PUBLIC CONSULTATION ON PROPOSED REVISIONS TO XBRL FILING REQUIREMENTS AND DATA ELEMENTS
Accounting and Corporate Regulatory Authority
- Consultation Period:
- 30 Nov 2018 - 31 Jan 2019
- Status:
- Closed
Detailed Description
Introduction
1.1 The Accounting and Corporate Regulatory Authority (ACRA) invites comments and feedback on the proposed revisions to XBRL (eXtensible Business Reporting Language) filing requirements and data elements. ACRA plans to implement the proposed revisions in early 2020.
1.2 Since 2007, Singapore incorporated companies (unless exempted) are required to file financial statements in XBRL format. XBRL enables individual financial statement line items such as revenue, profit and net assets to be “tagged” and made machine readable. This allows financial information to be more easily analysed, thus enhanced transparency and comparability of financial performance and position across companies and industries.
1.3 The proposed revisions 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 for filing. 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 used by companies. This will enable the public to conduct more meaningful peer and industry comparisons using the financial information filed with ACRA.
1.4 This consultation invites views from all stakeholders and interested persons in the financial reporting value chain. We request that respondents provide views on specific questions in the paper, including background insights leading to your views. To facilitate follow-up, we encourage respondents to indicate the name and the organisation you represent (if any).
1.5 This paper is available for public consultation till 31 January 2019. Please submit your comments via e-mail to “acra_xbrl_general@acra.gov.sg” and (Attention: Feedback to XBRL Public Consultation 2018).