Under the Financial Reporting Surveillance Programme (FRSP), the Accounting and Corporate Regulatory Authority (ACRA) of Singapore reviews selected financial statements for compliance with the accounting standards. On or about 1 February 2019, it has issued Financial Reporting Practice Guidance No. 1 of 2019.
The Guidance discusses the need for directors to review the impact of the following new standards on their company’s financial statements:
• SFRS(I) 15/FRS 115 Revenue from Contracts with Customers
• SFRS(I) 9/FRS 109 Financial Instruments, and
• SFRS(I) 16 / FRS 116 Leases.
The guidance also provides examples of accounting treatments as well as sample questions that directors should ask management that would arise from reviews of financial statements.
The Guidance can be downloaded from the ACRA website.
Source: ACRA, 21 February 2019.