XBRL (eXtensible Business Reporting Language) is an XML-based markup language used for the definition and exchange of business and financial information.

After the company completes its accounts, it needs to convert the existing financial report into the XBLR format according to the XBRL format and classification requirements. During the conversion process, XBRL software will also compare and verify the company’s financial report data.

Since 2014, the Singapore government has required companies to submit financial statements in Extensible Business Reporting Language (XBRL). XBRL is an XML-based format for financial documents used for business document exchange financial information. The format is open source and free to use.

Some companies are exempt from using XBRL to prepare financial statements, including:

• Certain financial services companies regulated by the Monetary Authority of Singapore (ie commercial banks, commercial banks, licensed insurance companies, financial companies)
• Foreign companies and their branches
• Allow companies to prepare financial statements in accordance with accounting standards other than SFRS, small entities SFRS and IFRS
• Tax-free private company (EPC): An EPC company with the following conditions:
  • Not more than 20 shareholders
  • No company shareholders (ie all shareholders are natural persons)