10 Anson Road #05-01/15, International Plaza, Singapore 079903 Telephone: (65) 62278551 Fax: (65) 62251676 Website: www.acra.gov.sg
For Immediate Release
Students engage with national regulator to ponder over the future of business reporting standards
Singapore, 14 July 2009 --- About 200 Ngee Ann polytechnic students engage with the Accounting and Corporate Regulatory Authority (ACRA), the national regulator of businesses and public accountants, to ponder over the future of business reporting standards. After a month of in-depth research and project submission, three teams compete at the final of the 3rd eXtensible Business Reporting Language (XBRL) Competition on Thursday, 16 July 2009, 5.00pm at LT20, Ngee Ann Polytechnic (NP). 2. Themed “www.StandardBusinessReporting”, the competition aims to broaden the students’ understanding of the XBRL and familiarise them in the use of FS manager, a free online tool provided by ACRA to enable companies to prepare and manage their financial statements in XBRL. 3. As part of the final round, the second-year students doing diploma in accountancy, will present their recommendations on the implementation of an integrated system of business reporting in Singapore. The XBRL competition encourages the students to unleash their creativity in crafting solutions for real business problems and gives them a sneak peek into what the corporate world holds for them. It also enables ACRA to leverage on recommendations put forth during the competition, and allows ACRA to take a step back and reconsider existing issues with an objective view. 4. The NP’s School of Business & Accountancy is a pioneer in believing in XBRL and includes the teaching as part of its “enterprise accounting application” module. 5. Ms Juthika Ramanathan, Chief Executive of ACRA said, “ACRA is appreciative of Ngee Ann Polytechnic’s continued support for the XBRL corporate financial reporting initiative in Singapore. ACRA commends the polytechnic in organising the XBRL competition as part of its ongoing efforts to offer a broad-based and practical-oriented education to ensure its rigorous curriculum remains relevant for the students to prepare them for a dynamic workplace in the future. ACRA is proud to play its part to contribute to building a learning nation through thinking schools”.
Page 1 of 2
About ACRA The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and public accountants in Singapore. ACRA also play the role of a facilitator for the development of business entities and the public accountancy profession. The mission of ACRA is to provide a responsive and trusted regulatory environment for businesses and public accountants. As at 30 June 2009, over 360,100 business entities and more than 870 public accountants practising in public accounting firms, accounting limited liability partnerships and accounting corporations are registered with ACRA. For more information, please visit www.acra.gov.sg
Page 2 of 2