{"id":1550,"date":"2020-05-19T10:16:00","date_gmt":"2020-05-19T02:16:00","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1550"},"modified":"2021-02-02T16:46:17","modified_gmt":"2021-02-02T08:46:17","slug":"implementation-of-revised-xbrl-filing-requirements","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2020\/05\/19\/implementation-of-revised-xbrl-filing-requirements\/","title":{"rendered":"Implementation of Revised XBRL filing requirements"},"content":{"rendered":"\n<p>The revisions aim are part of the ACRA\u2019s 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.<\/p>\n\n\n\n<p><strong>Timeline for implementation of revised XBRL filing requirements<\/strong><\/p>\n\n\n\n<p>ACRA is deferring the effective dates to allow companies more transition time due to the COVID-19 pandemic: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>companies must apply the revised filing requirements and data elements from 1 January 2021, and<\/li><li>companies can opt to voluntarily use the revised filing requirements and data elements from 16 May 2020 to 31 December 2020.<\/li><\/ul>\n\n\n\n<p>Companies that file before 1 January 2021 can continue to prepare and  file the XBRL financial statements based on the current XBRL filing  requirements. <\/p>\n\n\n\n<p><strong>Public consultation on the revised XBRL filing requirements and data elements<\/strong><\/p>\n\n\n\n<p>A public consultation was held from November 2018 to January 2019 to obtain feedback on the filing requirements and proposed revisions to data  elements.<\/p>\n\n\n\n<p>Focus group discussions with preparers and organisations were also held to obtain feedback  and suggestions.  The summary of ACRA\u2019s response to the feedback received can be viewed at the ACRA&#8217;s website.<\/p>\n\n\n\n<p><strong>An updated <\/strong><strong>version of BizFin<sup>x<\/sup> preparation tool<\/strong><\/p>\n\n\n\n<p>Companies  may continue to prepare, approve and upload their XBRL financial  statements offline with the BizFinx preparation tool (Prep Tool). The  Prep Tool\u2019s 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.<\/p>\n\n\n\n<p>Companies\n must connect to the internet, launch the Prep Tool (version 3) and \nclick \u201cApplication Updates\u201d on the introduction page to install the \nupdated version (version 3.2) of the Prep Tool. Those who opt to \nprepare, approve and upload their XBRL financial statements based on the\n current XBRL filing requirements till 31 December 2020 may continue to \nuse the Prep Tool (version 2.7).<\/p>\n\n\n\n<p>Source: <em>ACRA<\/em>, 16 May 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The revisions aim are part of the ACRA\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-1550","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1550"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1550\/revisions"}],"predecessor-version":[{"id":1573,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1550\/revisions\/1573"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1550"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}