Accounting Standards Act 2007 · 2020 Revised Edition · Part 3 · Accounting Standards for Companies and Other Entities
8. Accounting standards
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Accounting standards made or formulated by the Committee may be expressed to apply —
Committee
“Committee” means the Accounting Standards Committee appointed under section 4(1);
to all companies or specified classes or descriptions of companies;
to all co-operative societies registered under the Co‑operative Societies Act 1979 or specified classes or descriptions of such co-operative societies;
to all societies registered under the Societies Act 1966 or specified classes or descriptions of such societies; and
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.
Such accounting standards may be of general or specially limited application, and differ according to differences in time, place or circumstance.
The Committee 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.
An accounting standard made or formulated, or deemed to have been made or formulated, by the Accounting Standards Council under Part 3 of this Act as in force immediately before the date of commencement of section 22 of the Accountancy Functions (Consolidation) Act 2022, and which has not been revoked before that date, continues in force after that date as if made or formulated by the Committee under this Part after that date.
accounting standard
“accounting standard” means —(a)an accounting standard made or formulated by the Committee under Part 3; or(b)an accounting standard for statutory bodies established by the Accountant-General under Part 4;
Any practice direction issued, or deemed to have been issued, by the Accounting Standards Council under Part 3 of this Act as in force immediately before the date of commencement of section 22 of the Accountancy Functions (Consolidation) Act 2022, and which has not been revoked before that date, continues in force after that date as if issued by the Committee under this Part after that date.