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

If your company is incorporated in Singapore, you must file annual returns with the Accounting and Corporate Regulatory Authority (ACRA) within the statutory deadline after the end of each financial year. Filing annual returns on time is essential to maintaining compliance and avoiding penalties.
However, the process can feel overwhelming. This guide breaks down everything you need to know about financial statements, XBRL filing requirements, the annual return filing deadlines, and what happens if you fail to comply with the regulations. Read our guide to help you navigate through this process with ease.

Let’s start with your annual return checklist

What is an annual return?

An annual return is a yearly statement containing important particulars of the company’s composition, activities and financial position. It ensures transparency for regulatory authorities and stakeholders, promoting accountability and compliance in Singapore’s business environment.

Who can file your annual return?

Your company's appointed officer can file the annual return via ACRA’s online portal, BizFile+. Alternatively, you can engage a registered filing agent to handle the process for you.

Key Information in an annual return

An annual return typically contains the following:

Company details: Your company’s name, Unique Entity Number (UEN) and registered office address
Principal activities: A description of your company’s primary and secondary business activities
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: what you need to prepare

Financial statements provide a detailed overview of your company’s financial health.
All Singapore-incorporated companies are required to file financial statements (“FS”) with ACRA, except for those which are exempted.

The key components include:

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.

Audit Requirements

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

These criteria align with Singapore’s small company audit exemption framework. Companies that do not meet these criteria may prepare unaudited financial statements.

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.

XBRL Filing Requirements in Singapore

Since 2014, Singapore companies (which are not exempted) are required to file their financial statements in eXtensible Business Reporting Language (XBRL), an XML-based format for structured financial reporting. This digital format enhances data accuracy, accessibility, and regulatory compliance.

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

Key filing deadlines in Singapore

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.

Example Deadline for Companies with 31 December Financial Year End:

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.

Managing financial statements, including preparing audited or unaudited reports, and meeting the annual return filing deadline in Singapore can be complex. Strict regulatory requirements and tight deadlines mean that non-compliance can lead to penalties and unnecessary stress.

That’s where Forvis Mazars comes in. Let our experts handle your financial statements and XBRL preparation.

Our team of experts ensures your financial statements, XBRL submissions, and annual returns meet ACRA’s requirements accurately and on time.

With our tailored solutions, you can focus on growing your business while we handle the complexities of financial reporting. Contact Forvis Mazars today, and let us simplify your compliance journey!

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

Contact us for annual filing assistance

Family name^*

First name^*

E-Mail^*

Job title/Position

Company name^*

Phone Number^*

Message

I accept that Forvis Mazars will process my personal data for the purpose of handling my request^*

I accept to receive further communications from Forvis Mazars

^* Mandatory fields. Without this information we will be unable to process your request.

Personal data collected via this form will processed in accordance with our privacy statement, which can be accessed at: https://www.forvismazars.com/group/en/data-privacy-statement

Forvis Mazars Group (Forvis Mazars Group SC) is an independent member of Forvis Mazars Global, a leading professional services network. Forvis Mazars Group SC is a cooperative company based in Belgium and organised as one integrated partnership, operating in over 100 countries and territories. Forvis Mazars Group SC does not provide any services to clients.

Our annual return filing experts

Rain Chong Partner, Outsourcing - Singapore

Detailed profile

Justin Lim Partner, Head of Outsourcing (Singapore)