ACCOUNTING STANDARDS for COMPANIES AND OTHER ENTITIES
—(1) (1) Accounting standards made or formulated by the Council may be expressed to apply —
to all companies or specified classes or descriptions of companies;
to all co-operative societies registered under the Co-operative Societies Act (Cap. 62) or specified classes or descriptions of such co-operative societies;
to all societies registered under the Societies Act (Cap. 311) or specified classes or descriptions of such societies; and
to all charities registered, and all institutions of a public character approved or deemed approved, under the Charities Act (Cap. 37) or specified classes or descriptions of such charities or institutions of a public character.
(2) Such accounting standards may be of general or specially limited application, and differ according to differences in time, place or circumstance.
(3) The Council may, from time to time, issue practice directions on the interpretation of the accounting standards made or formulated under this Part and on matters relating to them and their use in Singapore.
(4) An accounting standard that was in force under section 200A of the Companies Act (Cap. 50) immediately before the date of commencement of subsection (1)(a), and any practice directions issued by the Accounting Standards Committee under that section, shall continue in force after that date as if it had been made or formulated by the Council under this Part after that date.
—(1) In making or formulating accounting standards, the Council shall have the following objects:
the development of accounting standards that require the provision of financial information that —
assist directors of companies and officers of other entities referred to in section 8(1) to discharge their duties and obligations in relation to financial reporting under the Companies Act or any other written law;
is relevant to assessing performance, financial position, financing and investment;
is relevant and reliable;
facilitates comparability; and
is readily understandable; and
to maintain investor confidence in the Singapore economy (including its capital markets).
(2) In making and formulating accounting standards, the Council —
shall have regard to the suitability of a proposed accounting standard for different types of entities referred to in section 8(1);
may apply different accounting requirements to the different types of entities; and
shall ensure that there are appropriate accounting standards for each type of entity that must comply with accounting standards.
(3) A failure to comply with this Part in relation to the making or formulation of an accounting standard shall not affect the validity of the standard.
—(1) (1) Where an accounting standard is made or formulated by the Council under this Part, the Council shall —
publish a notice of the making or formulation of the accounting standard in such manner as will secure adequate publicity for such making or formulation;
specify in the notice referred to in paragraph (a) —
the date of such making or formulation;
the class or description of company or other entity specified in section 8(1) or otherwise in respect of which the accounting standard is made or formulated; and
the place at and the time during which the accounting standard which is the subject of the notice may be inspected; and
ensure that, so long as the accounting standard remains in force, copies of that accounting standard, and of all amendments to that accounting standard, are available for inspection by members of the public free of charge, and for purchase by members of the public at a reasonable price.
(2) No accounting standard, no amendment thereto and no revocation thereof shall have any force or effect as an accounting standard under this Act or for the purposes of any other written law until the notice relating thereto is published in accordance with subsection (1).
(3) Without affecting any other method of proof, in any proceedings under any written law —
the production of a document purporting to be a copy of a notice published by the Council under subsection (1)(a) shall be proof of such a notice until the contrary is proved; and
the production of a document purporting to be an accounting standard made or formulated by the Council as in force at a specified time, or an amendment or a revocation by the Council of such an accounting standard, and to be the subject of a notice under subsection (1)(a), and that is certified by the Chairman under his hand to be a true copy of or extract from any accounting standard made or formulated, amended or revoked by the Council, shall be proof, until the contrary is proved, that —
the specified accounting standard or the amendment thereto was in force at that time or the revoked accounting standard was not in force, as the case may be; and
the text set out in the document is the text of the accounting standard.