Singapore firms to follow the XBRL trend

News Article - 09 May 2007
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Firms in Singapore are to file their financial reports through computer language XBRL before the year is out, a regulator has said.

The Accounting & Corporate Regulatory Authority (ACRA) has made the claim on its website, calling for the adoption of the language by November following its implementation by regulators in the UK, US, Japan and Australia.

From November 1st, firms will have to use XBRL for filing their financial statements in a bid to improve regulation and allow one set of statements to be used by various bodies within the country.

By adopting the language, regulators, financial analysts and shareholders will be able to access detailed information through the ACRA database rather than having to sift through physical documentation.

The regulator previously wanted businesses to have implemented the computer language by April this year; however the date was changed to allow firms more time to prepare for the move.

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