Acra getting more teeth to deal with reporting breaches

Singapore

Companies which commit less serious breaches will be asked to restate the comparative figures, or include or improve the disclosures in the following year's financial statements.

If they fail to do so, they will be publicly named and shamed and their directors held accountable.

These are among the major policy changes to be announced on Friday by the Accounting and Corporate Regulatory Authority (Acra).

The regulator will detail these changes at the Audit Committee Seminar 2017, which it will jointly hold with the Singapore Exchange and the Singapore Institute of Directors.

It shared some of the key aspects with The Business Times ahead of the event.

Currently, directors of companies found to have one or more instances of severe non-compliance with financial-reporting requirements stated in the Companies Act are given warning letters; those whose instances of non-compliance are les…