CPA Australia offers Web help to local firms in XBRL reporting
By Michelle Quah
29 April 2008
(c) 2008 Singapore Press Holdings Limited
PROFESSIONAL accounting body CPA Australia has released a webinar - a type of Web conference - to help Singapore companies prepare and submit financial statements in accordance with a new requirement introduced by the Accounting & Corporate Regulatory Authority of Singapore (Acra) in November.
Acra requires selected Singapore companies to file their financial statements in extensible business reporting language (XBRL), an open standard readable by computers, instead of the portable document format (pdf) used previously.
XBRL, which is an international electronic reporting language for business and financial data, aims to improve regulation of companies and allow them to eventually file just one set of financial statements that may be used by different agencies.
Companies such as banks, insurance and finance companies regulated by the Monetary Authority of Singapore are excluded from this requirement.
Commenting on the launch of CPA Australia's webinar, Acra chief executive Juthika Ramanathan said: 'Acra is pleased with this e-learning initiative by CPA Australia which will not only assist new users of (Acra's Web-based tool for the preparation of financial statements) the FS Manager transit smoothly to XBRL but also provide those who had used the FS Manager with a refresher should the need arise.'
The webinar was jointly developed, in collaboration with Acra, by two fellow CPA Australia members: National University of Singapore adjunct associate professor Chee Hay Kheong and Singapore Management University's associate dean at the School of Accountancy Themin Suwardy.
CPA Australia Singapore division president Chaly Mah said the webinar initiative is the first in a series of new technology resources that CPA Australia will release this year.
'Our focus is to provide members with more Web-based learning services and member knowledge-sharing platforms to help them in their businesses. This is a good example of utilising the expertise of our members,' he said.
The webinar is available free to CPA Australia members at www.cpaaustralia.com.au. Non-members can access the webinar for a nominal fee.
