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PUBLIC CONSULTATION ON ACRA XBRL REVAMP 2012
Singapore, 14 May 2012The Accounting and Corporate Regulatory Authority (ACRA) is revamping the national XBRL (eXtensible Business Reporting Language) filing system and invites members of the public to provide feedback and suggestions on proposed revisions to XBRL filing requirements, and Exposure Draft (ED) ACRA Taxonomy 2012.
                                                                                    
2.         XBRL is an internationally recognised language format for the electronic communication of business and financial data. ACRA implemented the filing of financial statements in XBRL in 2007 as part of the move towards enhancing business reporting and information flow. Today, close to 60,000 corporate financial statements are filed in XBRL format annually. The financial information that is filed in XBRL with ACRA is also an important source of information from which companies can utilise to make informed decisions. Last year, ACRA received some 1.9 million requests for business information. The proposed revisions are therefore part of ACRA’s continual efforts to promote an environment of high quality financial reporting and thus further strengthen Singapore’s position as a vibrant and trusted business hub.
 
3          Earlier this year, ACRA sought feedback from over 80 organisations involved in the financial reporting supply chain to develop the proposed revisions. These included preparers of financial statements, data consumers, government agencies, and accounting software companies.Through this revamp exercise, ACRA seeks to facilitate the preparation and filing of XBRL financial statements, and add further value to the flow of financial information by increasing the breadth and depth of XBRL data gathered. The varying needs of stakeholders were carefully considered and a balanced approach was taken in the proposals.  
 
4.         The proposed revisions are targeted for implementation in the second quarter of 2013.
 
5.         The public consultation paper covers two key areas:
 
              i.        Proposed revisions to XBRL filing requirements to better meet the needs of preparers and consumers of financial statements.
 
            ii.        ED ACRA Taxonomy 2012 in meeting the various disclosure requirements in Singapore Financial Reporting Standards (SFRS).
 

6.         Full details of the objectives, content and delivery, and the questions on which feedback is sought, can be found in the ACRA XBRL Revamp 2012 Public Consultation Paper. The paper is available for download on ACRA’s website:

http://www.acra.gov.sg/Publications/Public+consultation+on+ACRA+XBRL+Revamp+2012.htm

The public can also access the paper on the REACH website: www.reach.gov.sg from 14 May to 11 June 2012. The public consultation exercise ends on 11 June 2012.

 
7.         ACRA welcomes all members of the public to give their feedback and share their views in forging a pro-enterprise financial reporting environment for businesses in Singapore.

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For media enquiries, please contact:
 
Kate Hia
Manager, Corporate Communications
DID: 6325 3787 
Email: kate_hia@acra.gov.sg  
 
Karen Lee
Manager, Corporate Communications
DID: 6325 6738

Email: karen_lee@acra.gov.sg  

 
About ACRA
 
The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and public accountants in Singapore. ACRA also plays the role of a facilitator for the development of business entities and the public accountancy profession.
 
The mission of ACRA is to provide a responsive and trusted regulatory environment for businesses and public accountants. As at 30 April 2012, 398,272 business entities and 963 public accountants practising in public accounting firms, accounting limited liability partnerships and accounting corporations are registered with ACRA.
 
For more information, please visit www.acra.gov.sg
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