The revisions aim are part of the ACRA’s continual efforts to streamline filing requirements. For most companies, the number of data elements required to be filed with ACRA will be reduced for most of the companies.
Timeline for implementation of revised XBRL filing requirements
ACRA is deferring the effective dates to allow companies more transition time due to the COVID-19 pandemic:
- companies must apply the revised filing requirements and data elements from 1 January 2021, and
- companies can opt to voluntarily use the revised filing requirements and data elements from 16 May 2020 to 31 December 2020.
Companies that file before 1 January 2021 can continue to prepare and file the XBRL financial statements based on the current XBRL filing requirements.
Public consultation on the revised XBRL filing requirements and data elements
A public consultation was held from November 2018 to January 2019 to obtain feedback on the filing requirements and proposed revisions to data elements.
Focus group discussions with preparers and organisations were also held to obtain feedback and suggestions. The summary of ACRA’s response to the feedback received can be viewed at the ACRA’s website.
An updated version of BizFinx preparation tool
Companies may continue to prepare, approve and upload their XBRL financial statements offline with the BizFinx preparation tool (Prep Tool). The Prep Tool’s updated version (version 3.2) regarding the revised XBRL filing requirements is now available. They can edit the Excel/XBRL.zip files that are prepared with the beta version (version 3.1) in the updated version without any loss of data.
Companies must connect to the internet, launch the Prep Tool (version 3) and click “Application Updates” on the introduction page to install the updated version (version 3.2) of the Prep Tool. Those who opt to prepare, approve and upload their XBRL financial statements based on the current XBRL filing requirements till 31 December 2020 may continue to use the Prep Tool (version 2.7).
Source: ACRA, 16 May 2020.