ACRA Publishes its Financial Reporting Practice Guidance No.1 of 2020 for Directors
The Accounting and Corporate Regulatory Authority (ACRA) has recently published its Financial Reporting Practice Guidance No.1 of 2020 on 22 May 2020, outlining the proposed areas of review focus by directors on the financial statements affected by the COVID-19 pandemic.
This guidance has been made available to assist directors in their reviews of the upcoming financial statements. It highlights warning signs of some possible non-compliance(s) with accounting standards and provides directors with questions to ask management and statutory auditors when assessing the impact from the COVID-19 pandemic on the financial statements.