Responding to financial reporting surveillance reviews

MANY directors continue to be surprised to receive letters from the Accounting and Corporate Regulatory Authority (ACRA) querying the accounting treatment and disclosures in their companies' financial statements.

These letters are being sent as part of the regulator's expanded Financial Reporting Surveillance Programme (FRSP) which selectively reviews the financial statements of companies for compliance with the prescribed Accounting Standards in Singapore.

Although the FRSP has been around sin…