Is Accounting Standards Act 2007 still in force?

Yes — Accounting Standards Act 2007 is currently in force.

When did Accounting Standards Act 2007 take effect?

Accounting Standards Act 2007 was first recorded in 2007.

How many sections does Accounting Standards Act 2007 have?

Accounting Standards Act 2007 contains 14 sections.

Where can I read the official version of Accounting Standards Act 2007?

The official text of Accounting Standards Act 2007 is published at sso.agc.gov.sg.

/akn/sg/act/act/2007/ASA

Accounting Standards Act 2007

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Type: Act
Status: In force
Enacted: 2007
Sections: 14

Quick answer

About this act

Accounting Standards Act 2007 is Singapore Act, cited as Act ASA 2007, currently marked in force and first recorded in 2007.

Part 1

PRELIMINARY

Section 1

Short title

This Act is the Accounting Standards Act 2007.

Section 2

Interpretation

In this Act, unless the context otherwise requires —“accounting standard” means —

(a)

an accounting standard made or formulated by the Council under Part 3; or

(b)

an accounting standard for statutory bodies established by the Accountant-General under Part 4;“Chairperson” means the Chairperson of the Council appointed under section 4(1)(a), and includes any temporary Chairperson of the Council if so appointed;“company” means any company incorporated under the Companies Act 1967 or any corresponding previous written law, and includes a foreign company registered under Division 2 of Part 11 of that Act in respect of its operations in Singapore;“Council” means the Accounting Standards Council established under section 3;“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;“member”, in relation to the Council, means a member of the Council and includes the Chairperson of the Council;“Minister” means the Minister charged with the responsibility for finance;“statutory body” means a body —

(a)

established or constituted by or under a public Act;

(b)

that has a public function; and

(c)

whose annual report and audited financial statements are required by written law to be presented to Parliament.

Definition

“accounting standard” means —

(a)

an accounting standard made or formulated by the Council under Part 3; or

(b)

an accounting standard for statutory bodies established by the Accountant-General under Part 4;

Definition

“Chairperson” means the Chairperson of the Council appointed under section 4(1)(a), and includes any temporary Chairperson of the Council if so appointed;

Definition

“company” means any company incorporated under the Companies Act 1967 or any corresponding previous written law, and includes a foreign company registered under Division 2 of Part 11 of that Act in respect of its operations in Singapore;

Definition

“Council” means the Accounting Standards Council established under section 3;

Definition

“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;

Definition

“member”, in relation to the Council, means a member of the Council and includes the Chairperson of the Council;

Definition

“Minister” means the Minister charged with the responsibility for finance;

Definition

“statutory body” means a body —

(a)

established or constituted by or under a public Act;

(b)

that has a public function; and

(c)

whose annual report and audited financial statements are required by written law to be presented to Parliament.

Part 2

ACCOUNTING STANDARDS COUNCIL

Section 3

Establishment and functions of Accounting Standards Council

(1)

There is established a body called the Accounting Standards Council whose functions are —

(a)

to make or formulate statements of standard accounting practice (called in this Act accounting standards) applicable to companies for the purposes of the Companies Act 1967; and

(b)

to make or formulate accounting standards applicable to such other entities as are specified in section 8(1).

(2)

In addition to the functions imposed by subsection (1), the Council may undertake any other functions (not incompatible with those specified in subsection (1)) that the Minister may, by order in the Gazette, assign to the Council and, in so doing —

(a)

the Council is deemed to be fulfilling the purposes of this Act; and

(b)

the provisions of this Act apply to the Council in respect of those functions.

Section 4

Constitution of Council

(1)

The Council consists of the following members, all of whom are to be appointed by the Minister:

(a)

a Chairperson;

(b)

at least 10 but not more than 15 other members.

(2)

A person must not be appointed as a member of the Council unless the person’s knowledge of, or experience in, business, accounting, law or government or other relevant fields qualifies the person for the appointment.

(3)

The Chairperson and other members of the Council each hold office for such period (not exceeding 2 years) and on such terms and conditions as the Minister may determine, and are eligible for re‑appointment.

