ACRA issued second report on key findings from reviews of listed companies’ financial statements

ACRA issued second report on key findings from reviews of listed companies’ financial statements

Companies are responding positively to measures taken to improve quality financial reporting instituted by ACRA’s Financial Reporting Surveillance Programme (FRSP). In the second annual FRSP report issued, it was observed that companies took quick action to rectify financial reporting gaps highlighted through the FRSP.

The report noted that overall, a good level of quality in financial statements reporting was observed among those listed companies reviewed. Their Boards also took ownership over financial reporting with many taking steps to document their deliberations on complex accounting matters. However, there remains room for improvement as a number of non-compliances with the accounting standards were identified.

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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