1. The Accounting and Corporate Regulatory Authority (ACRA) invites members of the public to provide feedback and suggestions on proposed revisions to XBRL filing requirements and Exposure Draft (ED) ACRA Taxonomy 2012.
2. ACRA implemented the filing of financial statements in XBRL in 2007 as part of the move towards enhancing business reporting and information flow. Today, close to 60,000 corporate financial statements are filed in XBRL format annually. The financial information that is filed in XBRL with ACRA is also an important source of information from which companies can utilise to make informed decisions. The proposed revisions are therefore part of ACRA's continual efforts to promote an environment of high quality financial reporting and thus further strengthen Singapore's position as a vibrant and trusted business hub.
3. Earlier this year, ACRA sought feedback from 80 organisations involved in the financial reporting supply chain to develop the proposed revisions. These include preparers of financial statements, data consumers, government agencies, and accounting software companies. Through this revamp exercise, ACRA seeks to facilitate the preparation and filing of XBRL financial statements, and add further value to the flow of financial information by increasing the breadth and depth of XBRL data gathered. The varying needs of stakeholders were carefully considered and a balanced approach was taken in the proposals.
4. The public consultation paper covers two key areas:
Proposed revisions to XBRL filing requirements to better meet the needs of preparers and consumers of financial statements;
ED ACRA Taxanomy 2012 in meeting the various disclosure requirements in Singapore Financial Reporting Standards (SFRS).
5. The proposed revisions are targeted for implementation in the second quarter of 2013.
6. ACRA welcomes all members of the public to give their feedback and share their views in forging a pro-enterprise financial reporting environment for businesses in Singapore.
7. ACRA invites views on the specific questions posed in the consultation paper as well as views on any other matters relevant to the consultation exercise. In order to facilitate a mutually beneficial feedback process, ACRA will appreciate if the respondents can provide some background insights leading to their views and suggestions. Respondents are encouraged to:
Indicate your name, designation as well as the organisation you represent (if any);
Focus on the specific consultation questions set out in the paper;
(For comments on taxonomy) Indicate the specific financial reporting statement and/or specific reporting data element to which the comments relate to;
Contain a clear rationale; and
Include an alternative that ACRA could consider.
Period of consultation
8. The public consultation exercise ends on 11 June 2012.
9. All comments and feedback should be marked "Attention: ACRA XBRL Revamp 2012 Feedback" and sent to the following contact details:
10. The public consultation paper summarises the proposed revisions to XBRL filing requirements and ACRA Taxonomy, as well as the specific questions posed for feedback.
The following documents are available for download:
The public can also access the paper on the REACH website from 14 May to 11 June 2012.
ACRA’s response to feedback from public consultation
ACRA would like to take this opportunity to thank our stakeholders including our professional partners and members of the business community who had taken their time to respond to this public consultation. Please click here for the summary of the feedback and ACRA’s responses to the feedback.