Singapore – A Year of XBRL
Another year comes to a close. It seems like yesterday that we were ringing in 2015. Now we’re two-thirds of the way through December and are already talking about this year’s New Year’s Eve plans. It has been a momentous year in Singapore’s history. The death of Singapore’s founding father Lee Kuan Yew reminded us of his immense contribution towards making it the haven for business that it is. Under his leadership, Singapore became one of the most politically stable nations in the world and the freedom that business enjoys here is unparalleled anywhere else in the world.
Inception of XBRL in Singapore
For XBRL, however, it has been a quiet year. Singapore’s Accounting and Corporate Regulatory Authority (ACRA) continues to demand XBRL documents from companies via its BizFinx portal. The following picture summarises the various filing requirements based on company type. It has been compiled from information posted on an earlier post on this blog.
XBRL has taken some very large steps in the global economy in 2015. In Europe, Solvency II reporting regulations passed through a number of scheduled taxonomy changes and two rounds of preparatory filings, and is all set to come into effect on the first day of the new year. A number of smaller countries in the Middle East and Europe have started showing interest in XBRL. The US SEC, meanwhile, is considering moving its filing requirements to inline XBRL.
Now that a considerable amount of XBRL data exists, the analytics community is buzzing. Of course, this increasing use of XBRL has also thrown up quality issues. It is probably not overly optimistic to presume that these quality issues will be ironed out in this coming year.
Given Singapore’s importance as a centre of world business, it is highly unlikely that it will stay away from these developments in XBRL for too long.
From everyone at DataTracks, best wishes for a wonderful, peaceful and merry Christmas and a great New Year.
About DataTracks:
DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats. With over 10 years’ experience, DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore and MCA in India. DataTracks provides world-class services with its team of certified accountants experienced in US GAAP, UK GAAP, India GAAP, SFRS and IFRS.
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