Singapore legislation

Clause 11

of Monetary Authority of Singapore (Amendment) Bill

Clause 11

Repeal and re-enactment of section 34

Section 34 of the principal Act is repealed and the following section substituted therefor:“Preparation and publication of financial statements and annual report34.—

(1)

The Authority shall, within 6 months from the close of its financial year, transmit to the President —

(a)

a copy of the financial statements certified by the Auditor-General and those statements shall then be published in the Gazette; and

(b)

a report by the board on the working of the Authority throughout the financial year and that report shall be published by the Authority.(2) The Authority shall, within 6 months from the close of its financial year, cause the financial statements and the annual report to be presented to Parliament.(3) In preparing the financial statements for the purpose of this section, the Authority may comply with accounting standards to the extent that it is, in the opinion of the Authority, appropriate to do so, having regard to the objects and functions of the Authority.”.

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