Revised XBRL Filing Requirements And The BizFin x Filing System Training Seminar
������ � 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, 100,000 Current Inventories 100,000 Other Financial Assets, 100,000 Current Hedging Instruments, 100,000 Current (Asset) Current Tax Receivables 100,000 Trade and Other 100,000 Receivables, Net, Current Prepayments, Current 100,000 Cash and Cash Equivalents 100,000 Other Assets, Current 100,000 Current Assets Total 1,000,000
����������������������������������� ����� !���������"������������ � 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 200000000N ABC Limited 2012 Construction 199400000D XYZ Private Limited 2012 Construction � Source: Singapore Financials Direct by DP Bureau
����#�����#����� Who benefits from using XBRL? � Company directors � Financial analysts � Investors � Creditors � Financial information companies � Accountants � Auditors � Government agencies � Academia �
�$��������%�&����������� ����'�(��"���� 2007 Jan – Feb 2013 Mar – Apr 2013 Jan – Apr 2012 May - Jun 2012 Focus groups Public Public consultation ACRA XBRL Launch of o o testing for consultation on for revised filing revamp XBRL (full and preparation tool: usability requirements and commenced partial filing of BizFin x taxonomy options) � Accounting preparation tool Needs o firms Summary of requirements o � Companies response published study � Corporate in Nov 2012 secretarial firms � Trainers �
�$��������%�&����������� ����'�(��"���� Nov 2013 Aug 2013 2014 Jun 2013 o Date for launch of online Revised XBRL Updated Updated o o o BizFin x portal and revised filing version of version of XBRL filing requirements will requirements prep tool, prep tool be announced once it is including confirmed. At least two weeks Beta version of changes to o advance notice will be given new BizFin x address preparation tool feedback to allow received (e.g. preparers to function to familiarise convert excel themselves with embedded the tool tables in word) ��
�$��������%�&����������� ����'�(��"���� Increase the Facilitate the breadth and preparation and Consumers Consumers depth of XBRL filing of XBRL Preparers Preparers data data Collect what consumers of financial statements want for analysis Efforts required by preparers to provide the data in XBRL Feedback obtained through earlier � needs requirements study; and Elements to derive commonly used � financial ratios ��
�������������)������ ��*��������� � 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 Full set of XBRL financial statements shares), except those under (a) and (b) (a) Specific companies, i.e. commercial Financial statements highlights (FSH)(XBRL) + PDF banks, merchant banks, registered insurers, copy of financial statements finance companies regulated by MAS (b) Companies allowed by law to prepare FSH (XBRL) + PDF copy of financial statements accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS 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)
�������������)������ ��*��������� � 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 ��
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