There are many causes of the current financial turmoil. ACCA believes, however, that a failure in corporate governance is a major contributor to the credit crunch. Regulatory boxes may have been ticked but fundamental principles of good governance were breached. The charitable explanation for this failure is that those responsible did not understand the risks that were being taken.
Despite less than a year to the 1 January 2018 effective date of the Financial Reporting Standard 115 (FRS 115), many Singapore companies have yet to initiate the adoption the new revenue standard, and are facing challenges in the implementation, according to an EY poll of 53 finance executives in Singapore, conducted in late November 2016.