XBRL Adoption in Singapore [Mr Ivan Koo]

Agenda About ACRA and BizFile Corporate Financial Reporting Process in Singapore Why XBRL for ACRA? Project Implementation ACRA Taxonomy About FS Manager Filing Requirement in XBRL Learning Points and Future Issues

About ACRA ACRA is the national regulator of businesses and public accountants in Singapore Formed on 1 April 2004, following the merger of the former Registry of Companies and Businesses and the Public Accountants Board Our mission is to provide a responsive and trusted regulatory environment for businesses and public accountant Administers the repository of information and documents on registered entities As at 31 March 2008, over 327,400 business entities and more than 820 public accountants have registered with ACRA Our website: www.acra.gov.sg

About E-registration/filing and information retrieval system Launched in January 2002 Registration of Companies under 30 minutes Over 280 e-transactions Average of 3,000 e-transactions daily Pre-XBRL: Financial Statements filed via PDF copy with Annual Return of Companies Financial data extracted manually Website: www.bizfile.gov.sg

Corporate Financial Reporting Process in Singapore Accounts or Financial Statements Responsible for the preparation and filing of the accounts Audits the accounts Auditor Directors Complies with the Accounting Standards and gives a true & fair view Shareholders Information flow Accounts Prepared & Filed Using FS Manager Other Users of Accounts Promotes access to financial information

Why XBRL for ACRA? XBRL will benefit the business community - Improving access to data of Singapore companies Unlocking new value from financial information filed with ACRA Facilitate a “one-stop” portal for businesses moving forward Strengthens our regulatory vigilance - A trusted business hub

Project Implementation: Pre-Project Milestone Recommendation by Tender Awarded to Ecquaria Technologies Specification Study and Tender 2003 2004 2005 2006 XBRL Feasibility Study Conducted by XBRL Steering Committee Established

Project Implementation: Project Milestone F I N A L U C H Requirement Gathering and Development FS Manager Launch FS Manager Final Version Taxonomy Draft Version Taxonomy Final Version Feb 06 Aug 06 May 07 Aug 07 Nov 07 Feedback Testing

Project Implementation: Public Engagement 1st Public Announcement - Mar 2006 by Minister 1st XBRL Public Awareness Seminar held on 30 Nov 2006 1st Guidelines Issued on 30 Apr 2007 11 Public Seminars with our Professional Associations with over 3,300 participants Press Announcement on 1st Nov 2007 Compulsory Filings in May 07 Letters Sent to Directors on XBRL Implementation in Singapore

Project Implementation: Public Engagement Training Sessions on FS Manager and XBRL held since Aug 07 to date: Over 100 Classes Focused Group Discussions between ACRA and Companies ACRA XBRL Helpdesk Established since May 07 Engagement between ACRA and the professional bodies in Singapore on XBRL

ACRA Taxonomy Designed to comply with the requirements of the Singapore Financial Reporting Standards (which is closely aligned with the IFRS) and the Singapore Companies Act Captures more than 500 data elements Authored by Mr Thomas Egan, a member of the IASCF XBRL Quality Review Team with inputs from the various professional bodies and accounting firms in Singapore and developed using UBMATRIX XBRL Taxonomy Designer 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

ACRA Taxonomy 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

- Illustration of the Income Statement ACRA Taxonomy - Illustration of the Income Statement Captures core data and user-described data

It is an online tool so you’ll need to connect to the Internet to access FS Manager About FS Manager is a free online tool provided by ACRA as part of Bizfile to help companies prepare and manage Financial Statements in XBRL format. If your accounting software/ ERP systems can export your financial statements in XBRL format using ACRA taxonomy, you can use FS Manager to open these files before AR Filing It saves data on your own hard disk as XBRL files (editable) and allows you to create readable PDF (not editable) files for printing and viewing It allows you to enter your financial statements in a format required by ACRA for the purpose of Annual Return filings © Copyright Ecquaria Technologies Pte Ltd. All Rights Reserved.

FS Manager Usage of FS Manager: Guided and template based online data entry Option to save financial statements in PDF for record purposes or filing with other regulators e.g. Inland Revenue Authority of Singapore and the Monetary Authority of Singapore Value Proposition to Companies: Free Online tool to prepare their financial statements Creation of an XBRL (instance) file without knowing what is XBRL

FS Manager One can assess FS Manager from the ACRA Homepage.

Using FS Manager to Prepare Financial Statements FS Manager designed to be used as a Financial Statements preparation tool for Singapore companies Data Entry ACRA FS Manager XBRL Importing from accounting systems XBRL Save as XBRL PDF Save as PDF © Copyright Ecquaria Technologies Pte Ltd. All Rights Reserved. 17

Using FS Manager to File Annual Return FS Manager also facilitates the uploading to BizFile and validation of XBRL Financial Statements ACRA BizFile XBRL XBRL ACRA FS Manager © Copyright Ecquaria Technologies Pte Ltd. All Rights Reserved.

FS Manager

FS Manager - Features FS Manager User Guide Guided and template based online data entry Available Help Resources

FS Manager XBRL File Option to save as a XBRL file or a PDF copy

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

Filing Requirement in XBRL Financial Periods Affected Filing of AR 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

Filing Requirement in XBRL Two Filing Options Option A: Full XBRL (FS Manager is used to prepare financial statements presented at company’s AGM. Optional to submit PDF copy of financial statements presented at company’s AGM) 2,804 filings as of 30 Apr 2008 Option B: Partial XBRL (Balance Sheet + Income Statement + Mandatory Information Only in XBRL format) + PDF copy of financial statements presented at company’s AGM 5,458 filings as of 30 Apr 2008 More than 50,000 companies are expected to file their accounts in XBRL format For more information, please refer to ACRA Practice Directions 2 and 5 of 2007 available at: http://www.acra.gov.sg/Publications/Practice_Directions.htm

Learning Points 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 and accounting firms early Provision of adequate help resources (i.e. XBRL helpdesk, FAQ etc.) Extensive information should be provided online Continuous testing and re-testing

Information Services - Moving Data to Businesses Sale of information via web-services Public, shareholders, investors, creditors, etc. FS Manager Distribution of data via BizHub or other channels XBRL Accounting systems New XBRL products Govt agencies

Future Issues Revision of current ACRA Taxonomy in the 3rd quarter of 2008 for latest accounting standards changes - Public consultation expected Rendering of PDF financial statements - To allow for more flexibility? Whether to extend Partial XBRL filing option Move towards a single business taxonomy for the One-Stop Filing Portal in Singapore - Inter-agency collaboration External assurance is a key concern on moving forward in XBRL adoption in Singapore

Future Issues 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 Review of 1st set of corporate financial statements in XBRL format

Further details available at: Thank You Further details available at: http://www.acra.gov.sg Email: ivan_koo@acra.gov.sg