Revised XBRL Filing Requirements And The BizFin x Filing System Training Seminar Published February 2014 All rights reserved. No part of this publication may be produced or transmitted in any form or by any means, including photocopying and recording, without attributing the publication to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore and shall be restricted to non-commercial use only. Agenda Why XBRL? ACRA XBRL Revamp Milestones Revised XBRL Filing Requirements Minimum Requirements List and Mapping Principles Validation Rules and Common Mistakes Available Support For Companies 2 1
What is XBRL? Standsfor extensiblebusinessreportinglanguage BasedonXML(eXtensibleMark-upLanguage) Fast becoming a global standard for the sharing of financial data Provides an identifying tag for each piece of financial information- works like a barcode Allowsinformationtobeeasilyextractedandanalyzed Using PDF financial statements vs using XBRL data 3 XBRL Global Movement Source: http://www.xbrl.org/knowledge_centre/projects 4 2
What is XBRL? CURRENT ASSETS Assets Held for Sale 100,000 Construction in Progress, Current 100,000 Inventories 100,000 Other Financial Assets, Current Hedging Instruments, Current (Asset) 100,000 100,000 Current Tax Receivables 100,000 Trade and Other Receivables, Net, Current 100,000 Prepayments, Current 100,000 Cash and Cash Equivalents 100,000 Other Assets, Current 100,000 Current Assets Total 1,000,000 Business Analytics Enabled Through XBRL - Unlimited Possibilities Automatedandimmediateavailabilityofdataafterfiling Trendanalysisofindividualcompanyinformation Benchmarkingagainstpeersandindustrymedian 6 3
Business Analytics Enabled Through XBRL - Unlimited Possibilities Automated filtering of all public records Company Screener can filter all public records among 60,000 companies financial statements to find matches that meet preferred criteria 200000000N ABC Limited 2012 Construction 199400000D XYZ Private Limited 2012 Construction Source: Singapore Financials Direct by DP Bureau 7 Benefits of XBRL Who benefits from using XBRL? Company directors Financial analysts Investors Creditors Financial information companies Accountants Auditors Government agencies Academia 8 4
ACRA XBRL Implementation - The Next Phase 2007 Jan Apr 2012 May -Jun 2012 Jan Feb 2013 Mar Apr 2013 Launch of XBRL (full and partial filing options) o ACRA XBRL revamp commenced o Needs requirements study o Public consultation for revised filing requirements and taxonomy o Summary of response published innov2012 Focus groups testing for preparation tool: Accounting firms Companies Corporate secretarial firms Trainers Public consultation on usability of BizFin x preparation tool 9 ACRA XBRL Implementation - The Next Phase Jun 2013 Aug 2013 Nov 2013 Mar 2014 o Revised XBRL filing requirements o Beta versionof new BizFin x preparation tool to allow preparers to familiarise themselves with the tool o Updated versionof prep tool o Updated versionof prep tool, including changes to address feedback received (e.g. function to convert excel embedded tables in word) 03 March 2014 o Implementation of revised XBRL filing requirements o Launch of online BizFin x Portal for submission o Updated version of prep tool o FS Manager to be phased out effective 28 February 2014, 2359 hours 10 5
ACRA XBRL Implementation - The Next Phase Increase the breadth and depth of XBRL data Consumers Preparers Facilitate the preparation and filing of XBRL data Collect what consumers of financial statements want for analysis Feedback obtained through earlier needs requirements study; and Elements to derive commonly used financial ratios Efforts required by preparers to providethedatainxbrl 11 Revised XBRL Filing Requirements Singapore incorporated companies which are either unlimited or limited by shares (unless exempted) will be required to file a full set of financial statements in XBRL according to a minimum requirement list within the ACRA Taxonomy 2013 Current filing option of partial XBRL (option B) will be removed For financial statements with periods ending on or after 30 April 2007 12 6
Revised XBRL Filing Requirements Changed Type of Company Filing of Financial Statements Public / Private companies (limited/unlimited by Full set of XBRL financial statements shares), except those under (a) and (b) (a) Specific companies, i.e. commercial Financial statements highlights (FSH)(XBRL) + PDF banks, merchant banks, registered insurers, copy of financial statements finance companies regulated by MAS (b) Companies allowed by law to prepare FSH (XBRL) + PDF copy of financial statements accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS Insolvent exempt private companies (EPCs) Option of: - Full set of XBRL financial statements; or -FSH(XBRL) + PDF copy of financial statements Solvent EPCs Exempted from filing financial statements, but are encouraged