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ACRA issued its second report on key findings on financial statements reviewed under its Financial Reporting Surveillance Programme (FRSP) on 27 September 2016. It was observed that companies are responding positively to measures taken to improve quality financial reporting, and took quick action to rectify financial reporting gaps highlighted through the FRSP. Overall, a good level of quality in financial reporting was observed among those listed companies reviewed. In most cases, Boards took ownership over financial reporting with many taking steps to document their deliberations on complex accounting matters.
The four areas with the highest instances of findings were new consolidation standards, business acquisitions, impairment of long-lived assets and fair value of properties.
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