ACCOUNTING STANDARDS COUNCIL
—(1) There shall be established a body to be known as the Accounting Standards Council whose functions shall be —
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
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 —
the Council shall be deemed to be fulfilling the purposes of this Act; and
the provisions of this Act shall apply to the Council in respect of those functions.
—(1) The Council shall consist of the following members, all of whom shall be appointed by the Minister:
a Chairman; and
at least 10 but not more than 15 other members.
(2) A person shall not be appointed as a member of the Council unless the person’s knowledge of, or experience in, business, accounting, law or government or other relevant fields qualifies him for the appointment.
(3) The Chairman and other members of the Council shall each hold office for such period (not exceeding 2 years) and on such terms and conditions as the Minister may determine, and shall be eligible for reappointment.
(4) The Minister may appoint any member of the Council to be a temporary Chairman during the temporary incapacity from illness or otherwise, or during the temporary absence from Singapore, of the Chairman.
(5) The Minister may, at any time, revoke the appointment of the Chairman or any other member of the Council if he considers such revocation necessary in the interest of the effective performance of the functions of the Council under this Act or in the public interest.
(6) A member of the Council may resign from his office at any time by giving not less than one month’s notice in writing to the Minister.
—(1) The Council shall meet for the despatch of business at such times and places as the Chairman may from time to time appoint.
(2) At every meeting of the Council, one half of the number of its members shall constitute a quorum.
(3) The Chairman shall preside at all meetings of the Council, but if the Chairman is absent from a meeting —
the temporary Chairman; or
if there is no temporary Chairman, such member as the members present may elect,
shall preside at that meeting.
(4) Subject to the provisions of this Act, the Council may regulate its own proceedings.
—(1) The Council may, in its discretion, appoint from among its own members or from among other persons such number of committees as it thinks fit for purposes which, in the opinion of the Council, would be more expediently carried out or managed by means of such committees.
(2) The chairman of every committee appointed under subsection (1) shall be a member of the Council.
(3) The Council may, subject to such conditions or restrictions as it thinks fit, delegate —
to any of its members; or
to any committee appointed by it under subsection (1),
any of the functions or powers of the Council under this Act or any other written law, except the power of delegation conferred by this section.
(4) Any function or power delegated under subsection (3) to any member or committee may be performed or exercised by that member or committee in the name and on behalf of the Council.
(5) No delegation under this section shall prevent the performance or exercise of any function or power by the Council.