New Taxonomy version (v2.12) for SFRS For Small Entities
A new taxonomy version (v2.12) is rolled out on 31 January 2012 to allow companies to file XBRL financial statements prepared using Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities). This standard is intended to apply to the general purpose financial statements of, and other financial reporting by, entities that are "small" and non-publicly accountable. Details of the eligibility criteria and the accounting standard are available at the ASC website.
Please click here for a summary of changes for Taxonomy v2.12 (SFRS for Small Entities).
Companies filing financial statements prepared using the full SFRS (Singapore Financial Reporting Standards) should continue to file using taxonomy versions 1.23, 2.10 or 2.11 (depending on the applicable financial reporting period).
Changes to Enhance Quality of XBRL Financial Statements
The changes to ACRA Taxonomy and FS Manager implemented on 6 March 2010 will assist in enhancing the quality of XBRL financial statements and the corresponding PDF copy of financial statements stored in the registry. The changes are summarised as follows:
|
S/N |
Changes |
Affected filings |
|
1 |
Two new mandatory fields:
• Employee Benefits Expense; and
• Depreciation and Amortisation Expense |
Companies presenting the Statement of Comprehensive Income by function, using taxonomy version 2.00 and above |
|
2 |
Statement of confirmation that PDF financial statements generated from FS Manager are legible |
Companies filing XBRL financial statements under Option A (Full XBRL) |
|
3 |
New validation rules - click here for details of the validation rules |
All companies filing XBRL financial statements.
Companies will feel minimum impact from the validation rules if the XBRL financial statements have been prepared correctly, as majority of the validation rules target errors. |
Specific Information from Practice Direction No. 4 of 2009
Practice Direction No. 4 of 2009 “Filing of Financial Statements in XBRL: Changes following Financial Reporting Standards Revisions” highlights specific changes to the ACRA Taxonomy and filing options arising from changes in revised FRS 1 Presentation of Financial Statements [FRS 1(R), effective for financial periods beginning on or after 1 January 2009, with early adoption permitted]. A summary of the changes is provided as follows.
Change in Terminology:
|
Before Adoption of FRS 1 (R) |
After Adoption of FRS 1 (R) |
|
Balance Sheet |
Statement of Financial Position |
|
Cash Flow Statement |
Statement of Cash Flows |
Change in Requirement:
|
Before Adoption of FRS 1 (R) |
After Adoption of FRS 1 (R) |
|
Income Statement |
Presentation of all items of income and expense:
• One statement approach of “Statement of Comprehensive Income”; or
• Two statements approach of “Income Statement” (displaying components of profit or loss) and “Statement of Comprehensive Income” (beginning with profit or loss and displaying components of other comprehensive income) |
Changes to Annual Return Filing Option B (Partial XBRL), with adoption of FRS 1(R):
|
Before Adoption of FRS 1 (R) |
After Adoption of FRS 1 (R) |
|
Minimum of Balance Sheet, Income Statement and other mandatory information (denoted by a red * in FS Manager) |
Minimum of Statement of Financial Position, Statement of Comprehensive Income (and Income Statement@) and other mandatory information (denoted by a red * in FS Manager) |
|
|
Note @: Income Statement needs to be filed only in the case where the company has presented all items of income and expense in two statements, namely the Statement of Comprehensive Income and the Income Statement |
Enhancements to FS Manager
|
Before 31 August 2009 |
From 31 August 2009 |
|
One taxonomy version with one fixed form
[Preparer not required to select taxonomy version] |
Three taxonomy versions with corresponding presentation of forms
[Preparer will select appropriate taxonomy version based on adoption of FRSs*]
* Explanatory notes on the various ACRA Taxonomy versions are available in the FS Manager |
|
Printable format:
• PDF copy of financial statements generated from FS Manager (specific information for AGM purposes) |
Printable format:
• PDF copy of financial statements generated from FS Manager (specific information for AGM purposes)
• “Printer-friendly” page(s) (all information except notes to the financial statements@)
@ Notes to the financial statements is available in the PDF copy of financial statements |
Links to Practice Directions
Practice Direction No. 4 of 2009 – Filing of Financial Statements in XBRL: Changes following Financial Reporting Standards Revisions
Practice Direction 3 of 2008 – Filing of Financial Statements in XBRL: Extension of Option “A” and “B” Filings and Revisions to ACRA Taxonomy
Practice Direction 5 of 2007 – New Annual Return Form and Filing of Financial Statements in XBRL WEF 1 November 2007
Practice Direction 2 of 2007 – Filing of Financial Statements with ACRA in XBRL