On 16 May 2020, ACRA announced the revised filing requirements for companies required to file financial statements in eXtensible Business Reporting Language (XBRL) format, which would take effect from 1 Jan 2021. Companies can opt to voluntarily adopt the revised XBRL filing requirements when filing financial statements from 16 May 2020 to 31 Dec 2020.
In view of the challenging economic situations amid the COVID-19 pandemic, ACRA is providing a one-off extension to give companies more time to adopt the revised filing requirements and data elements for the filing of financial statements in XBRL format as follows:
- Companies are required to apply the revised XBRL filing requirements and data elements from 1 May 2021; and
- Companies can opt to voluntarily adopt revised XBRL filing requirements and data elements up till 30 Apr 2021.
ACRA urges all companies to voluntarily adopt revised XBRL filing requirements early as most companies would be able to benefit from a reduced number of data elements that they need to file with ACRA under the revised XBRL requirements.