1. The Accounting and Corporate Regulatory Authority (ACRA) invites members of the public to provide feedback on the usability of the new BizFinx preparation tool.

Background

  1. ACRA first implemented the filing of financial statements in XBRL in 2007 as part of the move towards enhancing business reporting and information flow. Enhancements under ACRA XBRL Revamp are aimed at meeting the needs of two key stakeholders, namely the preparers and consumers. While we facilitates the preparation and filing process of XBRL financial statements for businesses, the breadth and depth of XBRL will be increased to improve the quality of XBRL financial statements.
  2. The new BizFinx preparation tool is provided free of charge, as part of the ACRA XBRL Revamp. Companies may use the BizFinxpreparation tool to prepare XBRL financial statements in accordance with the revised XBRL filing requirements of a full set of financial statements in XBRL.
  3. The revised XBRL filing requirements are scheduled for implementation in the second half of 2013, during October 2013.

Consultation Document

  1. The public consultation paper summarises the key project milestones of ACRA XBRL Revamp and salient information on the preparation tool used for the public consultation. The public can also access the paper on the  REACH website. The following documents are available for download:

To participate in the public consultation

  1. Please click here to register your interest to participate in the public consultation on BizFinx preparation tool. More information on downloading the installers of the BizFinx Preparation Tool will be provided after registration.
  2. Two briefing sessions on the scope of this public consultation, will also be held on the morning of 1 April and 2 April. If you would like to attend the briefing session, please register your interest in the same registration form for downloading of the preparation tool.
  3. Please provide your feedback using the feedback form, available in Annex D of the public consultation paper. All comments and feedback should be marked “Attention: ACRA BizFinx Preparation Tool Feedback” and sent to the following contact details:
    • Email:  acra_xbrl_general@acra.gov.sg
    • Fax: (65) 6225-1676
    • Accounting and Corporate Regulatory Authority 
      Financial Information Division 
      10 Anson Road 
      #05-01/15 International Plaza 
      Singapore 079903

Period of consultation

  1. The public consultation exercise ends on 19 April 2013.
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