The Accounting and Corporate Regulatory Authority (ACRA) has established the Financial Reporting Surveillance Programme (\u201cFRSP\u201d) to guide companies to meet the requirements in the prescribed accounting standards in Singapore for their financial reporting.\u00a0 ACRA has published the following Practice Guidance on 2 January 2018:<\/p>\n
(a)\u00a0 ACRA\u2019s Financial Reporting Surveillance Programme \u2013 Guide on Review Procedures<\/u><\/em>, to share ACRA\u2019s FRSP review procedures with directors and management. Such information will be useful, particularly when their companies\u2019 financial statements are selected for review under the FRSP.<\/p>\n (b)\u00a0 Financial Reporting Practice Guidance No. 1 of 2018 \u2013 Areas of Review Focus for FY2017 Financial Statements under ACRA\u2019s Financial Reporting Surveillance Programme<\/u><\/em> \u2013 to highlight eight financial reporting areas that may require more attention by directors when approving the companies\u2019 FY2017 Financial Statements. These areas include impairment assessment (including reversals) of long-lived assets, recognition of one-off gain or loss, and business acquisitions.<\/p>\n The Practice Guidance(s) can be download from ACRA website.<\/p>\n Source: ACRA<\/em>, 5 January 2018<\/p>\n","protected":false},"excerpt":{"rendered":" The Accounting and Corporate Regulatory Authority (ACRA) has established the Financial Reporting Surveillance Programme (\u201cFRSP\u201d) to guide companies to meet the requirements in the prescribed accounting standards in Singapore for their financial reporting.\u00a0 ACRA has published the following Practice Guidance on 2 January 2018: (a)\u00a0 ACRA\u2019s Financial Reporting Surveillance Programme \u2013 Guide on Review Procedures, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-406","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=406"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/406\/revisions"}],"predecessor-version":[{"id":407,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/406\/revisions\/407"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=406"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}