Deadline pushed back for new filing format

PHOTO: Deadline pushed back for new filing format

SINGAPORE - The Accounting and Corporate Regulatory Authority Singapore (Acra) has changed the date for firms to start filing financial statements in the new eXtensible Business Reporting Language (XBRL).

The deadline for filing has been pushed back to Dec 2 from Oct 22.

The XBRL format is internationally recognised and presents business and finance-related documents in a standardised way for easy analysis.

An Acra statement said the change was made as companies wanted additional preparation time as they make the transition.

"Based on current filing cycles, most companies will likely file their financial statements in full XBRL only in 2014," it added.

Earlier this year, Acra set up a $1.8 million training fund to support the transition.

Further refinements are also being made to a preparation tool issued in June, and "the new (Dec 2) date will provide companies with more time to adjust to the changes made to the tool".

rachaelb@sph.com.sg


Get a copy of The Straits Times or go to straitstimes.com for more stories.