TRANSFORMING BUSINESS DATA COLLECTION & DISTRIBUTION          “An Update on XBRL in Singapore”             Corporate Regis...
Agenda  Overview of Financial Reporting Process  Objectives of Going XBRL  Transformation in Business Data Collection a...
Overview – Financial Reporting Process  Directors                             Financial                                   ...
Objectives of Going XBRL Manual data extraction                       Duplicative       financial by information retailers...
Reform in Filing of Financial Statements   – Going XBRL                                           9
Transformation to XBRL (Collection)   General requirements:      Coverage: All unlimited and limited by shares Singapore...
Transformation to XBRL (Distribution)               Open Analytics                   Singapore Financials Direct     https...
Transformation to XBRL (Distribution)    Showcase of benefits of            XBRL                                          ...
Benefits of Going XBRL   Streamline existing inefficiencies in the entire spectrum of financial    information supply cha...
ACRA’s Journey to Transform   Use Of Business Data with XBRL* Similar to SBR (Standard Business Reporting):- A multi-agenc...
Thank YouComing Up NextDemonstration of Power of XBRL: XBRL-Enabled Analytical Tools
Upcoming SlideShare
Loading in …5
×

An Update on XBRL (Ms Sia Su Chun, Singapore)

1,157 views

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,157
On SlideShare
0
From Embeds
0
Number of Embeds
101
Actions
Shares
0
Downloads
17
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

An Update on XBRL (Ms Sia Su Chun, Singapore)

  1. 1. TRANSFORMING BUSINESS DATA COLLECTION & DISTRIBUTION “An Update on XBRL in Singapore” Corporate Registers Forum 2011 11 May 2011 Ms Sia Su Chun Head, Financial Information Division To provide a responsive and trusted regulatory environment for businesses and public accountants
  2. 2. Agenda  Overview of Financial Reporting Process  Objectives of Going XBRL  Transformation in Business Data Collection and Distribution  Benefits in Going XBRL  Demonstration of Power of XBRL: XBRL-enabled Analytical Tools 2
  3. 3. Overview – Financial Reporting Process Directors Financial Statements Auditor  Preparer  Ensures compliance with Accounting Standards and gives a true and fair view according to the Shareholders Companies Act  Responsible for filing  Tabled at AGM with ACRA Prepared and filed in XBRL 3rd Party Promotes information Consumers flow 6
  4. 4. 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? XBRL Why For ACRA: termed differently  Different forms of Strategic fit of XBRL with a corporate registry’s submission and reporting role in bringing value into the financialtimelines information supply chain Facilitate the eventual Efficiently collect and establishment of a one- promulgate value-added XBRL stop filing by business to corporate information the Government 7
  5. 5. Reform in Filing of Financial Statements – Going XBRL 9
  6. 6. Transformation to XBRL (Collection)  General requirements:  Coverage: All unlimited and limited by shares Singapore incorporated companies will file their financial statements in XBRL except for the excluded categories (e.g. financial institutions such as banks)  Filing requirements:  XBRL financial statements filed as part of Annual Return.  Choice of filing options: Full XBRL (Option A) or Partial XBRL (Option B)  Effective period: Filing from 1 November 2007 onwards  Coming to 150,000 XBRL filings as of 31 October 2010 (3 years after implementation)
  7. 7. Transformation to XBRL (Distribution) Open Analytics Singapore Financials Direct https://www.openanalytics.com.sg http://www.financialsdirect.sg/  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
  8. 8. Transformation to XBRL (Distribution) Showcase of benefits of XBRL Government agencies saw the potential of Feedback business analytics in mechanism for their own domain improvement in taxonomy Pave the way for greater data sharing across agencies: SBR
  9. 9. 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  Facilitate ACRA’s regulatory work  Examples: use of XBRL for surveillance of companies’ compliance to accounting standards and monitoring of delinquent public accountants officer in ACRA: Quote from surveillance  XBRL’s ability to thepresent and comparison information “XBRL has enabled extraction standardised instantaneously has reduced thewhich has of relevant information, data extraction time which greatly enhanced our surveillance capabilities” was previously inhibitive 17
  10. 10. ACRA’s Journey to Transform Use Of Business Data with XBRL* Similar to SBR (Standard Business Reporting):- A multi-agency initiative that simplifies /harmonises reporting from business to Government 2010 and Beyond- XBRL used as enabler (A World Class Corporate 2007 - 2010 Registry) (Pioneering - WOG effort for Interactive Data B2G: Making it Use) easier for business 1990s - 2006 (Evolving - “XBRLised” to report to the G2B and G2G Data financial data government * Use) - Greater G2G - Unlocking the - Private sector sharing of XBRL potential of collaboration data greater B2B, G2B 1980s (Start of Our - Platforms launched and G2G data use - Richer G2B data Journey) to provide data flow with XBRL- services to both public - A Master database enabled tools and private sectors - Standalone data service
  11. 11. Thank YouComing Up NextDemonstration of Power of XBRL: XBRL-Enabled Analytical Tools

×