No. XBRL is simply a language for transmitting information. It must accurately reflect data reported under the applicable accounting standards, it does not change them. [Source: XBRL.org]
XBRL is developed by a global consortium called XBRL.org, which comprises approximately 450 leading companies, associations, and agencies involved in providing or using business information.
Members of the global consortium comprise professional services and consulting companies, financial services and information providers, software and other technology providers, government and not-for-profit organisations, and accounting and trade organisations. These include the Big Four accounting firms, International Accounting Standards Board (IASB), Australian Prudential Regulation Authority (APRA), UK Companies House, EDGAR Online, US FDIC, Korea Stock Exchange, Microsoft, Moodys Investor Service, Morgan Stanley, New Zealand Stock Exchange, Reuters, Shanghai Stock Exchange, Stock Exchange of Thailand, Tokyo Stock Exchange, American Institute of Certified Public Accountants, CPA Australia etc. [Source: XBRL.org]
To date, XBRL has been adopted by major industry players, such as Dresdner Bank (to enhance its credit monitoring process), Bank of America, Microsoft (to streamline its data dissemination to various stakeholders), Morgan Stanley and Reuters.
XBRL has also been adopted by some regulators in Australia, Japan, South Korea, Sweden , China, US and UK for their regulatory filings. These include the US Federal Deposit Insurance Corporation (FDIC), UK Inland Revenue Authority, the Stock Exchanges of Tokyo, Shenzhen, South Korea, UK Companies House and the Swedish Companies Registration Office. In April 2007, the National Bank of Belgium which is responsible for collecting financial statements from Belgian companies, switched to accepting accounts filed in XBRL.
For future announcements and updates on FS Manager and ACRA's implementation of XBRL, please visit our Homepage at http://www.acra.gov.sg.
You may sign up for ACRA News Online to get the latest news updates. To sign up, please fill up the online form at http://appiqs.acra.gov.sg/ops/reg/reg02.asp.
Further information on XBRL, including latest updates and international developments can be accessed at:http://www.xbrl.org
Frequently asked questions on XBRL can be found in our interactive web service, ASK ACRA at http://appiqs.acra.gov.sg/iqs/ask_acra.asp.
You can also access our Interactive Voice Response System for information on XBRL by calling our hotline number at (65) 6248 6028 and choose option 1, followed by 4.
To help you with the transition for filing financial statements using FS Manager, ACRA has appointed several training partners such as DP Bureau, the Singapore Academy of Law, Certified Practising Accountants (CPA) Australia, Singapore Association of The Institute of Chartered Secretaries and Administrators (SAICSA) and Institute of Certified Public Accountants of Singapore (ICPAS), to offer training sessions on using FS Manager.
Details of these training sessions are now available at our website -http://www.acra.gov.sg/News_and_Events/Calendar_of_Events/
You may also sign up for ACRA News Online to get the latest news updates. To sign up, please fill up the online form at http://appiqs.acra.gov.sg/ops/reg/reg02.asp.
Companies can use the FS Manager. 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. Using FS Manager, company filers or relevant users (e.g. preparers of financial statements) can submit companies financials via completing a series of web-based forms. The web-based forms are designed in accordance with ACRA's taxonomy requirements.
FS Manager can be accessed through BizFile Homepage with effect from 1 May 2007.
To use FS Manager, the following are required:
On Windows Platform Operating System: Windows 2000 Service Pack 4 and above
The full XBRL format (Option A) requires the accounts of a company which have been prepared in XBRL to be filed in that format. The XBRL format in FS Manager does not provide for the inclusion of signatures of the directors or auditors. As such, the pdf document generated from the XBRL accounts will not indicate any signatures.
Notwithstanding that the signatures may not be apparent where the accounts have been filed in full XBRL, the director of the company is required to confirm that the accounts which are filed have been prepared in accordance with the requirements of the Companies Act.
The onus is on the directors of the company to ensure that the requirements for the preparation of the accounts are in compliance with the Companies Act, including the requirement to have the accounts audited, where applicable.
If ACRA detects any non-compliance with the necessary requirements,we will take appropriate action against the company. However, please notethat the absence of the signatures of the auditors do not necessarily indicate that the accounts have not been duly audited, as explained.