Resource Guide

Section 1: Overview of the CG Guides Series | 5 464 | AuditCommitteeGuide Appendix6G '*/"/$*"-3&1035*/(4637&*--"/$&130(3"..& Introduction TheFinancialReportingSurveillanceProgramme (FRSP)wasestablished in2011byACRA, in its role as the regulatorof companies incorporated inSingapore. It aims to guide companies to complywith theprescribed accounting standards inSingapore 103 . Theultimategoalof theFRSP is toensure that investorsareprovidedwith reliable andmeaningfulfinancial statements for theirdecision-making. As such,ACRAhas focused its review and enquirieson areas thatmight significantly impact thekeymeasuresusedby investors such as revenue, profit andoperating cashflows. Thisappendixdescribes theprogrammeand its implications fordirectors as follows: How theFRSPworks. t How theFRSP enquiryprocessworks. t HowACRAdecideson regulatoryoutcomes. t Whydirectors shouldbe concerned about theFRSP. t Howdirectors should respond toACRA’s enquiry letter. t Which typeof responses toACRAwould likelybeunacceptable. t Whathappens after the enquiry letter. t Whatdirectors shoulddo in relation tofinancial reporting. t )PXUIF'3418PSLT Under theFRSP,ACRA reviews selectedfinancial statements lodgedwith it so as to ascertain compliancewith the accounting standards. 103 Singapore Financial Reporting Standards (International) (SFRS(I)) ismandatory for listed companies, andFinancialReportingStandards (FRS) is applicable toprivate companies. Appendix Case Study FAQ The main sections of the Board Guide and all the Committees Guides follow a standard format. The schematic uses Section 6 of the AC Guide to highlight key aspects of this format: Sample Section