The interim financial reports for the period ended 30 June 2020 may be the first reports on issuers’ financial performance since COVID-19 took hold and brought on various challenges and restrictions. Significant uncertainty, or even threats to business prospects, have hit issuers across various sectors.

High quality and reliable financial statements, including interim reports, are fundamental to the integrity of Singapore’s capital markets. Singapore Exchange Regulation‘s (SGX RegCo) 22 April 2020 Regulator’s Column emphasises immediate disclosure by issuers of material developments brought about by COVID-19. Issuers are also expected to increase scrutiny of high-risk areas such as cash balances and accounts receivables and other areas that require significant estimates like impairment.

In consultation with the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA), SGX RegCo is issuing this Column to assist issuers in the preparation of financial statements given the practical challenges they face at this time. ACRA and the Institute of Singapore Chartered Accountants (ISCA) have also published guidance to help issuers in this regard.

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