Exploring the Latest XBRL Initiatives and Updates in Singapore’s Regulatory Landscape
Singapore has always been regarded as the leading financial centre in the world because of its strict regulatory environment and dedication to openness. The nation has embraced the eXtensible Business Reporting Language (XBRL) framework as part of its ongoing efforts to improve financial reporting and regulatory compliance.
Understanding ACRA XBRL
The electronic transmission of commercial and financial data uses the standardised markup language known as XBRL. It makes it possible for businesses to tag financial information in a standardised way. Furthermore, it makes it simpler for regulators, investors, and other stakeholders to access and analyse this crucial information.
Singapore’s Accounting and Corporate Regulatory Authority (ACRA) embraced XBRL in 2007 and expects businesses to submit their financial statements in XBRL format.
Latest XBRL Initiatives and Updates
To speed up the filing process and reduce the number of data components that most businesses must submit, ACRA recently changed the XBRL filing requirements and data elements. The new requirements have been created based on responses received during a public consultation and focus group talks held in 2018 and 2019. Beginning on May 1, 2021, the updated requirements have been implemented.
These updates include:
- Depending on the type and size of the company’s operations, different XBRL filing requirements apply. Smaller and non-publicly accountable businesses must submit financial statements in a simplified XBRL template with only 120 data pieces (down from 410 previously) and a PDF of the financial statements.
- Financial statements are not required for solvent SG-incorporated exempt private corporations (EPCs). Additionally, if they file willingly, they may do so in a PDF or a streamlined XBRL format.
- The authorised financial statements must be filed in PDF format rather than the typical XBRL format for SG-incorporated entities that use accounting standards other than those outlined by SFRS.
Challenges Faced by Financial Organisations
It is accurate to assert that the future of XBRL in Singapore appears promising. Nevertheless, businesses encounter various challenges when filing their reports, such as ensuring data accuracy, guarding against cyber threats, and maintaining precision. Given that XBRL reporting is mandatory for financial organisations, finding solutions to these issues and ensuring the timely and accurate submission of reports is imperative.
Why Choose DataTracks for ACRA XBRL?
We at DataTracks are experts in XBRL conversion services with over 18 years of experience. Our proficient team understands the complexities of XBRL reporting and works in compliance with regulatory standards. We offer tailored solutions to meet your organisation’s specific needs, whether you are a large corporation or a smaller entity, ensuring efficient and cost-effective XBRL filing.
Lastly, by outsourcing XBRL services to professionals like DataTracks, businesses can focus on their core operations while having confidence that their financial reporting is in expert hands, leading to peace of mind and enhanced regulatory compliance.
To know more, get in touch with us at + 65 31582850 or email us at enquiry@datatracks.com.sg