XBRL Adoption in Singapore: One Year On

Agenda What is XBRL? Why XBRL for ACRA? ACRA Taxonomy Filing Requirement in XBRL Current Initiatives with XBRL Learning Points on Implementing XBRL

What is XBRL?

Why XBRL for ACRA?

ACRA Taxonomy

Filing Requirement in XBRL

Current Initiatives with XBRL

Learning Points on Implementing XBRL

What is XBRL? XBRL Acronym for “eXtensible Business Reporting Language”. An open-standard reporting language based on XML (eXtensible Mark-up Language) used for reporting of financial information. Developed by XBRL International Inc., a non-profit consortium. Reporting Formats Web formats, text files, spreadsheets, PDF; Non-interchangeable and incompatible. Prevents effective and efficient sharing of financial data across applications and computing platforms. XBRL Items of financial data are “tagged” with identifying s tandardised descriptions. Allows exchange of financial data between differing information systems (interoperability). Allows information to be easily extracted and analysed.

XBRL

Acronym for “eXtensible Business Reporting Language”.

An open-standard reporting language based on XML (eXtensible Mark-up Language) used for reporting of financial information.

Developed by XBRL International Inc., a non-profit consortium.

Reporting Formats

Web formats, text files, spreadsheets, PDF; Non-interchangeable and incompatible.

Prevents effective and efficient sharing of financial data across applications and computing platforms.

XBRL

Items of financial data are “tagged” with identifying s tandardised descriptions.

Allows exchange of financial data between differing information systems (interoperability).

Allows information to be easily extracted and analysed.

What is XBRL? Human Readable v XBRL <acra:ByLiquidityOrCurrentNon-CurrentClassification contextRef=&quot;Company_Current_AsOf&quot;>By Current/Non-Current Classification</acra:ByLiquidityOrCurrentNon-CurrentClassification> <acra:PropertyPlantEquipmentTotal contextRef=&quot;Company_Current_AsOf&quot; decimals=&quot;-3&quot; unitRef=&quot;monetary_unit&quot;>731000</acra:PropertyPlantEquipmentTotal> <acra:PropertyPlantEquipmentTotal contextRef=&quot;Company_Prior_AsOf&quot; decimals=&quot;-3&quot; unitRef=&quot;monetary_unit&quot;>221000</acra:PropertyPlantEquipmentTotal> <acra:PropertyPlantEquipmentTotal contextRef=&quot;Consolidated_Current_AsOf&quot; decimals=&quot;-3&quot; unitRef=&quot;monetary_unit&quot;>12046000</acra:PropertyPlantEquipmentTotal> <acra:PropertyPlantEquipmentTotal contextRef=&quot;Consolidated_Prior_AsOf&quot; decimals=&quot;-3&quot; unitRef=&quot;monetary_unit&quot;>22733000</acra:PropertyPlantEquipmentTotal> <acra:IntangibleAssetsTotal contextRef=&quot;Company_Current_AsOf&quot; decimals=&quot;-3&quot; unitRef=&quot;monetary_unit&quot;>0</acra:IntangibleAssetsTotal> <acra:IntangibleAssetsTotal contextRef=&quot;Company_Prior_AsOf&quot; decimals=&quot;-3&quot; unitRef=&quot;monetary_unit&quot;>0</acra:IntangibleAssetsTotal> <acra:IntangibleAssetsTotal contextRef=&quot;Consolidated_Current_AsOf&quot; decimals=&quot;-3&quot; unitRef=&quot;monetary_unit&quot;>19820000</acra:IntangibleAssetsTotal> <acra:IntangibleAssetsTotal contextRef=&quot;Consolidated_Prior_AsOf&quot; decimals=&quot;-3&quot; unitRef=&quot;monetary_unit&quot;>938000</acra:IntangibleAssetsTotal>

What is XBRL? Global Developments Extracted from 18 th XBRL International Conference presentation on Securities Filing in XBRL Format-Voluntary Filing Programs Around the World

Extracted from 18 th XBRL International Conference presentation on Securities Filing in XBRL Format-Voluntary Filing Programs Around the World

Why XBRL for ACRA? Before Portable Document Format or PDF of financial statements of companies filed with ACRA with the Annual Returns Companies also required to fill up e-form for Financial Highlights (e.g. profit and loss figures, turnover, etc) separately; human errors PDF of financial statements purchased by Information Resellers and public for credit and financial analysis, etc After With XBRL, retrieval made more efficient; financial highlights extracted from XBRL financial statements Data integrity and accuracy improves with validation checks by FS Manager Smaller document size makes transferability by FTP possible for one stop filing service- Tax and Statistics Authorities

Before

Portable Document Format or PDF of financial statements of companies filed with ACRA with the Annual Returns

Companies also required to fill up e-form for Financial Highlights (e.g. profit and loss figures, turnover, etc) separately; human errors

PDF of financial statements purchased by Information Resellers and public for credit and financial analysis, etc

After

With XBRL, retrieval made more efficient; financial highlights extracted from XBRL financial statements

