According to a study, the first of its kind in the world, published by SMU and the Accounting Regulatory Authority (ACRA), it was revealed that S$33.9 billion worth of adjustments had to be proposed for a third of all listed companies, for the year ended December 31, 2013. These accounted for nearly three-quarters (73 per cent) of all proposed amounts, totalling S$24.7 billion. The study said that this could be due to accounting systems and capabilities not keeping pace with the companies’ expansion, and that these companies should improve their internal control systems and processes. SMU Associate Professor of Accounting (Practice) Themin Suwardy, Associate Professor of Accounting (Education) Jean Seow and Associate Professor of Accounting (Practice) Lim Chu Yeong were involved in the study.