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Accounting and Corporate Regulatory Authority

Financial Reporting Surveillance Programme (FRSP)

Find out what directors need to do under the FRSP and what to expect when ACRA reviews your financial statements.

Last updated 31 January 2026

What is the FRSP

ACRA selects and reviews financial statements to ensure they comply with the accounting standards through the FRSP.

We also work with professional bodies to build the competency of directors and preparers of financial statements.

Why this matters

High-quality financial reporting builds trust in Singapore's capital market and economy. It is a requirement for all entities in Singapore's financial ecosystem, including local companies and foreign entities listed on the Singapore Exchange.

ACRA's financial reporting surveillance helps to:

  • Maintain high financial reporting standards

  • Protect investors

  • Uphold market integrity

Singapore companies

Key details: Singapore companies

What you need to know

Details

Directors' responsibilities

As a director, you need to prepare and present annual financial statements that comply with the prescribed accounting standards in Singapore.

This provides stakeholders with reliable and comparable information for decision-making.

More details: Sections 201(2) and 201(5) of the Companies Act 1967

What to expect

We will enquire with you if it appears that your financial statements do not comply with the accounting standards.

If ACRA finds non-compliance with the accounting standards, we will issue findings letters to inform you on the non-compliance. You should address these findings in future financial statements.

If needed, we may ask you to take remediation actions (such as revising past financial statements).

In serious cases, we may:

  • Issue warning letters

  • Impose composition sums against you

  • Prosecute you

Other SGX-listed issuers

From 26 August 2025, we included other SGX-listed issuers in our financial reporting surveillance for compliance with the accounting standards.

This enhances regulatory oversight to maintain market integrity and investor confidence across all entities raising funds from the public in Singapore.

Singapore companies

What you need to know

Details

Additional types of entities included

Other SGX-listed issuers include:

  • Business trusts

  • Real estate investment trusts

  • Foreign-incorporated companies

What to expect

When we review your financial statements, we may:

  • Request information or documents

  • Engage with your management team to clarify issues

If ACRA finds material non-compliances with accounting standards, we may inform the:

  • Monetary Authority of Singapore (MAS) for their assessment of potential breaches of the Securities and Futures Act 2001

  • Singapore Exchange Regulation (SGX RegCo) for their assessment of potential breaches of the Listing Rules

Regulatory cooperation details: MAS Enforcement Monograph

Resources to help you comply

FRSP reports

Learn about common financial reporting mistakes and how to apply accounting standards correctly.

Financial reporting practice guidance

Get practical guidance and learn how to meet your financial reporting obligations as a company or director in Singapore.

ACRA academy eLearning portal

Free and paid courses for company directors, entrepreneurs, registered filing agents, and more.