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.
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.
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