A study of the financial results of the top 100 listed companies on the Singapore Exchange has found that most of them are only meeting the minimum requirements and seldom raise the bar by providing more information.

While there is a high degree of compliance with accounting standards, the study shows that there is room for improvement.

"Such trends would suggest that compliance is with the letter, rather than the spirit, of the law," said the Dean of the NUS Business School, associate professor Ho Yew Kee who did the study.

Mr Kevin Scully, the managing director of boutique corporate finance firm NRA Capital said that directors tend to be cautious about saying too much as they are worried about the penalties if the statement turns out to be misleading.

Some companies applied the accounting standards in different ways which make it difficult for investors to compare the performance of two companies, added Prof Ho.

The study was conducted by international accounting body, the Association of Chartered Certified Accountants and the NUS Business School's Corporate Governance & Financial Reporting Centre.

It looked at the 2005 results of the 100 listed companies.