Following up on our previous post: ACRA BizFinx portal launch postponed

Prior to the launch of BizFinx, companies can continue to file their financial statements in the following options:
(a) Full XBRL format (option A) using FS manager,
(b) Partial XBRL format (option B) using FS manager; or
(c) Full PDF format (option C) - select "Other companies which have been approved by ACRA", with the date of approval as "1 December 2013" and reason stated as "Transitional arrangement for BizFinx launch".

With the launch of BizFinx, the above filing options will cease and FS Manager will be phased out. Companies planning to file their Annual Return using any of the above filing options, must complete their Annual Return transaction before 28 February 2014, 2359 hours.

Following up on our previous post: Update on the Revised XBRL Filing Requirements from ACRA - Effective Date for Companies to Start Filing Financials in Full XBRL revised to 2 December 2013 from 22 October 2013, ACRA announced that the launch date of the BizFinx portal will be postponed to a date to be announced. This is due to due to technical issues encountered in the deployment phase of BizFinx portal.
Provisions have been made for companies required to file their financial statements during this period, to use any of the following filing options in the Annual Return form in the BizFile system:

(a) Full PDF format (Option C) - select "Other companies which have been approved by ACRA", with the date of approval as "1 December 2013" and reason stated as "Transitional arrangement for BizFinx launch";
(b) Partial XBRL format (Option B) - using FS Manager tool
(c) Full XBRL format (Option A) - using FS Manager tool

ACRA will provide a two weeks' notice before the new BizFinx portal is ready for launch, whereupon the above filing options will no longer be available.

Following feedback from companies relating to the new XBRL filing requirements announced earlier, the Accounting and Corporate Regulatory Authority (ACRA) is revising the effective date for companies to start filing financials in full XBRL (eXtensible Business Reporting Language) format to 2 December 2013 from the original 22 October 2013. This means that most companies will likely file their financial statements in full XBRL only in 2014.

To prepare companies for the transition to full XBRL filing, ACRA has been engaging key stakeholders and companies’ financial preparers to seek feedback and provide the necessary support through a $1.8 million training fund set up earlier this year. Over 1,500 participants have already attended free training seminars and heavily subsidised training courses. These are organised by ACRA in collaboration with professional partners such as the Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) and the Institute of Singapore Chartered Accountants (ISCA). A preparation tool to help preparers prepare their company’s financials in XBRL was also developed. The first version was issued in June 2013. Preparers have since made further suggestions to improve the tool and ACRA continues to refine and issue new versions of the tool. The new date will also provide companies with more time to adjust to the changes made to the preparation tool.

The latest version of a software tool for companies to prepare their financials in full XBRL (eXtensible Business Reporting Language) format was released today. This follows the announcement earlier this year by the Accounting and Corporate Regulatory Authority (ACRA) that come October 2013, Singapore incorporated companies (unless exempted*) will be required to file a full set of financial statements in XBRL based on revised filing requirements. ACRA has now set the effective date for companies to start filing in full XBRL as 22 October 2013.

* The exceptions to this requirement will be companies from certain specified industries, companies allowed to prepare financial statements using accounting standards other than SFRS (Singapore Financial Reporting Standards), SFRS for Small Entities and IFRS (International Financial Reporting Standards), and insolvent exempt private companies.

Under the revised XBRL filing requirements with effect from late October 2013, all Singapore incorporated companies which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to the new expanded ACRA Taxonomy 2013. Filing of Option B (Partial XBRL), a filing option under the current XBRL filing system, will no longer be available. In this article, ASTAB will be summarising how companies will be affected.

Solvent Exempt Private Limited Company
All solvent Exempt Private Limited Companies, including Dormant Exempt Privated Limited Companies will continue to be exempted from filing their accounts and XBRL filing will not required.

Insolvent Exempt Private Limited Company
Insolvent Exempt Private Limited Companies will be required to file their financial statements with ACRA. They will have the choice of filing the new full set of financial statements in XBRL format or a full set of financial statements in PDF with Financial Statement Highlights in XBRL format.

Private Company (non EPC)
Private Companies will be required to file a full set of financial statements in XBRL format.

Companies exempted from filing full set of financial statements in XBRL format
Commercial Banks, Merchant Banks, Registered Insurers and Finance Companies regulated by the Monetary Authority of Singapore and Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting standards) will be exempted from filing full sets of financial statements in XBRL. They will be required to file their financial statements in PDF with Financial Statements Highlights in XBRL format.

