Implementation of revised requirements for the filing of financial statements in XBRL format
As part of ACRA’s continual efforts to streamline the filing of financial statements in XBRL format, ACRA will be revising the XBRL filing requirements for companies. The revised XBRL filing requirements will cover data most commonly used by companies for more meaningful comparison and benchmarking. For elements most companies, the number of data elements that they need to file with ACRA will be reduced.
Timeline for Implementation of revised XBRL filing requirements
- The revised filing XBRL requirements are expected to take effect in late Q3 2020. ACRA will announce the effective date in April 2020. A Practice Direction will be issued to guide preparers on complying with the revised requirements.
- Companies that file before the effective date of the revised filing requirements can continue to prepare and file the XBRL financial statements based on the current XBRL filing requirements.
- Companies that opt to voluntarily apply the revised XBRL filing requirements can do so from early May 2020. By late Q3 2020, all companies must file their financial statements in accordance with the revised XBRL filing requirements.
Beta version of new BizFinx preparation tool
- A beta version of the new BizFinx preparation tool (version 3) based on the revised XBRL filing requirements is available for download, to enable preparers to familiarise with the revised filing requirements and data elements. The final version of the new BizFinx preparation tool (version 3) will be released in April 2020.More information on the revised filing requirements and Prep Tool can be found on the ACRA site here.
As XBRL has more data elements compared to XBRL Financial Highlights most Accounting and Tax corporate providers may also increase their pricing and fees as additional resourcing may be required.