Public Consultation on 'Revisions to ACRA Taxonomy'

1. The Accounting and Corporate Regulatory Authority (ACRA) invites comments and feedback on the consultation paper “Revisions to ACRA Taxonomy”.
2. ACRA has adopted the eXensible Business Reporting Language (XBRL) as part of its overall strategic direction of enabling both a pro-enterprise financial reporting environment for businesses in Singapore and a value-enhancing financial information flow to the international business community. Having made XBRL filing a reality, ACRA is now embarking on the next phase of turning XBRL information into dynamic business intelligence for the business community.
3. The ACRA Taxonomy was first released for public use on 1 May 2007. Following the adoption of the revised Singapore Financial Reporting Standard (FRS) 1 Presentation of Financial Statements by the Singapore Accounting Standards Council, ACRA is reviewing the current ACRA Taxonomy version 1.21 to determine the revisions to be made.
4. Through this consultation, ACRA would also like to gather views on the possible revisions to the preparation and filing requirements for financial statements in XBRL in Singapore and to the current ACRA Taxonomy.
5. This consultation exercise invites views from all stakeholders and interested persons in the corporate financial reporting process.

Guidelines

6. ACRA invites views on the specific questions posed in the paper as well as views on any other matters relevant to the consultation exercise. To facilitate a mutually beneficial feedback process, ACRA would appreciate it if respondents could provide some background insights leading to their views and suggestions. In facilitating a productive and focused consultation process, respondents are encouraged to:
   • Indicate your name as well as the organisation you represent (if any); 
   • Focus on the specific consultation points set out in the paper;
   • Indicate the specific financial statement and/or specific data element to which the comments relate; and
   • Make a conscious effort to phrase your comments with a clear rationale and include an alternative that ACRA should consider.

Period of Consultation

7. The consultation paper is available for public consultation till 12 December 2008.

Feedback Channel

8. We would appreciate that you send us your comments via email to  acra_xbrl_general@acra.gov.sg. Please indicate “Attention: ACRA Taxonomy Feedback” in the subject line.

Consultation Paper

9. For your convenience, the consultation paper (98KB) relating to this consultation exercise can be downloaded for further reference.