Accounting is the process of recording, tracking, and reporting all your business activities and financial transactions. Every time your business earns income, incurs expenses, or uses assets, these activities are recorded by your bookkeeper. Your accountant then uses this information to prepare financial reports that reflect your business’s performance and financial position. These reports are also used to meet government requirements, such as calculating how much tax you owe and determining if you qualify for any exemptions.

First and foremost, all businesses have an obligation to report their financials to the government—this is how your taxes are calculated. Beyond meeting compliance requirements, accounting is also critical for internal planning and informed decision-making. Since key business decisions are based on these numbers, maintaining accurate accounting records is essential.

Companies engage accountants to evaluate their financial health. The financial statements prepared offer valuable insights into the company’s current position and help guide informed decisions for future planning and growth.

As part of this process, the accountant assesses the reliability of the financial data and issues a formal report on the company’s financial standing. This report reflects the true state of the business’s financial health and is commonly used by government regulators, investors, and management as a key reference for decision-making.

XBRL stands for eXtensible Business Reporting Language—a computer-readable format used to present financial statements in a structured and standardised way. This enables financial data to be easily retrieved from online records and transferred directly to users such as regulators, auditors, and financial analysts for various purposes.

The Accounting and Corporate Regulatory Authority (ACRA) implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format as of 1 November 2007.

All companies incorporated in Singapore must meet certain annual filing obligations, regardless of their size, level of activity, or business structure.

The key compliance requirements include:

• Preparing and filing Estimated Chargeable Income (ECI)

• Preparing financial statements

• Holding an Annual General Meeting (AGM)

• Preparing and filing the Annual Return with ACRA

• Preparing and filing the Corporate Income Tax Return (Form C-S or C) with IRAS

• Filing GST returns (if required)

Absolutely. We make the transition seamless for you. We will contact your current accounting service provider directly, coordinate the handover, and take over all your financial records to ensure a smooth and hassle-free switch.