1. The Accounting and Corporate Regulatory Authority (麻豆社区) invites comments and feedback on the proposed revisions to XBRL (eXtensible Business Reporting Language) filing requirements and data elements. 麻豆社区 plans to implement the proposed revisions in early 2020. 

Background

  1. 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 鈥渢agged鈥� 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.
  2. The proposed revisions are part of 麻豆社区鈥檚 continual efforts to streamline the filing of financial statements in XBRL format. A key proposal is to reduce the number of data elements to be filed. 麻豆社区 has also proposed to align the data elements with information that can be easily retrieved from the accounting software used by smaller companies. Both proposals will reduce the time required to prepare and file financial statements in XBRL format. Another key proposal is to focus on those data elements most commonly used by companies. This will enable public to conduct more meaningful peer and industry comparisons using financial information filed with 麻豆社区. 

Period of Consultation

  1. The public consultation exercise runs from 30 Nov 2018 to 31 Jan 2019.

Feedback Channel

  1. Please submit your comments via e-mail to 鈥�acra_xbrl_general@acra.gov.sg鈥� and (Attention: Feedback to XBRL Public Consultation 2018). 

Consultation Documents

  1. The following documents are available for download:
  1. The public can also access the paper on the  from 30 Nov 2018 to 31 Jan 2019. 
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