20. the singapore experience ms juthika ramanathan

THE SINGAPORE EXPERIENCE CRF 2012 Delhi 16 Feb 2012 Ms Juthika Ramanathan Chief Executive of ACRA To provide a responsive and trusted regulatory environment for businesses and public accountants

Agenda  Overview of Financial Reporting Process  Objectives of Going XBRL  Overcoming Challenges  Future Plans 2

Overview – Financial Reporting Process Legal Obligations  Imposed by Singapore Companies Act  All companies are required to prepare financial statements in accordance with prescribed Accounting Standards  Directors are responsible for the financial statements  All companies (other than solvent exempt private companies*) are required to file financial statements with ACRA  All filed financial statements are available for public information / inspection * An exempt private company is a company with no corporate shareholder and not more than 20 shareholders 5

Overview – Financial Reporting Process Directors Financial Statements Auditor  Preparer  Ensures compliance with Accounting Standards and gives a true and fair view Shareholders  Responsible for filing with ACRA  Tabled at AGM Prepared and filed in XBRL 3rd Party Promotes information Consumers flow 6

Objectives of Going XBRL Manual data extraction Duplicative financial by information retailers reporting regulatory Challenges requirements  Accurate?  Cost efficient?  Same piece of data but Timely? termed differently  Different forms of submission and reporting timelines Facilitate the eventual Efficiently collect and establishment of a one- promulgate value-added XBRL stop filing by business to corporate information the Government 7

Why XBRL for ACRA?  Adopting XBRL is aligned with ACRA’s overall strategic direction of enabling:  a pro-enterprise financial reporting environment for businesses in Singapore; and  a value enhancing financial information flow to the international business community.  Strategic goals to be achieved with XBRL adoption:  XBRL will benefit the business community - Improving access to data of Singapore companies  Unlocking new value from financial information filed with ACRA  Facilitating harmonised regulatory business reporting  Strengthening our regulatory vigilance - A trusted business hub 8

Reform in Filing of Financial Statements – Going XBRL 9

Transformation to XBRL  Pro-enterprise design to minimise impact of XBRL implementation on companies  “Mandatory” requirement, with “soft” approach for buy-in and engagement of key stakeholders  Small taxonomy  Choice of two filing options  Full XBRL: Full set of financial statements in XBRL  Partial XBRL: Minimum of statement of comprehensive income and statement of financial position in XBRL  Provide free XBRL preparation tool: FS Manager 12

Using FS Manager to Prepare Financial Statements FS Manager is designed to be used as a Financial Statements Preparation Tool ACRA FS Data Entry Manager XBRL Importing from accounting systems XBRL PDF Save as XBRL Save as PDF © Copyright Ecquaria Technologies Pte Ltd. All Rights Reserved. 13

Using FS Manager to File Annual Return FS Manager is also designed to upload and validate XBRL Financial Statements (called instance documents) before filing to ACRA at Annual Return Filing. ACRA BizFile XBRL XBRL XBRL ACRA FS Manager© Copyright Ecquaria Technologies Pte Ltd. All Rights Reserved. 14

Benefits of Going XBRL  Streamline existing inefficiencies in the entire spectrum of financial information supply chain  Enable information resellers who serve the business community more time to focus on higher-value added activities  Ability to provide users with value added financial data in an almost instantaneous and interactive manner 17

Benefits of Going XBRL Open Analytics Singapore Financials Direct  Public-private collaboration: XBRL-enabled analytical tools to provide value-enhancing information at the fingertips of information users  Individual company’s information  Calculation power for statistics of companies’ financial performance:  Financial ratio analysis  Industry trend analysis  Cumulative years trends analysis 18

Ongoing / Future Plans  Unlock potential of greater B2B, G2B and G2G data use  Streamline financial filing process to provide a seamless filing experience for the business community  WOG effort for B2G: Making it easier for business to report to the Government 19

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20. the singapore experience ms juthika ramanathan

by Corporate Registers Forum on Apr 02, 2012

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