(4)

The Minister may appoint any member of the Council to be a temporary Chairperson during the temporary incapacity from illness or otherwise, or during the temporary absence from Singapore, of the Chairperson.

(5)

The Minister may revoke the appointment of the Chairperson or any other member of the Council if the Minister considers such revocation necessary in the interest of the effective performance of the functions of the Council under this Act or in the public interest.

(6)

A member of the Council may resign from the member’s office at any time by giving at least one month’s notice in writing to the Minister.

(7)

If any vacancy occurs in the membership of the Council, the Minister may, subject to subsections (1) and (2), appoint a person to fill the vacancy.

Section 5

Meetings and proceedings of Council

(1)

The Council must meet for the despatch of business at such times and places as the Chairperson may appoint.

(2)

At every meeting of the Council, one half of the number of its members constitutes a quorum.

(3)

The Chairperson presides at all meetings of the Council, but if the Chairperson is absent from a meeting —

(a)

the temporary Chairperson; or

(b)

if there is no temporary Chairperson, the member that the members present elect,presides at that meeting.

(4)

Subject to the provisions of this Act, the Council may regulate its own proceedings.

Section 6

Appointment of committees and delegation of powers

(1)

The Council may appoint from among its own members or from among other persons any number of committees that it thinks fit for purposes which, in the opinion of the Council, would be more expediently carried out or managed by means of such committees.

(2)

The chairperson of every committee appointed under subsection (1) must be a member of the Council.

(3)

The Council may, subject to such conditions or restrictions as it thinks fit, delegate —

(a)

to any of its members; or

(b)

to any committee appointed by it under subsection (1),any of the functions or powers of the Council under this Act or any other written law, except the power of delegation conferred by this section.

(4)

Any function or power delegated under subsection (3) to any member or committee may be performed or exercised by that member or committee in the name and on behalf of the Council.

(5)

No delegation under this section prevents the performance or exercise of any function or power by the Council.

Section 7

Directions by Minister

The Minister may give to the Council such directions, not inconsistent with the provisions of this Act, as he or she thinks fit as to the performance of its functions and the exercise of its powers, and the Council must comply with such directions.

Part 3

ACCOUNTING STANDARDS FOR COMPANIES AND OTHER ENTITIES

Section 8

Accounting standards

(1)

Accounting standards made or formulated by the Council may be expressed to apply —

(a)

to all companies or specified classes or descriptions of companies;

(b)

to all co-operative societies registered under the Co‑operative Societies Act 1979 or specified classes or descriptions of such co-operative societies;

(c)

to all societies registered under the Societies Act 1966 or specified classes or descriptions of such societies; and

(d)

to all charities registered, and all institutions of a public character approved or deemed approved, under the Charities Act 1994 or specified classes or descriptions of such charities or institutions of a public character.

(2)

Such accounting standards may be of general or specially limited application, and differ according to differences in time, place or circumstance.

(3)

The Council may issue practice directions on the interpretation of the accounting standards made or formulated under this Part and on matters relating to them and their use in Singapore.

(4)

An accounting standard that was in force under section 200A of the Companies Act 1967 immediately before 1 November 2007, and any practice directions issued by the Accounting Standards Committee under that section, continue in force after that date as if they had been made or formulated by the Council under this Part after that date.

Section 9

Manner of making, etc., accounting standards

(1)

In making or formulating accounting standards, the Council must have the following objects:

(a)

the development of accounting standards that require the provision of financial information that —

(i)

assists directors of companies and officers of other entities mentioned in section 8(1) to discharge their duties and obligations in relation to financial reporting under the Companies Act 1967 or any other written law;

(ii)

is relevant to assessing performance, financial position, financing and investment;

(iii)

is relevant and reliable;

(iv)

facilitates comparability; and

(v)

is readily understandable;

(b)

to maintain investor confidence in the Singapore economy (including its capital markets).

(2)

In making or formulating accounting standards, the Council —

(a)

must have regard to the suitability of a proposed accounting standard for different types of entities mentioned in section 8(1);

(b)

may apply different accounting requirements to the different types of entities; and

(c)

must ensure that there are appropriate accounting standards for each type of entity that must comply with accounting standards.

(3)

A failure to comply with this Part in relation to the making or formulation of an accounting standard does not affect the validity of the standard.

