As part of continual efforts to streamline the filing of financial statements in XBRL format, ACRA will be revising the XRBL filing requirements for companies. The revised XBRL filing requirements will cover data elements most commonly used by companies for more meaningful comparison and benchmarking. For most companies, the number of data elements that they need to file with ACRA will be reduced.
A public consultation was held from Nov 2018 to Jan 2019, to seek feedback on the proposed revisions to XBRL filing requirements and data elements. Focus group discussions were held with preparers and organisations to garner feedback and suggestions. The summary of response to the feedback received can be viewed here.
Timeline for Implementation of revised XBRL fiilng requirements
The revised filing XBRL requirements are expected to take effect in late Q3 2020. ACRA will announce the effective date in April 2020. A Practice Direction will be issued to guide preparers on complying with the revised requirements.
Companies that file before the effective date of the revised XBRL filing requirements can continue to prepare and file the XBRL financial statements based on the current XBRL filing requirements.
Companies that opt to voluntarily apply the revised XBRL filing requirements can do so from early May 2020.
By late Q3 2020, all companies must file their financial statements in accordance with the revised XBRL filing requirements.
Click here for more information on the revised XBRL filing requirements.
Beta version of new BizFinx preparation tool
A beta version of the new BizFinx preparation tool (version 3) based on the revised XBRL filing requirements is now available. Corporate service providers and companies can use the beta version to familiarise with the revised XBRL filing requirements and data elements. The final version of the new BizFinx preparation tool (version 3) will be released in April 2020.
Companies filing XBRL financial statements before the effective date of the revised XBRL filing requirement can continue to use the current version of the BizFinx preparation tool (version 2.7) that was released in May 2019.
Click here to download preparation tool (version 3).