Accounting and Corporate Regulatory Authority of Singapore – XBRL
The Accounting & Corporate Regulatory Authority of Singapore is a statutory board under the Ministry of Finance of Singapore. ACRA was established in April 2004 with the merger between the Public Accountants Board and the Registry of Companies and Businesses.
ACRA’s mission is to provide a responsive and trusted regulatory environment for businesses and public accountants that is conducive to enterprise and growth in Singapore. In this regard, ACRA is continuously looking for innovative ways to achieve greater transparency in financial information reporting and exchange.
Singapore-incorporated companies are required by law to prepare their financial statements in accordance with the Financial Reporting Standards and to file them annually with ACRA.
There were existing challenges encountered in this process. Firstly, there was no common standard for companies when they publish and submit their financial statements online. All financial information submitted was primarily by way of Portable Document Format or PDF attachment via ACRA’s BizFile online business filing service.
Secondly, the process was tedious and costly involving immense time and manual effort to retrieve salient financial data for effective analysis which further increased the risks of human error and data inaccuracy.
Thirdly, data captured could not be readily disseminated to the public, government agencies or to the larger international business community for timely use and analysis.
To meet these challenges, ACRA evaluated the use of XBRL or eXtensible Business Reporting Language, a globally recognised business reporting language based on open standards that allows financial reports to be filed using interactive data. XBRL promises major benefits in the preparation, analysis and communication of business information.
Ecquaria was selected as ACRA’s partner of choice to develop the world’s first free online tool called ACRA FS Manager, an XBRL electronic filing system for ACRA that enables companies to prepare and manage their financial statements in XBRL.
- There was no common standard for companies to publish and submit their financial statements online.
- The primary solutions to submit forms were through PDF via ACRA’s online BizFile.
- Data captured could not be readily disseminated.
ACRA evaluated the use of XBRL or eXtensible Business Reporting Language, a globally recognised business reporting language based on open standards that allows financial reports to be filed using interactive data.
Ecquaria successfully develop the world’s first free online tool called ACRA FS Manager, an XBRL electronic filing system for ACRA that enables companies to prepare and manage their financial statements in XBRL. The FS Manager solution is designed to align with ACRA’s XBRL implementation strategy based on a holistic and phased approach that is logical, sensible and friendly to ACRA’s ecosystem of users.
The introduction of XBRL as a common financial reporting standard not only helps increase the speed of handling financial data, reduce the chance of error and permits automatic validation, extraction, classification and dissemination of information, it also helps ACRA save costs and streamline their processes for collecting and distributing financial information.