Challenges of the new quarterly reporting regime
SGX needs to be watchful of companies doing "auditor shopping" to get an unmodified opinion.
ON JAN 9, 2020, Singapore Exchange Regulation (SGX RegCo) announced that it will only require companies associated with higher risks to report quarterly results. It sees this risk-based approach as being more targeted and less arbitrary than the size-based approach that has been in operation since 2003.
Meanwhile, the continuous disclosure regime is being strengthened, with proposals such as stricter rules on interested person transactions, and improving valuations and external audits. SGX RegCo has also established a whistleblowing office and plans to "hard-code" into the listing rules the requirement for companies to have a proper whistleblowing policy.
A risk-based approach is also used in markets such as Hong Kong and Australia. In Hong Kong, quarterly reporting (QR) applies to companies listed on GEM, which was historically aimed at growth companies, but is now considered a …
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access