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Accounting and Corporate Regulatory Authority
Press release

Raising the Quality Bar on Financial Reporting

Audience

Accountants

Accounting entities

Businesses

Corporate service providers (CSPs)

News Topic

Accounting standards and sector regulation

1 October 2015

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

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.

Download the press release (PDF, 410KB) for more information.

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