Singapore legislation
Clause 29
Clause 29
Related amendments to Financial Procedure Act 1966
(1)
Section 2 of the Financial Procedure Act 1966 is amended by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) Unless expressly provided otherwise in this Act, any word or expression in this Act that is defined in sections 2(1) and 11 of the Significant Infrastructure Government Loan Act 2021 has the meaning given to the word or expression by those sections.”.
(2)
Section 6 of the Financial Procedure Act 1966 is amended by inserting, immediately after the words “public credit of Singapore” in paragraph (b), the words “and that are not to refinance an earlier borrowing under the Significant Infrastructure Government Loan Act 2021”.
(3)
Section 18 of the Financial Procedure Act 1966 is amended by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) Without limiting subsection (1)(h), where nationally significant infrastructure expenditure incurred has been met from any proceeds of any loan raised under the Significant Infrastructure Government Loan Act 2021 —
the nationally significant infrastructure expenditure has to be capitalised in accordance with regulations made under section 24; and
if there is a decline in the value of any nationally significant infrastructure for reasons other than depreciation before the end of its useful life, a statement must be made stating —
that impairment adjustments have been made with respect to the nationally significant infrastructure concerned; and (ii)whether or not there is any resulting draw on the reserves of the Government which were not accumulated by the Government during its current term of office as defined in the Constitution, because of any such impairment adjustment.”.
(4)
Section 24(1) of the Financial Procedure Act 1966 is amended —
by deleting the word “and” at the end of paragraph (f); and
by deleting the full‑stop at the end of paragraph (g) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(h)the capitalising of nationally significant infrastructure expenditure, including where the nationally significant infrastructure —
is depreciated over the useful life of the nationally significant infrastructure by accounting for depreciation expenses in the relevant financial statements required by Article 147(5) of the Constitution; or
is impaired by accounting for impairment losses in the relevant financial statements required by Article 147(5) of the Constitution, if there is a decline in the value of the nationally significant infrastructure for reasons other than depreciation before the end of its useful life.”.