Revised XBRL Filing Requirements And The BizFin x Filing System - - PowerPoint PPT Presentation

Training Seminar Revised XBRL Filing Requirements And The BizFinx Filing System

• Why XBRL?

ACRA XBRL Revamp Milestones Revised XBRL Filing Requirements Minimum Requirements List and Mapping

Principles

Validation Rules and Common Mistakes Available Support For Companies

• Stands for “eXtensible Business Reporting Language”

Based on XML (eXtensible Mark-up Language) Fast becoming a global standard for the sharing of

financial data

Provides an identifying ‘tag’ for each piece of financial

information - works like a barcode

Allows information to be easily extracted and analyzed Using PDF financial statements vs using XBRL data

Source: http://www.xbrl.org/knowledge_centre/projects

• CURRENT ASSETS

Assets Held for Sale 100,000 Construction in Progress, Current 100,000 Inventories 100,000 Other Financial Assets, Current 100,000 Hedging Instruments, Current (Asset) 100,000 Current Tax Receivables 100,000 Trade and Other Receivables, Net, Current 100,000 Prepayments, Current 100,000 Cash and Cash Equivalents 100,000 Other Assets, Current 100,000 Current Assets Total 1,000,000

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Automated and immediate availability of data after filing Trend analysis of individual company information Benchmarking against peers and industry median

Automated filtering of all public records

Company Screener can filter all public records among

60,000 companies’ financial statements to find matches that meet preferred criteria

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200000000N ABC Limited 2012 Construction 199400000D XYZ Private Limited 2012 Construction

Source: Singapore Financials Direct by DP Bureau

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Who benefits from using XBRL?

Company directors Financial analysts Investors Creditors Financial information companies Accountants Auditors Government agencies Academia

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May - Jun 2012 Jan – Apr 2012

• ACRA

XBRL revamp commenced

• Needs

requirements study

• Public

consultation for revised filing requirements and taxonomy

• Summary
• f

response published in Nov 2012 Jan – Feb 2013 Focus groups testing for preparation tool: Accounting firms Companies Corporate secretarial firms Trainers Mar – Apr 2013 Public consultation on usability

• f BizFinx

preparation tool

2007

Launch of XBRL (full and partial filing

• ptions)

Jun 2013

• Revised XBRL

filing requirements

• Beta version of

new BizFinx preparation tool to allow preparers to familiarise themselves with the tool 2014

• Date for launch of online

BizFinx portal and revised XBRL filing requirements will be announced

• nce

it is

• confirmed. At least two weeks

advance notice will be given Aug 2013

• Updated

version of prep tool

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Nov 2013

• Updated

version of prep tool, including changes to address feedback received (e.g. function to convert excel embedded tables in word)

Collect what consumers

• f

financial statements want for analysis

• Feedback obtained through earlier

needs requirements study; and

• Elements to derive commonly used

financial ratios

Efforts required by preparers to provide the data in XBRL Consumers Consumers Preparers Preparers

Increase the breadth and depth of XBRL data Facilitate the preparation and filing of XBRL data

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) *

Singapore incorporated companies which are either

unlimited or limited by shares (unless exempted) will be required to file a full set of financial statements in XBRL according to a minimum requirement list within the ACRA Taxonomy 2013

Current filing option of partial XBRL (option B) will be

removed

For financial statements with periods ending on or after

30 April 2007

) *

Type of Company Filing of Financial Statements Public / Private companies (limited/unlimited by shares), except those under (a) and (b) Full set of XBRL financial statements (a) Specific companies, i.e. commercial banks, merchant banks, registered insurers, finance companies regulated by MAS Financial statements highlights (FSH)(XBRL) + PDF copy of financial statements (b) Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS FSH (XBRL) + PDF copy of financial statements Insolvent exempt private companies (EPCs) Option of:

• Full set of XBRL financial statements; or
• FSH (XBRL) + PDF copy of financial statements

Solvent EPCs Exempted from filing financial statements, but are encouraged to file with following options:

• Full set of XBRL financial statements or
• FSH (XBRL)

Companies limited by guarantee PDF copy of financial statements (XBRL filing not required) Foreign companies and their local branches PDF copy of financial statements (XBRL filing not required)

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) *

Around 60,000 companies file in XBRL currently Changes for companies against FS Manager XBRL filing

Submit information using relevant fields in taxonomy instead of using

user-defined fields

Submit information within up to 11 disclosure notes, where applicable

Capturing more in-depth information for consumer of financial

information

Submit a full set of financial statements in textual format, instead of

PDF format

) *

Minimum requirement list states the information that

must be filed in XBRL if the information is available in the AGM financial statements

If you have it, you will need to provide it If you have extra, you need not provide it Minimum requirement list Text block

For full set of AGM financial statements

Detailed information

For certain sections indicated

*

Information Required Minimum Requirement List Text block information

• An entire set of financial statements submitted using a single text block element

Detailed information (Statutory reports)

• Statement by directors
• Independent auditors’ report

Detailed information (Primary financial statements)

• Statement of financial position (note 1)
• Income statement (note 1)
• Statement of cash flows (note 2)

Detailed information (Disclosure notes)

• Corporate and general information
• Trade and other receivables (note 1)(note 3)
• Trade and other payables (note 1)(note 3)
• Provisions (note 1)(note 3)
• Share capital (note1)(note 4)
• Revenue (note 1)
• Government grants (note 1)
• Employee benefits expense (note 2)
• Operating segments (note 1)
• Property, plant and equipment (note 1)(note 4)
• Selected income and expense (note 2)
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• RULE 1:

A line item within the AGM financial statements MUST be mapped to the relevant concept within the taxonomy when they are equivalent in accounting terms.