to file with following options: -Full set of XBRL financial statements or -FSH(XBRL) Companies limited by guarantee PDF copy of financial statements (XBRL filing not required) Foreign companies and their local branches PDF copy of financial statements (XBRL filing not required) 13 Revised XBRL Filing Requirements Around 60,000 companies file in XBRL currently Changes for companies against FS Manager XBRL filing Submit information using relevant fields in taxonomy instead of using user-defined fields Submit information within up to 11 disclosure notes, where applicable Capturing more in-depth information for consumer of financial information Submit a full set of financial statements in textual format, instead of PDF format 14 7
Revised XBRL Filing Requirements Minimum requirement list states the information that mustbefiledinxbrliftheinformationisavailableinthe AGM financial statements Ifyouhaveit,youwillneedtoprovideit Ifyouhaveextra,youneednotprovideit Minimumrequirementlist Textblock ForfullsetofAGMfinancialstatements Detailed information For certain sections indicated 15 Minimum Requirement List Information Required Minimum Requirement List Text block information An entire set of financial statements submitted using a single text block element Detailed information (Statutory reports) Detailed information (Primary financial statements) Statement by directors Independent auditors report Statement of financial position (note 1) Income statement (note 1) Statement of cash flows (note 2) Detailed information (Disclosure notes) Corporate and general information Trade and other receivables (note 1)(note 3) Trade and other payables (note 1)(note 3) Provisions (note 1)(note 3) Share capital (note1)(note 4) Revenue (note 1) Government grants (note 1) Employee benefits expense (note 2) Operating segments (note 1) Property, plant and equipment (note 1)(note 4) Selected income and expense (note 2) Note 1: Preparers are required to submit the complete information or breakdown in accordance to the Minimum Requirement List for the section. Concepts for others may be available to facilitate the disclosure of full information or breakdown. Note 2: Only selected elements are included in the Minimum Requirement List. Hence the completed elements do not have to sum up. Note 3: Preparers are not required to provide the breakdown of the trade and other receivables, trade and other payables and provisions according to different classes of parties. Note 4: In contrast to note 3, preparers are required to provide the breakdown into different classes for property, plant and equipment, and share capital. (extracted from http://www.acra.gov.sg/xbrl+-+revised+filing+requirements.htm) 8
Minimum Requirement List - Text Block An entire set of AGM financial statements Directors report Statement by directors Auditors report Statement of financial position; Statement of profit or loss and other comprehensive income; Statement of changes in equity; Statement of cash flows; All disclosure notes 17 Minimum Requirement List Detailed Information Examples 18 9
Minimum Requirement List Detailed Information Examples 2011 2010 Non-applicable fields to be leftblank 19 Minimum Requirement List Detailed Information Examples 2011 2010 Footnote for Revenue from rendering of services: Revenue from rendering of services comprise trustee fees of $929,443 and commission income of $2,111,288. 20 10
Minimum Requirement List Detailed Information Examples 2011 2010 Trustee activities Investment activities Total 21 RULE 1: A line item within the AGM financial statements MUST be mapped to the relevant concept within the taxonomy when they are equivalent in accounting terms. 2011 2010 22 11
RULE 2: Line items within the AGM financial statements that represented sub-components of relevant concepts within taxonomy MUST be aggregated together. A footnote SHALL also be created to explain the aggregation that was performed. 2011 2010 23 RULE 3: When a line item within the AGM financial statements represents an aggregation of several concepts in the taxonomy, the breakdown MUST be disclosed as required. Where it is impractical or the breakdown is not disclosed within the AGM financial statements, the preparer SHALL map theentire amountto oneoftheconcepts thatmadeuptotheline item basedonthebest-fit principle. 2011 2010 24 12
RULE 4: Line item that does not have any linkages with any concepts within the taxonomy SHALL be classified under others category in the respective sections of the financial statements, when it is available. A footnote SHALL also be created to explain the breakdown of what has been classified under others. 2011 2010 25 Application of Rule 4 Others items will be available for all templates except for Statement of Cash Flows Selected income/expenses Employee benefit expenses If others items are unavailable, no need to provide unlinked line items. 26 13