In general, taxonomy refers to a catalogue or set of rules for classification. In the XBRL context, taxonomy is similar to a dictionary, containing computer-readable definitions of business reporting terms as well relationships between them and links connecting them to human-readable resources (metadata). [Source: XBRL.org]
In developing the ACRA taxonomy, ACRA's consultants have identified key financial items to be included in the ACRA taxonomy. ACRA's taxonomy is primarily based on the requirements under Singapore Financial Reporting Standards (SFRS), and closely modelled after the International Financial Reporting Standards (IFRS) taxonomy 2006, with some modifications to cater for flexibility and ease of usage.
ACRA's taxonomy will also enable preparers to add user defined elements to the enumerated list of items.