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Accounting and Corporate Regulatory Authority
Summary of Response

Summary of Response to public feedback on BizFinx preparation tool

Topic

Financial Reporting & XBRL

21 May 2024

View ACRA's official response to public feedback on the BizFinx preparation tool, including a summary of the key comments received.

The Accounting and Corporate Regulatory Authority (ACRA) embarked on a revamp exercise on XBRL implementation to further enhance financial statements reporting process. As part of the revamp exercise, ACRA is making available the BizFinx preparation tool free of charge to enable companies to prepare a full set of financial statements in accordance with the revised XBRL filing requirements. To improve the usability of the preparation tool, ACRA started inviting feedback from members of the public from early 2013. In January and February, ACRA conducted focus group sessions with over 70 participants to test a prototype of the preparation tool. Subsequently, from 25 March to 19 April, ACRA further sought the public’s views on the tool, through public consultation.

A total of 81 written feedback forms were received from a diverse group of stakeholders, including public and private companies, representatives of professional bodies, accounting firms, corporate secretarial firms, trainers of the BizFinx filing system, and academic representatives.

Please click here [PDF, 511 KB] for a summary of the feedback received and ACRA’s responses to the feedback.

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