Singapore legislation

Section 10

of Accounting Standards Act 2007

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.

Read in full context — Accounting Standards Act 2007 →