Schedule 2

SECOND SCHEDULESection 15Consequential and related amendments to other ActsFirst column Second column(1)Companies Act (Chapter 50, 2006 Ed.) (a)Section 4(1) Delete the definition of “Accounting Standards” and substitute the following definition:“ “Accounting Standards” means the accounting standards made or formulated by the Accounting Standards Council under Part III of the Accounting Standards Act 2007 and applicable to companies and to foreign companies in respect of their operations in Singapore for the purposes of this Act;”.(b)Section 200A Repeal.(c)Section 201 Insert, immediately after subsection (19), the following subsection: “(20) The requirements of this section as to the form and content of a company’s accounts or consolidated accounts being in compliance with the Accounting Standards shall not apply to any company that is registered as a charity or approved as an institution of a public character under the Charities Act (Cap. 37) to the extent that that Act requires that company’s accounting records and statements of accounts for any financial year to comply with the accounting standards applicable to charities to the exclusion of the Accounting Standards and other accounting standards.”. (2)Financial Procedure Act (Chapter 109, 1992 Ed.) Section 2B(2) Delete the words “in relation to the accounts of the Government”. (3)Societies Act (Chapter 311, 1985 Ed.) Section 34(1) Insert, immediately after paragraph (f), the following paragraphs:“(fa)to require the accounts and financial statements of registered societies to be in compliance with —

(fb)to provide for relief from the requirements of such accounting standards applicable to societies;

(fc)to provide that the regulations made under paragraph (fa) shall not apply to any society that is registered as a charity or approved as an institution of a public character under the Charities Act (Cap. 37) to the extent that that Act requires the society’s accounts and financial statements for any financial year to comply with the accounting standards applicable to charities to the exclusion of other accounting standards;”.