ACRA has continued to show leadership in using technology to create efficiency and to enable broad access to its company registration data for the public.
Singapore (PRWEB) February 1, 2010
Singapore Accounting and Corporate Regulatory Authority (ACRA) has released an online tool - called Open Analytics - that will make available its vast repository of financial data to the public. Since November 1, 2007, ACRA has required that firms must file their statutory financial reports with ACRA in the XBRL format. XBRL (eXtensible Business Reporting Language) is an industry-standard open data format used to describe financial information. The new tool leverages the XBRL data format to perform standardized analysis of financial data and presents the analysis in easy to understand graphical formats. This enables ready access and analysis of large volume of historical financial data that resides within ACRA's database collected from several hundred thousand Singapore incorporated firms in various industries.
GuideMeSingapore.com's review of Open Analytics shows that it can be an enormously powerful research tool for entrepreneurs, firm management, business partners, banks and business analysts. Entrepreneurs can now access financial information of Singapore companies and industry segments quickly and perform sophisticated market or competitor analysis to identify business opportunities in inefficient sectors. A company's management can benchmark its performance against peers or industry standards to identify improvement opportunities. Banks and other business partners of a firm can use Open Analytics to assess the financial stability of a firm before they extend credit to it. Finally, business analysts can use Open Analytics to monitor and analyze trends for Singapore companies or specific industry sectors.
Jacqueline Low, the Director of Singapore Company Registration services at Janus Corporate Solutions, the parent company of GuideMeSingapore.com said, "This offering is further demonstration of ACRA's progressive mindset. ACRA has continued to show leadership in using technology to create efficiency and to enable broad access to its data for the public." These sentiments were echoed by Mr Ow Fook Chuen, Deputy Chief Executive of ACRA, who said “When ACRA first introduced filing of financial statements in XBRL, it was aligned with our overall strategic direction of enabling a pro-enterprise financial reporting environment for businesses in Singapore. Now, the introduction of Open Analytics represents a shift from the focus of XBRL as a reporting language, to one which it is an enabler for a more effective and efficient dissemination mechanism to enhance financial information flow to the business community, both locally and internationally.”
Open Analytics is available to users at http://www.openanalytics.com.sg. Subscribers will be charged from $49 for a year's access to data on a single company to $950 for a comparative analysis of all companies within a specified industry sector. Individuals and entities interested in setting up a new business entity in Singapore can refer to http://www.guidemesingapore.com/company-setup/c312-singapore-company-registration-details.htm.
GuideMeSingapore.com is a unit of Janus Corporate Solutions Pte Ltd - a Singapore-based firm that provides Singapore company formation, Singapore taxation, and Singapore employment pass services for organizations and individuals worldwide.
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