.png?sfvrsn=dd675fd5_2)
.jpg?sfvrsn=d4038e84_0)
-(1).png?sfvrsn=db949de5_0)
-(5).png?sfvrsn=3162fbc9_0)
/business-management-global-connection/istock-1167579720-c.jpg?sfvrsn=ff93f9a5_2)
/audit-assurance/istock-1169206203-c.jpg?sfvrsn=1d6f9b25_2)
/professionals/istock-845530100-c.jpg?sfvrsn=46efdedd_2)
/ethics-and-professionalism/istock-1141115724-c.jpg?sfvrsn=4e54d691_2)
/business-management-global-connection/istock-1079974636-c.jpg?sfvrsn=e9fea23b_2)
.png?sfvrsn=905ee1bd_0)
/legal-secretarial/istock-866706340-c.jpg?sfvrsn=d7f57b8c_2)
ACRA has issued its fourth Financial Reporting Surveillance Programme (FRSP) report, which noted that knowledge gap and insufficient due diligence remain the main root causes contributing to material non-compliances with accounting standards. Another root cause was the lack of action taken on issues raised by auditors.
ACRA reviews the financial statements (FS) of Singapore-incorporated companies for compliance with the accounting standards in Singapore and publishes the findings to help companies avoid the common pitfalls and improve their financial reporting. This latest FRSP report covers the FS reviewed between 1 April 2020 to 31 March 2022. Of the 33 sets of FS (comprising 27 listed companies and 6 non-listed companies) reviewed, ACRA found a total of 23 material non-compliance with accounting standards in 12 FS.
Read more