To provide a responsive and trusted regulatory environment forbusinesses and public accountants

To provide a responsive and trusted regulatory environment forbusinesses and public accountants

THE SINGAPORE EXPERIENCE

CRF 2012 Delhi 16 Feb 2012

Ms Juthika RamanathanChief Executive of ACRA

Agenda

Overview of Financial Reporting Process

Objectives of Going XBRL

Overcoming Challenges

Future Plans

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Overview – Financial Reporting Process

Legal Obligations

Imposed by Singapore Companies Act

All companies are required to prepare financial statements inaccordance with prescribed Accounting Standards

Directors are responsible for the financial statements

All companies (other than solvent exempt private companies*) arerequired 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

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Overview – Financial Reporting Process

FinancialStatements

DirectorsAuditor

Shareholders

3rd Party ConsumersPromotes information

flow

Tabled at AGM

Preparer Ensures compliance with Accounting Standards and gives a true and fair view Responsible for filing with ACRA

Prepared and filed in XBRL

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Objectives of Going XBRL

Manual data extractionby information retailers

Accurate? Cost efficient?Timely?

Duplicative financialreporting regulatoryrequirements

Same piece of data buttermed differently Different forms ofsubmission and reportingtimelines

Challenges

XBRLEfficiently collect andpromulgate value-addedcorporate information

Facilitate the eventualestablishment of a one-stop filing by business tothe Government

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Adopting XBRL is aligned with ACRA’s overall strategic direction ofenabling: 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

Why XBRL for ACRA?

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Reform in Filing of Financial Statements – Going XBRL

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Pro-enterprise design to minimise impact of XBRL implementationon companies

“Mandatory” requirement, with “soft” approach for buy-in andengagement 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

Transformation to XBRL

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ACRA FS Manager

XBRL

Data Entry

Importing fromaccounting systems

XBRL

Save as XBRLPDF

Save as PDF

FS Manager is designed to be used as a Financial Statements Preparation Tool

Using FS Manager to Prepare Financial Statements

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© Copyright Ecquaria Technologies Pte Ltd. All Rights Reserved.

ACRA BizFile

ACRA FS Manager

XBRL

XBRL

XBRL

FS Manager is also designed to upload and validate XBRL Financial Statements (called instance documents) before filing to ACRA at Annual Return Filing.

Using FS Manager to File Annual Return

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Benefits of Going XBRL

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Streamline existing inefficiencies in the entire spectrum of financialinformation supply chain

Enable information resellers who serve the business communitymore time to focus on higher-value added activities

Ability to provide users with value added financial data in an almostinstantaneous and interactive manner

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

Benefits of Going XBRL

Open Analytics Singapore Financials Direct

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Unlock potential of greater B2B, G2Band G2G data use

Streamline financial filing process toprovide a seamless filing experiencefor the business community

WOG effort for B2G: Making it easierfor business to report to theGovernment

Ongoing / Future Plans

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Thank You