Section 10

Evidence of text of accounting standards

(1)

Where an accounting standard is made or formulated by the Council under this Part, the Council must —

(a)

publish a notice of the making or formulation of the accounting standard in such manner as will secure adequate publicity for such making or formulation;

(b)

specify in the notice mentioned in paragraph (a) —

(i)

the date of such making or formulation;

(ii)

the class or description of company or other entity specified in section 8(1) or otherwise in respect of which the accounting standard is made or formulated; and

(iii)

the place at and the time during which the accounting standard which is the subject of the notice may be inspected; and

(c)

ensure that, so long as the accounting standard remains in force, copies of that accounting standard, and of all amendments to that accounting standard, are available for inspection by members of the public free of charge, and for purchase by members of the public at a reasonable price.

(2)

No accounting standard, no amendment to the accounting standard and no revocation of the accounting standard has any force or effect as an accounting standard under this Act or for the purposes of any other written law until the notice relating thereto is published in accordance with subsection (1).

(3)

Without affecting any other method of proof, in any proceedings under any written law —

(a)

the production of a document purporting to be a copy of a notice published by the Council under subsection (1)(a) is proof of such a notice until the contrary is proved; and

(b)

the production of a document purporting to be an accounting standard made or formulated by the Council as in force at a specified time, or an amendment or a revocation by the Council of such an accounting standard, and to be the subject of a notice under subsection (1)(a), and that is certified by the Chairperson under the hand of the Chairperson to be a true copy of or extract from any accounting standard made or formulated, amended or revoked by the Council, is proof, until the contrary is proved, that —

(i)

the specified accounting standard or the amendment to the accounting standard was in force at that time or the revoked accounting standard was not in force, as the case may be; and

(ii)

the text set out in the document is the text of the accounting standard.

Part 4

ACCOUNTING STANDARDS FOR STATUTORY BODIES

Section 11

Accountant-General to establish accounting standards

(1)

The Accountant-General may establish one or more accounting standards about the following:

(a)

the statements of standard accounting practice applicable to statutory bodies;

(b)

the content of financial statements and annual reports required to be prepared by statutory bodies.

(2)

Before establishing an accounting standard under subsection (1), the Accountant-General must have regard to relevant accounting standards issued by the Council under this Act or by any appropriate professional bodies.

(3)

The Accountant-General may establish an accounting standard under this Part —

(a)

by issuing the text of an accounting standard, which may or may not be an accounting standard made or formulated by the Council under Part 3; or

(b)

by modifying the text of any accounting standard mentioned in paragraph (a) to the extent necessary to take account of the legal or institutional environment for statutory bodies.

(4)

An accounting standard established under subsection (1) applies to any periods specified in the standard.

Section 12

Statutory bodies to comply with accounting standards

The accounts and financial statements of every statutory body specified in the Schedule must be prepared in compliance with the accounting standards that are established under this Part and notified in writing to the statutory body by the Accountant‑General.

Part 5

MISCELLANEOUS

Section 13

Amendment of Schedule

(1)

The Minister may, by order in the Gazette, amend the Schedule.

(2)

Every order made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette.

Section 14

Rules

The Minister may make rules to carry out the purposes and provisions of this Act, including rules for or with respect to all or any of the following matters:

(a)

the holding of meetings by the Council, the notice to be given of such meetings and the proceedings at those meetings, the keeping of minutes, and the custody, production and inspection of such minutes;

(b)

the opening, keeping, closing and auditing of the Council’s accounts.

Common questions

What is Accounting Standards Act 2007?: Accounting Standards Act 2007 is Singapore Act, cited as Act ASA 2007, currently marked in force and first recorded in 2007.
Is Accounting Standards Act 2007 still in force?: Yes — Accounting Standards Act 2007 is currently in force.
When did Accounting Standards Act 2007 take effect?: Accounting Standards Act 2007 was first recorded in 2007.
How many sections does Accounting Standards Act 2007 have?: Accounting Standards Act 2007 contains 14 sections.
Where can I read the official version of Accounting Standards Act 2007?: The official text of Accounting Standards Act 2007 is published at sso.agc.gov.sg.