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Accounting and Corporate Regulatory Authority

Financial Reporting Practice Guidance – Areas of Review Focus for FY2026 Financial Statements

6 November 2026

Audience

Accountants

Accounting entities

Businesses

Corporate service providers (CSPs)

News Topic

Accounting standards and sector regulation

Corporate governance

Category

Announcement

ACRA’s new Practice Guidance highlights key areas for directors and Audit Committees to focus on when reviewing FY2026 financial statements, with questions to pose to management and key disclosures to consider for each area.

ACRA has issued Financial Reporting Practice Guidance No. 1 of 2026 (opens in new tab) to support directors, particularly those on Audit Committees, in reviewing FY2026 financial statements amid evolving geopolitical, macroeconomic and climate-related uncertainties.

The guidance highlights six key accounting areas requiring closer attention: impairment, expected credit losses, fair value measurement, revenue recognition, provisions and going concern. For each area, it sets out questions that Audit Committees may pose to management, together with key financial statements disclosure to consider.

Directors and Audit Committees are encouraged to refer to the guidance when reviewing their companies’ financial statements, to strengthen their financial reporting oversight in upholding high standards of financial reporting.