ACRA: Financial Reporting Practice Guidance No. 1 of 2019 - adoption of significant new accounting standards on revenue and financial instruments

Publisher: Law Society

Effective: 1 Feb 2019

ACRA Financial Reporting Practice Guidance No. 1 of 2019

ACRA has issued Practice Guidance No. 1 of 2019 which highlights five financial reporting areas that may require more attention by directors before approving the companies' FY2018 Financial Statements. The key area for this year is the adoption of significant new accounting standards on revenue and financial instruments. Specific changes that may have more widespread impact were highlighted for directors’ consideration. Other areas include impairment assessment and valuation, major transactions, statement of cash flows and disclosures of significant judgments and estimates.

Click here to access the Practice Guidance.