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ACRA has issued Practice Guidance No. 2 of 2015 which highlights the ten areas of review focus under the Financial Reporting Surveillance Programme (FRSP) for FY2015 Financial Statements. The practice guidance serves to guide directors and other financial statements preparers on some of the areas of potential misstatements in the financial statements, such as the impairment assessment of long-life assets, the breach(es) of borrowing covenants, impact from foreign currency movements, and the control assessment over investees.
In 2014, ACRA expanded the scope of the FRSP to proactively enforce against poor financial reporting that leads to unreliable information. During the first review cycle where 49 sets of listed FY2013 Financial Statements were reviewed, ACRA issued 4 warning letters and 29 advisory letters to directors of listed companies for not ensuring that their company’s financial statements complied with the prescribed accounting standards. Please click here to download the 2015 inaugural FRSP report for more information.
Download the Practice Guidance here.
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