Taxonomy is the dictionary which the XBRL language uses. In Singapore, the ACRA Taxonomy is created based on disclosure requirements for financial statements as set out in the Accounting Standards and Companies Act.
The ACRA Taxonomy is a closed taxonomy that does not allow preparers to add or define their own company specific concepts or create their own relationships between concepts. This is to enhance the comparability of the data collected. However, certain customisations are allowed, to give preparers flexibility in their presentation (e.g. company specific labels and re-ordering of the concepts).
Versions of ACRA Taxonomy:
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