According to a study published by SMU and the Accounting and Corporate Regulatory Authority (ACRA) on Wednesday at ACRA's annual Public Accountants Conference, S$33.9 billion worth of adjustments had to be proposed for a third of all listed companies in Singapore, for the year ended Dec 31, 2013. The study, "Audit Adjustments Matter: Upholding Financial Reporting Quality", looked at all the adjustments to the FY13 financial statements proposed by auditors in their audits of these companies. The adjustments were proposed to correct factual, judgmental or projected mis-statements by the companies in their accounts. The study also showed, however, that the bulk of the proposed adjustments were accepted by the companies in arriving at their audited financial statements.