM)

Unless exempted/dispensed, an AGM is a mandatory annual meeting of shareholders to keep them updated about your company’s affairs. At the AGM, your company will present your financial statements before the shareholders for adoption by the shareholders.

Key Timeline for Annual Return Filing

The Companies Act 1967 requires all non-listed companies to file Annual Return with ACRA within 7 months after the end of their financial year-end.

Discover the important annual return filing deadlines that companies with a financial year ending on 31 December must adhere to:

Penalties for missing annual return filing deadline

Your company must file your annual returns on time. Companies that file annual returns after the deadline will be imposed with a late lodgement penalty of up to $600 for late filing.

If you anticipate that filing the annual return on time might be infeasible, your company can request a 60-day extension from ACRA. As processing the extension application requires at least 14 working days, it is recommended that you submit your application via Bizfile at least 14 working days before the deadline. The application fee is $200 per request.

Ready to streamline your annual return filing process?

Don’t let the complexities of filing annual returns overwhelm you. Let our experts handle your financial statements and XBRL preparation.

At Forvis Mazars, we provide quality, accuracy and timely preparation and filing of annual returns, so you can focus on your core business activities.

The information provided is for general reference and may not be exhaustive. Contact us for expert guidance and seamless annual return filing.

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