With the increasing emphasis placed on corporate governance and transparency, the manner how business information is disseminated to the business community becomes increasingly critical. Information users not only require timely business information to make decisions but also delivery in an interactive manner that would enhance their decision making process.
BizFinx is an ACRA initiative to unlock the value of the financials in XBRL (eXtensible Business Reporting Language) filed with us, to enhance the decision making capability for the business community.
This represents a shift from the focus of XBRL as a reporting language that companies have to prepare and file their financial statements, to one which it is an enabler for a more effective and efficient dissemination mechanism for decision useful information supply to the business community.
Singapore Financials Direct is one such interactive financial information analysis tool in enabling the analysis and benchmarking of XBRL corporate financial statement filings.
This and other BizFinx initiatives to follow will bring about better governance and decision-making by market players and enhance the trustedness and rigour of our marketplace.