Singapore legislation
Section 8
Section 8
Accounting standards
(1)
Accounting standards made or formulated by the Council may be expressed to apply —
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.
(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.