Clause 36

There shall be established a body (referred to in this section as the Accounting Standards Committee) which shall be responsible for —

prescribing by way of regulations and with the Minister’s approval, statements of standard accounting practice applicable to companies to be referred to as the Accounting Standards; and

carrying out such duties as the Minister may prescribe from time to time.(2) The Accounting Standards Committee shall consist of such persons as the Minister may appoint and may be known by such other name as the Minister may determine.(3) The Accounting Standards Committee may from time to time issue practice directions on the interpretation of the Accounting Standards and on matters relating to them and their use in Singapore.(4) Regulations made under this section may contain such transitional and other supplementary and incidental provisions as appear to the Accounting Standards Committee to be appropriate.(5) The Minister may, from time to time, give such directions to the Accounting Standards Committee as he considers fit on any matter within the purview of the Committee, and the Committee shall comply with such direction.”.