Singapore legislation

Section 3

of Accounting Standards Act 2007

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.

Read in full context — Accounting Standards Act 2007 →