The Accounting and Corporate Regulatory Authority (ACRA) announced today the revised filing requirements for companies required to file their financial statements with ACRA. The revision includes expanding the taxonomy used for filing. This will improve the quality of financial statements by increasing the breadth and depth of financial data submitted to ACRA. The revised filing requirements will take effect from late October 2013. In tandem, companies which currently file financial statements in partial XBRL format will be required to file a full set of financial statements in the XBRL (eXtensible Business Reporting Language) format henceforth. This will enable greater transparency and comparability of financial information being released.

Based on current filing cycles, most companies will likely file their financial statements in full XBRL only in 2014. To help companies make advance preparations, ACRA is releasing a beta version of the new BizFinx preparation tool. This will provide companies with sufficient time to familiarise themselves with the revised filing requirements and transit to full XBRL filing. The final version of the tool will be freely available to companies from mid Aug 2013 onwards.

Revised Filing Requirements

In drawing up the revised filing requirements, ACRA held focus group discussions with over 80 organisations involved in the financial reporting supply chain. This included government agencies, professional bodies, accounting firms and individual companies. A balanced approach was taken that took into account the varying needs of the diverse stakeholders. ACRA also sought feedback from over 600 participants at four public seminars in May and June 2012. The seminars were organised in collaboration with professional bodies including the Institute of Certified Public Accountants of Singapore (ICPAS), the Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) and the Singapore Business Federation (SBF).

Unlocking the Value of Business Data

XBRL filing allows for greater transparency as data can be sliced and diced almost immediately for analysis with software tools. This affords a far wider scope and complexity for business analytics than manual comparisons of financial statements. Companies can also tap on XBRL enabled data to enhance their business decision making process. With more companies filing in full XBRL, analysis of business data can be more efficiently generated and made available to the business community. Enhancing the availability and accessibility of such information also promotes greater transparency in the marketplace which is crucial for sustainable business growth. To enable companies to experience the business value of XBRL enabled data, ACRA will offer one time free data analysis usage for companies that file their financial statement in full XBRL.

New BizFinx Preparation Tool

The beta version of the BizFinx preparation tool was developed based on feedback gathered from preparers of financial statements. A key priority was to help reduce the filing burden for companies. Key features include giving companies the ability to prepare their financial statements offline. This gives companies more flexibility in the preparation and filing process. To reduce manual data entry time, the tool is equipped with an auto-tagging function that automatically maps financial information within the financial statement using a set of accounting term synonyms. There is also drag-and-drop functionality to populate the data fields.

Focus group sessions with over 70 participants were held early this year to test a prototype of the preparation tool. The participants came from corporate secretarial firms, companies and professional bodies such as SAICSA, ICPAS and the Association of Small and Medium Enterprises (ASME). Earlier this year, ACRA also sought the public’s views to further improve the usability of the preparation tool. Taking reference from the feedback received, ACRA continues to make more user friendly enhancements to the tool. The final version of the preparation tool will be released in August 2013. (Refer to Annex B for more information of the preparation tool.)

Support for Companies Filing with ACRA

To further ease the transition for businesses to full XBRL filing, ACRA has worked with professional bodies to identify a range of resources and support for companies that will be available from July 2013 onwards:

(a) Roadshows and Training Sessions

A $1.8million training fund has been set up to help companies transit to full XBRL filing in October. ACRA will organise road shows and training sessions in collaboration with professional bodies such as SAICSA, ICPAS and the Singapore Business Federation. Companies can sign up for training seminars for a nominal fee and heavily-subsidised training courses on the revised filing requirements and new XBRL preparation tool. These courses will be available throughout the first year following the implementation of the revised filing requirements. The first training course will commence on 26 July.

(b) More time to file financial statements with ACRA

Non-listed companies will be given more time to file their financial statements in full XBRL. During the first year of implementation of the revised XBRL filing requirements, eligible companies which apply for 30 day extension of time to hold their Annual General Meeting (AGM) can obtain an application fee waiver.

(c) Support Hotline

A dedicated support hotline will be available for companies and preparers of financial statements with issues and queries on XBRL filing.

(d) Free Data Analysis

ACRA will offer free one time usage of data analysis for companies each time they file their financial statements in full XBRL. The free data analysis will be made available at ACRA’s new one-stop financials filing portal, BizFin. The portal will commence operations when the revised filing requirements and filing in full XBRL take effect in October this year.