20 January 2018
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Law Soc: Financial Reporting Practice Guidance No. 1 of 2018

Law Society

To guide directors in reviewing their company's upcoming financial statements, ACRA has issued Practice Guidance No. 1 of 2018 which highlights eight financial reporting areas that may require more attention by directors when approving the companies' FY2017 Financial Statements. These areas include impairment assessment (including reversals) of long-lived assets, recognition of one-off gain or loss, and business acquisitions. With a few major accounting standards becoming effective from 2018 and 2019, companies should also report more progressive known or reasonably estimable quantitative information in the FY2017 Financial Statements, to help shareholders assess the possible impact from these new accounting standards.

The Practice Guidance is available for download from the ACRA website here.