ACRA stands for Accounting and Corporate Regulatory Authority, which is the regulatory body responsible for the registration and administration of companies in Singapore.

The ACRA requires companies in Singapore to file their financial statements in eXtensible Business Reporting Language (XBRL) format. This is part of the ACRA’s efforts to improve the quality and accessibility of financial information, reduce the time and costs associated with financial reporting, and facilitate the analysis and comparison of financial data across companies and industries.

The use of XBRL for financial reporting is mandatory for certain types of companies in Singapore, including companies listed on the Singapore Exchange, companies with a turnover of S$10 million or more, and companies with a share capital of S$10 million or more. The XBRL format is used to report financial data as per the Singapore Financial Reporting Standards (SFRS) in Singapore.

Overall, the adoption of XBRL in Singapore through the ACRA has been successful in improving the efficiency and effectiveness of financial reporting for companies, and it is expected to continue to play a significant role in the future of financial reporting in the country.

In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) mandated the use of XBRL for financial statements of companies from 1 November 2007. This mandate applies to all Singapore incorporated companies (unless exempted), including foreign companies registered in Singapore.

Read more about the mandate here