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ACRA has commenced its third cycle of review under the Financial Reporting Surveillance Programme (FRSP), where selected companies’ financial statements are reviewed for compliance with the prescribed accounting standards. In tandem with the review, ACRA has published the Guide on Review Procedures to share information on the FRSP review procedures with directors and management.
To guide directors in reviewing their company’s upcoming financial statements, ACRA has issued Practice Guidance No. 1 of 2018 which highlights eight financial reporting areas that may require more attention by directors when approving the companies’ FY2017 Financial Statements. These areas include impairment assessment (including reversals) of long-lived assets, recognition of one-off gain or loss, and business acquisitions. With a few major accounting standards becoming effective from 2018 and 2019, companies should also report more progressive known or reasonably estimable quantitative information in the FY2017 Financial Statements, to help shareholders assess the possible impact from these new accounting standards.
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