Published by Authority

NO. 46]Friday, October 26 [2007

The following Act was passed by Parliament on 27th August 2007 and assented to by the President on 10th September 2007:—
Accounting Standards Act 2007

(No. 39 of 2007)

I assent.

10th September 2007.
Date of Commencement: 1st November 2007
An Act to establish the Accounting Standards Council to issue accounting standards applicable to companies and other incorporated and unincorporated bodies, to provide for accounting standards applicable to statutory bodies with a public function and for matters connected therewith, and to make consequential and related amendments to the Companies Act (Chapter 50 of the 2006 Revised Edition) and certain other written laws.
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:
Short title and commencement
1.  This Act may be cited as the Accounting Standards Act 2007 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
2.  In this Act, unless the context otherwise requires —
“accounting standard” means —
(a)an accounting standard made or formulated by the Council under Part III; or
(b)an accounting standard for statutory bodies established by the Accountant-General under Part IV;
“Chairman” means the Chairman of the Council appointed under section 4(1) (a), and includes any temporary Chairman of the Council if so appointed;
“company” means any company incorporated under the Companies Act (Cap. 50) or any corresponding previous written law, and includes a foreign company registered under Division 2 of Part XI of that Act in respect of its operations in Singapore;
“Council” means the Accounting Standards Council established under section 3;
“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;
“member”, in relation to the Council, means a member of the Council and includes the Chairman thereof;
“Minister” means the Minister charged with the responsibility for finance;
“statutory body” means a body —
(a)established or constituted by or under a public Act;
(b)that has a public function; and
(c)whose annual report and audited financial statements are required by written law to be presented to Parliament.