Revised Filing Framework for Annual Filing to take effect on from 1st May 2021, ACRA Announces Revised XBRL Filing Requirement
As part of the ACRA’s ongoing effort to give companies more time to adopt the XBRL filing requirements revisions in view of the economic situations amid the COVID-19 pandemic, on 11 December 2020, the Accounting and Corporate Regulatory Authority (“ACRA”) announced the extension of the effective date for the revised extensible Business Reporting Language (“XBRL”) filing requirements to 1 May 2021. Prior to that, ACRA advised that the effective date was 1 January 2021.
● Companies are required to apply the revised XBRL filing requirements and data elements with effect from 1 May 2021; and
● Companies can opt to voluntarily adopt revised XBRL filing requirements and data elements up till 30 April 2021.
Background
On 16 May 2020, ACRA announced that the revised filing requirements for companies required to file financial statements in XBRL format would take effect from 1 January 2021. Previously, companies could opt to voluntarily adopt the revised XBRL filing requirements when filing financial statements from 16 May 2020 to 31 December 2020.
Reference
The media release is available on the ACRA website www.acra.gov.sg.