7. General Overview- Financial Reporting Process Financial Statements (FS) Complies with the Accounting Standards and gives a true & fair view Directors Auditor Audits the financial statements Directors- Responsible for the preparation and filing of the financial statements FS Prepared and Filed Using FS Manager Shareholders Other Consumers & Users of FS Promotes access to financial information Information flow
8. XBRL-Enabled Financial Information Marketplace Accounting Systems c Collection of XBRL Financial Information Public User ACRA Prepare FS XBRL Engine Storage Submit Data Interface Module File Upload FS FS Manager Bizhub Feedback and data feed Government users Marketplace administrator Business community users Feedback and data exchange Distribution of XBRL Financial Information
19. Filing Statistics (1 st Year of XBRL) * Partial XBRL pertains to a minimum of the balance sheet, income statement and mandatory information. Public Company (Listed) Public Company (Unlisted) Private Company Exempt Private Company Total Period from 1 Nov 2007 to 31 Oct 2008 (1 Year) Full XBRL 65 99 6,114 3,653 9,931 Partial XBRL* 445 483 19,003 9,260 29,191 % Full XBRL 13% 17% 24% 28% 25% Period from 1 Nov 2008 to 28 Feb 2009 (4 Months) Full XBRL 22 25 1,726 1,282 3,055 Partial XBRL* 78 79 4,767 3,326 8,250 % Full XBRL 22% 24% 27% 28% 27%
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23. Our Vision - Harmonised Corporate Financial Reporting to the Government Other Government agencies Regulatory Forms (Based on a Harmonised Singapore Taxonomy) One-stop Filing Portal Public users of business information Businesses Companies (with assistance from their service providers) prepare and file their regulatory forms in a harmonised taxonomy in an open standard data format at only one location. Government agencies and the public refer to the one-stop filing portal for their regulatory information needs in one harmonised and open standard data format
24. Thank You Further details available at: http://www.acra.gov.sg/Services/Company/Filing_of_Financial_Statement_in_XBRL.htm