Singapore's ACRA introduced several new IT developments including BizFile applications for introducing limited liability partnerships that now processes 4,000 transactions daily. ACRA also launched BizFile info services and BizHub in February 2006, allowing online access to company information and access to ACRA's entire database for government agencies and information resellers. Future plans include creating a system for companies to file financial information using eXtensible Business Reporting Language (XBRL) which standardizes financial data tagging, as XBRL is already used internationally by regulators and private organizations.

1. IT Developments -
Singapore
By: Juthika Ramanathan
ACRA
22 March 2006

2. BizFile - Lodgements
279 applications
Introduced suite of applications for
introduction of LLPs in Singapore
Volume has risen to 4,000 transactions
per day & 9,000 per day during peak
periods

3. BizFile – Info Services
Web services
Launched in Feb 2006
Allows for online access to information based on pre-
determined criteria
Internet access/real time information
System to system access
BizHub
Launched in Feb 2006
Target audience – govt agencies & information resellers
Access to entire database to facilitate licencing, reporting or
enforcement etc

4. Future Plans - XBRL
•XBRL is the abbreviation for eXtensible
Business Reporting Language.
•A standard or format used in Financial
Statement of Company Accounts eg Profit and
Loss
•Each data item in statement is tagged when
statement prepared to allow easy extraction and
to enable systems to read the data eg net profit
has its own tag.
•Goal – to create a system which allows for
companies to file financial information in XBRL

5. XBRL - International
Development
• Used by Regulators in US , S Korea, Australia,
Japan, China, UK
• UK Companies House- launched XBRL on 1 Feb
2006
• Private Sector- Dresdner Bank, Bank of America,
Microsoft, Morgan Stanley, Reuters,
• European Commission
• Stock Exchanges – Korean, Shanghai, Shenzen.
• XBRL.org- International XBRL Champion

6. Thank you