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To ensure financial reporting remains reliable and of high quality, ACRA issued today, its inaugural report on key findings on financial statements reviewed under its Financial Reporting Surveillance Programme (FRSP). The outcome revealed that the state of financial reporting by Singapore-incorporated listed companies is generally healthy. However, there is still room for improvement as a number of instances of non-compliance with the Accounting Standards were identified.
Key findings include misclassification of operating cash flow, wrong accounting for mixed-use property, inappropriate consolidation and wrong revenue recognition policy.
Please click here for the full report.
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