A public consultation exercise was conducted from 30 November 2018 to 31 Jan 2019 on the proposed revisions to XBRL filing requirements and data elements.
- The public consultation contained proposed revisions that are part of ACRA's continual efforts to streamline the filing of financial statements in XBRL format. A key proposal is to reduce the number of data elements required to be filed. ACRA has also proposed to align the data elements with information that can be easily retrieved from the accounting software used by 'micro' companies. This will reduce the preparation time taken to prepare and file financial statements in XBRL format. Another key proposal is to streamline data elements to focus on those most commonly filled by companies. This will enable the public to conduct more meaningful peer and industry comparisons using the XBRL financial information filed with ACRA.
- During the 2-month consultation, ACRA facilitated 5 focus group discussions, attended by over 90 participants from 67 organisations (with a majority being corporate service providers). ACRA also received 35 written replies, of which 4 were from organisations/individuals who did not attend any focus group discussions.
- Respondents generally supported the proposed revisions. Most respondents gave suggestions or sought clarifications on the application of the proposed revisions. Based on the feedback received, ACRA made some amendments to the proposed revisions.
- ACRA would like to thank all respondents for their comments.
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