Accounting Standards Act 2007 · 2020 Revised Edition · Part 3 · Accounting Standards for Companies and Other Entities
9. Manner of making, etc., accounting standards
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In making or formulating accounting standards, the Committee must have the following objects:
making or formulating
“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;
the development of accounting standards that require the provision of financial information that —
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;
is relevant to assessing performance, financial position, financing and investment;
is relevant and reliable;
facilitates comparability; and
is readily understandable;
to maintain investor confidence in the Singapore economy (including its capital markets).
In making or formulating accounting standards, the Committee —
Committee
“Committee” means the Accounting Standards Committee appointed under section 4(1);
must have regard to the suitability of a proposed accounting standard for different types of entities mentioned in section 8(1);
may apply different accounting requirements to the different types of entities; and
must ensure that there are appropriate accounting standards for each type of entity that must comply with accounting standards.
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.
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;