• RULE 2:

Line items within the AGM financial statements that represented sub-components of relevant concepts within taxonomy MUST be aggregated together. A footnote SHALL also be created to explain the aggregation that was performed.

• RULE 3:

When a line item within the AGM financial statements represents an aggregation of several concepts in the taxonomy, the breakdown MUST be disclosed as required. Where it is impractical or the breakdown is not disclosed within the AGM financial statements, the preparer SHALL map the entire amount to one of the concepts that made up to the line item based on the best-fit principle.

• RULE 4:

Line item that does not have any linkages with any concepts within the taxonomy SHALL be classified under “others” category in the respective sections of the financial statements, when it is available. A footnote SHALL also be created to explain the breakdown of what has been classified under others.

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“Others” items will be available for all templates except

for

Statement of Cash Flows Selected income/expenses Employee benefit expenses If “others” items are unavailable, no need to provide

unlinked line items.

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• BizFinx

Preparation Tool Training & Help Resources More Time For Filing

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Free offline tool to help companies prepare XBRL FS Increased flexibility by allowing offline preparation Auto-tagging function Ability to learn the fields that the company has used

within their financial statements

• making

preparation easier in the following financial year

Drag and drop function Ability to populate values automatically with this

function reducing time for manual data entry

June and August versions

Provide ample time for user to familiarize with filing requirements

and using the tool

Addresses

issues highlighted from focus groups and public consultation

November version

Contains more enhancements (e.g. making review copy more user-

friendly)

This latest version of the preparation tool must be used to prepare

the XBRL files for filing purposes, and it replaces earlier versions released in June and August 2013

All Excel / XBRL.zip files prepared using earlier versions of the

preparation tool can be opened and edited in the latest version of the preparation tool, and this should not result in any loss of data

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• Free training seminars

Held throughout the first year of revised XBRL filing

regime, beginning July 2013

Cover filing requirements and how to use the BizFinx

preparation tool to prepare FS

Subsidized

detailed training courses with training partners

Provide hands-on practice with BizFinx preparation

tool

50% of training fee subsidized by ACRA Regular courses held monthly, available from July

2013

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Current Obligations Non-listed companies are required to:

To hold AGM every calendar year, interval not more

than 15 months

To present accounts not more than 6 months after

year-end during AGM

))

Assistance from ACRA

Extension Of Time No application fee for companies applying for 30-day

extension for both obligations.

Applicable only:

• For non-listed companies filing full XBRL
• During the first year of implementation

Where the company has applied for and has been granted

EOT under s175 and s201 of Companies Act, no waiver of late penalty under s197 will be available

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Assistance from ACRA

Penalty Waiver

• If company fulfills the two obligations, penalties will

be waived if AR is filed not more than 30 days after prescribed period.

Illustrative example: Company with financial year-end of Dec 2012 To hold AGM by June 2013 and file AR by July 2013 AR filed only in August 2013

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Compliance Ratings: EOT applied:

if company has fulfilled all of its

• bligations under s197, and s175 and s201 of the

Companies Act within their extended dates.

EOT not applied:

No penalty imposed for late filing, with compliance

rating as if the company has breached the provisions under s175, s197 or s201.

Reason being: Compliance rating reflects compliance

with the legislation

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Option A (Full XBRL) where companies have used FS Manager to directly

prepare AGM FS (i.e. no separate document in word / excel)

Request from ACRA for Option A FS in MS Word format (converted

from the XBRL FS), which may then be updated to be used as source document in BizFinx prep tool

Email request to: ACRA_xbrl_general@acra.gov.sg, with the following:

Subject header of email: “Request for XBRL financial statements –

Option A filed with ACRA in Word format”

Scanned copy of request letter using company letterhead & to be

signed off by company director, containing following details:

Company Name Company Registration Number Financial Year End of the relevant Option A financial statements filed

Copy of relevant Option A FS (XBRL format)

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Hotline for companies and preparers on XBRL-related

enquiry and technical issues

Preparers guide ACRA Taxonomy templates Business rules List of synonyms User guide/Quick guide for BizFinx preparation tool /

Video Guide (key functions of prep tool)

FAQs

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• Free data analysis for companies filing Full XBRL or FSH

Available to Company officers (directors and company

secretary)

One-time usage every year, upon filing of Annual Return

with XBRL

Printed (PDF format) and online (interactive graphs)

reports available

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• Financial ratios available for analysis:

Revenue growth, Net profit margin, Return on assets,

Total asset turnover

Trend analysis and industry comparison

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