For non-consolidation of significant subsidiary is a non-compliance of accounting standard SFRS110. Non-compliance of SFRS is an evident of material and pervasive impact, therefore, adverse audit opinion should be issued for audit report.
It also trigger the breach of directors duties to prepare accounts according to SFRS under Companies Act.
Per FRS 109, para 5.1.1, financial assets such as equity instruments shall be initially measured at fair value. And subsequently measured...
In Singapore FRS 36, paragraph 96 ”The annual impairment test for a cash-generating unit to which goodwill has been allocated may be...
When there was a judgement made in prior year without concrete evidence of support. The audit should have qualified it. When in...
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