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(3) Validation of XBRL Files & Help Resources...

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SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFin x Filing System (2 nd Run) Wed, 2 April 2014 Important: No part of this to be reported or reproduced without authorized permission Restricted Distribution to SBF Participants only. 1 Training Seminar Validation Of XBRL Files and Help Resources Published March 2014 All rights reserved. No part of this publication may be produced or transmitted in any form or by any means, including photocopying and recording, without attributing the publication to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore and shall be restricted to non-commercial use only. 2 Validation Process
Transcript

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

1

Training Seminar

Validation Of XBRL Files and Help

Resources

Published March 2014

All rights reserved. No part of this publication may be produced or transmitted in any form or by any means, including photocopying and recording, without attributing the publication to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore and shall be restricted to non-commercial use only.

2

Validation Process

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

2

Validation rules

� Genuine errors

� Please rectify such errors before filing

� If XBRL data is correct, please seek exemption from specific business rules / XBRL filing

� Possible errors

� Please rectify if areas highlighted contains error

� If XBRL data is correct, you may ignore the possible error without changes required

� For complete list of business rules, please refer to http://www.acra.gov.sg/BizFinx_Help+Resources_Jan+14.htm (Appendix B – List of business rules)

3

Validation rules – Examples

� Mandatory / Derived mandatory rules

4

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

3

� Rules to ensure correct submission of dates

5

Validation rules – Examples

� Rules to ensure disclosure of full set of financial statements

� Ensure that the full set of financial statements are submitted in text block

6

Validation rules – Examples

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

4

� Rules to check against information from prior period filing

� Check whether prior period values are provided correctly within XBRL file. If current values in prior XBRL filing is incorrect, please file NOE (for typographical/clerical errors.

7

Validation rules – Examples

� General checks across XBRL file

� Misc_040 � Ensure that the sum of child fields are the same as total. (Eg. The difference between gross carrying amount of PPE and accumulated depreciation = Net carrying amount of PPE)

8

Validation rules – Examples

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

5

� General checks across XBRL file

9

Validation rules – Examples

� Depending on the FS of the company, exemption may be granted on a case by case basis

� File full XBRL with exemption from specific business rules (E.g. requirements for comparative periods)

� File FSH instead of full XBRL

� File FS in PDF

� Application for exemption is available through the BizFinx portal

10

Exemptions

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

6

Common mistakes Rectification

Using the incorrect level of rounding / presentation currency as compared to AGM accounts

Use the correct level of rounding / presentationcurrency

Incorrect selection of presentation format

Select the correct format. Please refer to FRS 1,FRS 7 and preparation tool for samples

Incorrect mapping of data Map data using taxonomy elements that are relevant. Refrain from using “others” items unless there is no related taxonomy element

Not updating dynamic company information(eg. Signing auditor / directors)

Preparers using prior period XBRL file as a reference should ensure data are updated

Non submission of information within minimum requirement list

Familiarise yourself with the minimum requirement list templates. (Refer to “Appendix A – ACRA Taxonomy 2013” available at URL: http://www.acra.gov.sg/BizFinx_Help+Resources_Jan+14.htm)

Check to ensure that information within requireddisclosure notes are provided in templates.

Common mistakes in XBRL filing

11

Support For Companies

12

BizFinx

Preparation

Tool

Training & Help

Resources

More Time

For Filing

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

7

Preparation Tool

� Free offline tool to help companies prepare XBRL FS

� Increased flexibility by allowing offline preparation

� Auto-tagging function

� Ability to learn the fields that the company has used

within their financial statements � making

preparation easier in the following financial year

� Drag and drop function

� Ability to populate values automatically with this

function � reducing time for manual data entry

13

� June and August versions

� Provide ample time for user to familiarize with filing requirementsand using the tool

� Addresses issues highlighted from focus groups and publicconsultation

� November version

� Contains more enhancements (e.g. making review copy more user-friendly)

� This latest version of the preparation tool must be used to preparethe XBRL files for filing purposes, and it replaces earlier versionsreleased in June and August 2013

� All Excel / XBRL.zip files prepared using earlier versions of thepreparation tool can be opened and edited in the latest version ofthe preparation tool, and this should not result in any loss of data

14

Preparation Tool

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

8

Training Events� Free training seminars

� Held throughout the first year of revised XBRL filingregime, beginning July 2013

� Cover filing requirements and how to use the BizFinx

preparation tool to prepare FS

� Subsidized detailed training courses with trainingpartners

� Provide hands-on practice with BizFinx preparationtool

� 50% of training fee subsidized by ACRA

� Regular courses held monthly, available from July2013

15

More Time For Filing

Current Obligations

Non-listed companies are required to:

� To hold AGM every calendar year, interval not more

than 15 months

� To present accounts not more than 6 months after

year-end during AGM

16

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

9

More Time For FilingAssistance from ACRA

� Extension Of Time

� No application fee for companies applying for 30-dayextension for both obligations.

� Applicable only:

� For non-listed companies filing full XBRL

� During the first year of implementation

� Where the company has applied for and has been grantedEOT under s175 and s201 of Companies Act, no waiver oflate penalty under s197 will be available

17

More Time For FilingAssistance from ACRA

�Penalty Waiver

� If company fulfills the two obligations, penalties willbe waived if AR is filed not more than 30 days afterprescribed period.

�Illustrative example:

� Company with financial year-end of Dec 2013

� To hold AGM by June 2014 and file AR by July 2014

� AR filed only in August 2014

18

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

10

More Time For Filing� Compliance Ratings:

� EOT applied: if company has fulfilled all of itsobligations under s197, and s175 and s201 of theCompanies Act within their extended dates.

� EOT not applied:

� No penalty imposed for late filing, with compliancerating as if the company has breached theprovisions under s175, s197 or s201.

� Reason being: Compliance rating reflects compliancewith the legislation

19

Transition from FS Manager to BizFinx

� Option A (Full XBRL) where companies have used FS Manager to directly

prepare AGM FS (i.e. no separate document in word / excel)

� Request from ACRA for Option A FS in MS Word format (converted

from the XBRL FS), which may then be updated to be used as source

document in BizFinx prep tool

� Email request to: [email protected], with the following:

� Subject header of email: “Request for XBRL financial statements –

Option A filed with ACRA in Word format”

� Scanned copy of request letter using company letterhead & to be

signed off by company director, containing following details:

� Company Name

� Company Registration Number

� Financial Year End of the relevant Option A financial statements filed

� Copy of relevant Option A FS (XBRL format)20

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

11

Other Help Resources

� Hotline for companies and preparers on XBRL-related

enquiry and technical issues

� Preparers guide

� ACRA Taxonomy templates

� Business rules

� List of synonyms

� User guide/Quick guide for BizFinx preparation tool /

Video Guide (key functions of prep tool)

� FAQs

21

Experience The Value Of XBRL

� Free data analysis for companies filing Full XBRL or FSH

� Available to Company officers (directors and company

secretary)

� One-time usage every year, upon filing of Annual Return

with XBRL

� Printed (PDF format) and online (interactive graphs)

reports available

22

SBF-ACRA Training Seminar on Revised XBRL Filing Requirements and New BizFinx Filing System (2nd Run)

Wed, 2 April 2014

Important: No part of this to be reported or reproduced without authorized permission

Restricted Distribution to SBF Participants only.

12

23

Experience The Value Of XBRL

� Financial ratios available for analysis:

� Revenue growth, Net profit margin, Return on assets,

Total asset turnover

� Trend analysis and industry comparison


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