Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements
ACRA issues Financial Reporting Practice Guidance No. 1 of 2016 on 8 December 2016.
In 2016, weak market sentiments and continued slow-growth in the global environment have affected many Singapore companies. This Practice Guidance highlights seven financial reporting areas, which may require more attention by the company directors before approving the 2016 Financial Statements. These areas include going concern assumption, impairment assessment of long-lived assets, recognition of one-off gain or loss, and business acquisitions. Please click here to download the Practice Guidance No.1 of 2016.
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