Data integrity and accuracy improves with validation checks by FS Manager

Smaller document size makes transferability by FTP possible for one stop filing service- Tax and Statistics Authorities

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

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

Why XBRL for ACRA? Adopting XBRL 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 both local and 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 corporate financial reporting Strengthening our regulatory vigilance - A trusted business hub An article by CPA Australia in its Nov 2008 “INTHEBLACK” publication examines the XBRL adoption in Singapore: http://www.cpaaustralia.com.au/cps/rde/xchg/SID-3F57FECB-919854ED/cpa/hs.xsl/724_30799_ENA_HTML.htm

Adopting XBRL 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 both local and 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 corporate financial reporting

Strengthening our regulatory vigilance - A trusted business hub

An article by CPA Australia in its Nov 2008 “INTHEBLACK” publication examines the XBRL adoption in Singapore: http://www.cpaaustralia.com.au/cps/rde/xchg/SID-3F57FECB-919854ED/cpa/hs.xsl/724_30799_ENA_HTML.htm

ACRA Taxonomy What is taxonomy? Taxonomy is similar to a “dictionary” in XBRL context ACRA Taxonomy developed by team led by a member of the IASCF XBRL Quality Review Team with inputs from the various professional bodies and accounting firms in Singapore What a taxonomy would look like: Mandatory Data Type Period Type Line item Documentation Income Statement By function Reference FRS 1 Yes Monetary Duration + Revenue User-described Items + Cost of Sales Yes Monetary Duration = Gross Profit `Gross Profit’= `Revenue’ + `Costs of Sales’ (String) Other items of Income

What is taxonomy?

Taxonomy is similar to a “dictionary” in XBRL context

ACRA Taxonomy developed by team led by a member of the IASCF XBRL Quality Review Team with inputs from the various professional bodies and accounting firms in Singapore

What a taxonomy would look like:

How it is translated into an Online Spreadsheet Captures core data and user-described data

Captures core data and user-described data

ACRA Taxonomy Designed to comply with the Singapore Financial Reporting Standards (which is closely aligned with the International Financial Reporting Standards) and the Singapore Companies Act Captures 464 data elements and 39 tuples (i.e. user-described data fields) Designed based on the premise that: no company should extend the taxonomy; and industry specific data should be in the single taxonomy if important Self-extending taxonomy concept that allows for: core data that is common to most entities and of interest to most users to be captured specifically; and other data to be captured under a flexible classification that will allow for efficient manual extraction The self-extending taxonomy concept utilises a simple user-described tuple structure to capture in a single element the exact description used by the company in its financial statements as well as that specific value associated with it A PDF copy of the ACRA Taxonomy is available under the “Illustrative Financial Statements” section of: http://www.acra.gov.sg/Services/Company/Filing_of_Financial_Statement_in_XBRL.htm

Designed to comply with the Singapore Financial Reporting Standards (which is closely aligned with the International Financial Reporting Standards) and the Singapore Companies Act

Captures 464 data elements and 39 tuples (i.e. user-described data fields)

Designed based on the premise that:

no company should extend the taxonomy; and

industry specific data should be in the single taxonomy if important

Self-extending taxonomy concept that allows for:

core data that is common to most entities and of interest to most users to be captured specifically; and

other data to be captured under a flexible classification that will allow for efficient manual extraction

The self-extending taxonomy concept utilises a simple user-described tuple structure to capture in a single element the exact description used by the company in its financial statements as well as that specific value associated with it

A PDF copy of the ACRA Taxonomy is available under the “Illustrative Financial Statements” section of: http://www.acra.gov.sg/Services/Company/Filing_of_Financial_Statement_in_XBRL.htm

FS Manager Online tool

Using FS Manager to Prepare FS FS Manager is designed to be used as a Financial Statement Preparation Tools 14 © Copyright Ecquaria Technologies Pte Ltd. All Rights Reserved. ACRA FS Manager Importing from accounting systems XBRL Data Entry XBRL Save as XBRL PDF Save as PDF

FS Manager is designed to be used as a Financial Statement Preparation Tools

Filing Requirement in XBRL Scope of XBRL Filing of Financial Statements: Unlimited and Limited By Shares Companies Excluded Categories Banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore Companies using accounting standards other than Singapore Financial Reporting Standards or International Financial Reporting Standards

Scope of XBRL Filing of Financial Statements:

Unlimited and Limited By Shares Companies

Excluded Categories

Banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore

Companies using accounting standards other than Singapore Financial Reporting Standards or International Financial Reporting Standards

Filing Requirement in XBRL Financial Periods Affected FS Manager launched in May 2007 for use by preparers Filing of Annual Return on or after 1 November 2007 and the financial period concerned ends on or after 30 April 2007 Giving More Time if filing in full XBRL 1 Month waiver of penalties for Late Annual General Meeting (AGM) or Late Filing Not applicable to public listed companies ACRA Practice Directions 2 and 5 of 2007 and 3 of 2008 issued and available at: http://www.acra.gov.sg/Publications/Practice_Directions.htm

