Singaporean companies financial figures laid bare

ACRA, the Accounting and Corporate Regulatory Authority, has launched an online tool to let people analyse local companies' financial figures.

Open Analytics will allow the business community to access companies’ financial information, allowing top management and shareholders to compare performance against peers. For banks, Open Analytics provides the financial information of the companies they extend credit to for regular credit risk assessments against the respective industries, particularly for small and medium entities. Entrepreneurs and investors can identify untapped niche areas and hidden gems in the Singapore corporate space. Analysts can use Open Analytics to monitor and analyse trend performance of companies or any specific industry sector.

Mr Phillip Overmyer, Chief Executive of the Singapore International Chamber of Commerce, commented, “I am impressed with how Open Analytics brought about a new perspective in analysing financial data. It is not about crunching the numbers anymore. Now we have key financial information presented in a most intuitive manner to support the process of making important business decisions.”

Open Analytics is the result of a pioneering public private partnership between ACRA and WHK Horwath, an Australian financial services firm. Open Analytics enables analysing large volumes of standardised financial data submitted in XBRL (eXtensible Business Reporting Language) and using the dynamic business intelligence to benchmark companies’ performance.