Accounting and Corporate Regulatory Authority (the “ACRA”) announced the revised filing requirements for companies required to file their financial statements with the ACRA. Companies now have to file their financial statements in XBRL format. http://www.1accounting.com.sg/

1. 1 Accounting

2. Are You Aware of the Revised XBRL Filing
Requirements Introduced by ACRA

3. Know About the Revised XBRL Filing
Requirements Introduced by ACRA
Singapore’s statutory financial regulator ACRA has introduced XBRL
filing requirements for business enterprises and these are revised filing
specifications are in effect from 3rd
March 2014.
Extendable Business Reporting Language or XBRL is a series of custom
XML tags that businesses need to start to insert into their financial records
that they file with Accounting and Corporate Regulatory Authority
(ACRA). The main objective is to make it easier for ACRA and financial
analysts to pull out the information that they are looking for, and to
compare it to other business enterprises. Since November 1st
2007,
businesses are need to file financial statements with ACRA, are filing
financial statements in XBRL. With effect from 3rd
March 2014, the
revised XBRL filing requirements under the BizFinx system will
apply. This post covers the revised filing requirements in XBRL including
detailed information on the following:
Who Needs to File and Who Needs is Exempted
According to the official website, companies that are incorporated in
Singapore (limited or unlimited by shares) are required to file their
financial statements with ACRA, will be required to file a complete set of

4. financial statements in XBRL format, based on a minimum requirement
list within the new ACRA Taxonomy 2013. Filing of Option B (Partial
XBRL), a filing option under the previous XBRL system (FS Manager),
will no longer be available. For instance, specific firms regulated by
Monetary Authority of Singapore (MAS), i.e. merchant banks, licensed
insurers, commercial banks, financial institutions regulated by MAS have
to file financial statements highlights (FSH) in XBRL format with the
addition of a PDF copy of financial statements. When it comes to foreign
companies, their local offices have to file a PDF copy of financial
statements and they do not need file in XBRL format.
Applicable Financial Periods
For companies filing financial statements with periods ending on or after
30th
April 2007 need to fulfill the revised XBRL filing requirements put
forward by ACRA. Companies filing financial statements related to
financial periods ending before 30th
April 2007 will continue to file their
financial statements in PDF format and their FSHs in respect of the
financial statements in their annual return.
Minimum Requirement List – For Complete Set of XBRL Financial
Statements
The minimum requirement list is a set of elements within ACRA
Taxonomy 2013 which companies are required to file if the information
is available in the financial statements. This is applicable only for firms

5. filing a complete set of financial statements in XBRL. These business
organizations may voluntarily choose to submit more information in
XBRL format than the minimum requirement list. It is designed on a
needs-driven basis, which means elements are only included for collection
if they are sought after by customers/clients of financial information. A
comprehensive cost-benefit analysis weighing the interests of all
stakeholders was conducted before the minimum requirement list was
introduced. The minimum requirement list comprises of a combination of
a text block element to allow firms to submit their entire set of financial
statements. Also, the minimum requirement list consists of detailed
information elements to allow firms to submit information within
individual sections of the financial statements.
Financial Statements Highlights (FSH)
Those firms that are exempted from filling a complete set of financial
statement in XBRL, are generally required to file financial statements
highlights (FSH) in XBRL and the filing requirements for the different
types of firms are set out hereto. FSH is a set of salient financial and non-
financial information that comprises of approximately 50 data elements.
You can learn more about preparing and filing FSH through the FSH
guide and templates. With FSH filing, you will also get free data analysis
provided as part of BizFinx.

6. Helping Business Owners to Fulfill their Business Requirements
There are many well established service providers that are ready to help
business owners to fulfill their business requirements and accounting
needs, irrespective of their size or industry. 1 Accounting is one such
company that provides management reporting and financial analysis to
their business clients on top of monthly financial reporting. They are
familiar with XBRL filing requirements of ACRA and IRAS and can
apply them to complement your company needs and support its growth.

7. Contact Us
Address: 14 Robinson Road #13-00 Far East
Finance Building, 048545
Website: http://www.1accounting.com.sg/