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To provide a responsive and trusted regulatory environment for businesses and public accountants

THE SINGAPORE EXPERIENCE 21st XBRL International Conference Beijing 19 October 2010 Chief Executive of ACRA Ms Juthika Ramanathan. To provide a responsive and trusted regulatory environment for businesses and public accountants. Introduction to ACRA.

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To provide a responsive and trusted regulatory environment for businesses and public accountants

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  1. THE SINGAPORE EXPERIENCE 21st XBRL International ConferenceBeijing 19 October 2010 Chief Executive of ACRA Ms Juthika Ramanathan To provide a responsive and trusted regulatory environment for businesses and public accountants

  2. Introduction to ACRA ACRA ~ Accounting and Corporate Regulatory Authority Our vision: Singapore: The trusted and best place for business Our Mission: To provide a responsive and trusted regulatory environment for businesses and public accountants Registration of business entities and public accountants Repository of documents Continuous compliance with disclosure requirements Principal Activities Provision of Information Enforcement & Prosecution 2

  3. Introduction to ACRA • Role: • National regulator of business entities and public accountants • Facilitator for the development of business entities and the public accountancy profession • As at end September 2010, over 370,000 business entities and 950 public accountants are registered with ACRA 3

  4. Belief Action Lack of maturity and experience of stakeholders in XBRL No precedent success story known Implementation of XBRL filing Specification Study and Tender Tender Award for ACRA Project XBRL Feasibility Study Recommendation by parent ministry 2007 2006 2005 2003 2004 4

  5. Distribution and use of XBRL • financial data • Collection of XBRL • financial data 5

  6. Collection of XBRL Financial Data • “Mandatory” requirement, with “soft” approach for buy-in and engagement of key stakeholders • Small incremental approach • Small taxonomy • Provision of XBRL preparation tool • Two filing options • Time for market to adjust to the change in filing requirements 6

  7. Distribution of XBRL Financial Data • Showcase of benefits of XBRL • Government agencies saw the potential of business analytics in their own domain • Feedback mechanism for improvement in taxonomy • Pave the way for greater data sharing across agencies: SBR 7

  8. ACRA’s Journey to Transform Use Of Business Data with XBRL • * Similar to SBR (Standard Business Reporting): • A multi-agency initiative that simplifies / harmonises reporting from business to Government • XBRL used as enabler 8

  9. Moving Forward - Challenges • Alignment of taxonomies with accounting standards • Alignment of timeline for release: New standards to be “XBRL-ready” upon issuance? • Continuing pressure from successive changes to the standards • Common-practice, and industry-specific concepts, not specifically listed in standards? Business specific taxonomies, such as credit risk assessment taxonomies by banks? Engagement of National Standard Setters to contribute to the development of local taxonomies 9

  10. Moving Forward - Challenges • Alignment of disparate taxonomies developed separately • Differing taxonomy architectures and extensions (country / company specific) • Impact on information comparability • Alignment of taxonomy and extension development with global best practices would be welcomed Alignment of taxonomies across the world to facilitate analysis in different market places 10

  11. Thank You • More of the challenges faced and future plans on business reporting in XBRL will be shared during the ACRA sessions in the IFRS (19 Oct PM) and Regulator (20 Oct AM) tracks.

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