Mapping Financial Statements to ACRA Taxonomy

Key Points

ACRA’s closed taxonomy does not permit company-specific concepts, though presentation labels can be customised. Items may map directly, aggregate into one concept or split across several concepts. Use the closest appropriate concept when a precise match is unavailable, and reserve Others for items without a suitable relationship. Required footnotes explain aggregation or Others. A person familiar with the financial statements should review the mapping.

Build a Reviewable Taxonomy Mapping Schedule

Start from the statements tabled at the AGM or circulated to members, rather than rebuilding the accounts from a preferred XBRL layout. As practical preparation, keep a mapping schedule showing each source line, its amount, the selected taxonomy concept and any explanation. This gives the officer most familiar with the accounts a clear basis for reviewing the submission.

For a direct match, use the corresponding concept even where the source label differs, such as turnover and revenue. Where several source lines are combined, reconcile the combined amount and use the XBRL footnote mechanism to explain the aggregation. Where one line must be split, confirm that the source statements actually disclose the component amounts; a template should not become a reason to invent a breakdown.

Apply the best-fit principle before choosing Others. Best fit requires accounting judgement about the closest concept; Others requires an explanatory breakdown in a footnote. Complete the template tabs, but leave a field blank when the requested information is not disclosed in the source statements. Custom labels and presentation order do not permit creating a new company-specific concept. Check the current taxonomy and BizFinx resources before preparing a new reporting file.