Financial Periods Affected

FS Manager launched in May 2007 for use by preparers

Filing of Annual Return on or after 1 November 2007 and the financial period concerned ends on or after 30 April 2007

Giving More Time if filing in full XBRL

1 Month waiver of penalties for Late Annual General Meeting (AGM) or Late Filing

Not applicable to public listed companies

ACRA Practice Directions 2 and 5 of 2007 and 3 of 2008 issued and available at: http://www.acra.gov.sg/Publications/Practice_Directions.htm

Two Filing Options Option A: Full XBRL FS Manager is used to prepare the full set of financial statements for tabling at the AGM; or Optional to submit a PDF copy of the full set of financial statements as tabled at the AGM Option B: Partial XBRL Submission of Balance Sheet, Income Statement and Mandatory Information in XBRL; and A PDF copy of the full set of financial statements as tabled at the AGM Filing Requirement in XBRL

Two Filing Options

Option A: Full XBRL

FS Manager is used to prepare the full set of financial statements for tabling at the AGM; or

Optional to submit a PDF copy of the full set of financial statements as tabled at the AGM

Option B: Partial XBRL

Submission of Balance Sheet, Income Statement and Mandatory Information in XBRL; and

A PDF copy of the full set of financial statements as tabled at the AGM

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%

From the data collection perspective Revision of current ACRA Taxonomy in the 2 nd quarter of 2009 for latest accounting standards changes - Public consultation released on 13 October 2008 (Details: http://www.acra.gov.sg/Publications/PublicConsultationonRevisionstoACRATaxonomy.htm) Getting more software vendors onboard and more XBRL tools available in the local market to enable an “integrated” approach to prepare XBRL financial statements and other regulatory returns Future maintenance and enhancements to FS Manager, examination of an offline FS Manager and exploring use of XBRL data for analytical and benchmarking purposes Ongoing independent review of 1st set of corporate financial statements in XBRL Current Initiatives with XBRL

From the data collection perspective

Revision of current ACRA Taxonomy in the 2 nd quarter of 2009 for latest accounting standards changes - Public consultation released on 13 October 2008 (Details: http://www.acra.gov.sg/Publications/PublicConsultationonRevisionstoACRATaxonomy.htm)

Getting more software vendors onboard and more XBRL tools available in the local market to enable an “integrated” approach to prepare XBRL financial statements and other regulatory returns

Future maintenance and enhancements to FS Manager, examination of an offline FS Manager and exploring use of XBRL data for analytical and benchmarking purposes

Ongoing independent review of 1st set of corporate financial statements in XBRL

Current Initiatives with XBRL From the data distribution perspective Seamless flow of information from ACRA to the Inland Revenue Authority of Singapore (IRAS) for the benefit of businesses: Companies filing their financial statements in Full XBRL with ACRA need not file the same copy with IRAS for their annual income tax returns XBRL information are made available to IRAS, the Department of Statistics and other interested agencies that are able to put the information to better use or to provide additional services to businesses Leveraging on XBRL information for a more effective financial surveillance programme and facilitates various policy reviews Adoption of XBRL facilitates the immediate extraction of financial highlights (i.e. salient financial information) instead of manual keying in by companies into the Annual Return Form previously done More efficient filing process for businesses, increases data accuracy as there are inbuilt validation rules in the FS Manager and benefits consumers of financial highlights information

From the data distribution perspective

Seamless flow of information from ACRA to the Inland Revenue Authority of Singapore (IRAS) for the benefit of businesses:

Companies filing their financial statements in Full XBRL with ACRA need not file the same copy with IRAS for their annual income tax returns

XBRL information are made available to IRAS, the Department of Statistics and other interested agencies that are able to put the information to better use or to provide additional services to businesses

Leveraging on XBRL information for a more effective financial surveillance programme and facilitates various policy reviews

Adoption of XBRL facilitates the immediate extraction of financial highlights (i.e. salient financial information) instead of manual keying in by companies into the Annual Return Form previously done

More efficient filing process for businesses, increases data accuracy as there are inbuilt validation rules in the FS Manager and benefits consumers of financial highlights information

Learning Points on Implementing XBRL Active feedback from all affected stakeholders is critical Importance of giving ample time for change Clear communication of requirements to stakeholders Involve the professional bodies, accounting firms and service providers early Provision of adequate help resources (i.e. XBRL helpdesk, FAQ etc.) Extensive information should be provided online Continuous testing and re-testing

Active feedback from all affected stakeholders is critical

Importance of giving ample time for change

Clear communication of requirements to stakeholders

Involve the professional bodies, accounting firms and service providers early

Provision of adequate help resources (i.e. XBRL helpdesk, FAQ etc.)

Extensive information should be provided online

Continuous testing and re-testing

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

Thank You Further details available at: http://www.acra.gov.sg/Services/Company/Filing_of_Financial_Statement_in_XBRL.htm