New ISCA taskforce to probe financial reporting gaps

The move aims to reinforce confidence in how listed firms disclose performance.

The Institute of Singapore Chartered Accountants (ISCA) has launched the Strengthening Financial Reporting Taskforce to review Singapore’s financial reporting framework and strengthen investor confidence in capital markets.

In a press release, the institute said it will assess how companies communicate financial performance, risks and long-term value, and examine ways to improve the quality and usefulness of corporate reporting.

It will also examine governance, transparency, and accountability in corporate reporting processes.

The taskforce will also engage stakeholders over the coming months before issuing recommendations on Singapore’s financial reporting ecosystem.

The taskforce was announced at the ISCA Value Unlock Forum, held in partnership with Singapore Exchange (SGX).

Chaired by Euleen Goh, ISCA Distinguished Lifetime Member and Chairman of Singapore Institute of Management Group Ltd, the taskforce includes representatives from audit and advisory firms, banking, corporate finance, academia, investor groups, and professional bodies.

Observers include Accounting and Corporate Regulatory Authority and SGX Regulation, ISCA said in the press release.

Members include senior executives from EY Asia East, United Overseas Bank, Temasek International, National University of Singapore Business School, the Securities Investors Association (Singapore), and the Singapore Institute of Directors.

Lee Boon Teck, President of ISCA, said financial reporting and financial controls support investor confidence and market integrity, adding that accounting professionals play a role in maintaining trust in capital markets.