Business
Singapore — Business: Accounting
Singapore-incorporated companies must file financial statements in XBRL (eXtensible Business Reporting Language) format alongside their Annual Return, unless exempt (dormant companies or solvent Exempt Private Companies). 'Full XBRL' applies to most companies; 'Simplified XBRL' is available for smaller companies (revenue and assets under S$500,000) that aren't publicly accountable. Companies are exempt from statutory audit if they meet at least 2 of 3 small-company criteria: revenue ≤S$10 million, total assets ≤S$10 million, no more than 50 employees. Accounting records and supporting documents must be kept for at least 5 years. As of April 2026, audit reports must explicitly name the responsible public accountant per the Accountants (Public Accountants) (Amendment) Rules 2026.
Key facts
- XBRL filing is compulsory for most companies alongside the Annual Return, with a Simplified XBRL option for smaller companies (revenue/assets <S$500,000).
- Audit exemption applies if a company meets 2 of 3 criteria: revenue ≤S$10m, assets ≤S$10m, ≤50 employees.
- Accounting records and supporting documents must be retained for at least 5 years.
- Since April 2026, audit reports must explicitly name the public accountant primarily responsible for the engagement.
Timelines
- Accounting record retention: at least 5 years
Required documents
- Financial statements in XBRL format
- Supporting accounting records (5-year retention)
Common mistakes
- Assuming small-company audit exemption automatically applies without checking all applicable criteria (revenue, assets, employee count) are met.