1. XBRL Adoption in Singapore [Mr Ivan Koo]

2. 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

3. 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:

4. 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:

5. 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

6. 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

7. 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

8. Project Implementation: Project MilestoneF 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

9. 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

10. 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

11. 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:

12. 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

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

14. 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.

15. 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

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

17. 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

18. 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.

19. FS Manager

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

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

22. 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

23. 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

24. 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:

25. 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

26. 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

27. 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

28. 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

29. Further details available at:
Thank You
Further details available at: