We summarize ACRA’s proposed areas of focus and the questions that directors can ask before approving the FY 2020 financial statements.
ACRA’s FRSP: Areas of review focus for FY 2020 financial statements
On 4 December 2020, the Accounting and Corporate Regulatory Authority (ACRA) issued Financial Reporting Practice Guidance No. 2 of 2020, which highlights areas of review focus for FY 2020 financial statements under its Financial Reporting Surveillance Program (FRSP). Directors should pay closer attention to these areas before approving the FY 2020 financial statements. ACRA also encourages directors to disclose beyond the requirements in the accounting standards to inform users of financial statements on areas significantly impacted by the COVID-19 pandemic. In this edition, we highlight the proposed areas of focus and the questions for directors’ consideration before approving the FY 2020 financial statements.
SGX tightens rules on auditors, valuers and valuation reports
In January 2021, the Singapore Exchange (SGX) announced changes to the Listing Rules to enhance the regulatory regime on property valuation and audit requirements for companies listed on Singapore Exchange Securities Trading Limited (SGX-ST). More details can be found in this edition.
