Financial Reporting Surveillance Programme (FRSP)
The Financial Reporting Surveillance Programme (“FRSP”) was established to guide companies to meet the requirements in the prescribed accounting standards in Singapore (“Accounting Standards”) so as to provide investors with reliable and meaningful financial statements for decision-making. This will in turn increase the confidence of investors and other stakeholders, in the transparency, integrity and quality of financial reporting in Singapore.
ACRA administers the Companies Act (the “Act”) that applies to companies incorporated in Singapore. The FRSP enforces directors’ duties in relation to financial reporting under the Act. Specifically, sections 201(2) and 201(5) of the Act require the directors of a company to present and lay before the company, at its annual general meeting, financial statements that:
- comply with the Accounting Standards in Singapore; and
- give a true and fair view of the financial position and financial performance of the company.
Reporting to the Public
To enhance transparency, ACRA publishes reports summarising the activities and findings of the FRSP. These reports aim to help companies avoid the common pitfalls and improve their financial reporting by enhancing their understanding of the application and interpretation of the Accounting Standards and the requirements of the Act. Click here to view the FRSP reports.
Financial Reporting Resources for Companies and Directors
To guide directors and other financial statements preparers, ACRA publishes Financial Reporting Practice Guidance highlighting the areas of the FRSP’s review focus for the coming year. This will remind directors of the risks of misstatements in the financial statements as well as how to better meet the information needs of investors and other users of financial statements. Please click on the links below to access the list of Practice Guidance.