Singapore legislation

Clause 3

Establishment and functions of Accounting Standards Council

(1)

There shall be established a body to be known as the Accounting Standards Council whose functions shall be —

(a)

to make or formulate statements of standard accounting practice (referred to in this Act as accounting standards) applicable to companies for the purposes of the Companies Act (Cap. 50); 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 such other functions (not incompatible with those specified in subsection (1)) as the Minister may, by order published in the Gazette, assign to the Council and, in so doing —

(a)

the Council shall be deemed to be fulfilling the purposes of this Act; and

(b)

the provisions of this Act shall apply to the Council in respect of those functions.

Read in full context — Accounting Standards Bill →