© SID 2020 1 ACRA Regulatory Updates and Initiatives [Observations from Financial Reporting Surveillance Programme (FRSP)] Ms Bong Yap Kim Divisional Director, Financial Reporting Division, ACRA© SID 2020 2 Agenda Financial statements (FS) with modified audit opinions Lack of knowledge/expertise (Case study 1) Beyond technical errors (Case study 3) Shortcuts that lead to non-compliant outcomes (Case study 2) Study, sample selection Findings from reviews of FS 1 IVAS: Institute of Valuers and Appraisals of Singapore (established under Singapore Accountancy Commission) ACRA collaborating with IVAS 1 -FRSP for business valuations ISCA’s financial reporting guidance on real estate valuations© SID 2020 3 FY2016 FY2017 FY2018 N

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