Financial Reporting Practice Guidance 1 of 2019

To assist directors in reviewing their company’s upcoming financial statements, 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 judgements and estimates. The Practice Guidance is available for download here.