The Accounting and Corporate Regulatory Authority (ACRA) has established the Financial Reporting Surveillance Programme (“FRSP”) to guide companies to meet the requirements in the prescribed accounting standards in Singapore for their financial reporting. ACRA has published the following Practice Guidance on 2 January 2018:
(a) ACRA’s Financial Reporting Surveillance Programme – Guide on Review Procedures, to share ACRA’s FRSP review procedures with directors and management. Such information will be useful, particularly when their companies’ financial statements are selected for review under the FRSP.
(b) Financial Reporting Practice Guidance No. 1 of 2018 – Areas of Review Focus for FY2017 Financial Statements under ACRA’s Financial Reporting Surveillance Programme – to highlight eight financial reporting areas that may require more attention by directors when approving the companies’ FY2017 Financial Statements. These areas include impairment assessment (including reversals) of long-lived assets, recognition of one-off gain or loss, and business acquisitions.
The Practice Guidance(s) can be download from ACRA website.
Source: ACRA, 5 January 2018