Functions of Authority relating to accounting standards
3. The Authority is responsible —(a)
for making or formulating statements of standard accounting practice (called in this Act accounting standards) applicable to companies for the purpose of the Companies Act 1967; and
(b)
for making or formulating accounting standards applicable to any other entities specified in section 8(1),
and must carry out those functions subject to the general or special directions of the Minister.
[Act 36 of 2022 wef 01/04/2023]
Appointment of Accounting Standards Committee
4.—(1) For the discharge of its functions under section 3, the Authority may, with the approval of the Minister, appoint from among its members or from among other persons a committee to be known as the Accounting Standards Committee.
(2) The Committee consists of the following members:(a)
the Chairperson;
(b)
at least 10 but not more than 15 other members.
(3) A person must not be appointed as a member of the Committee unless the person’s knowledge of, or experience in, business, accounting, law or government or other relevant fields qualifies the person for the appointment.
(4) The Committee must carry out the functions and duties conferred on it by this Act in accordance with any general or special directions that the Authority may give to the Committee.
(5) The Chairperson and other members of the Committee —(a)
each holds office for such period and on such terms and conditions as the Authority may, with the approval of the Minister, determine; and
(b)
are eligible for re-appointment.
(6) The Authority may, with the approval of the Minister, appoint any member of the Committee to be a temporary Chairperson during the temporary incapacity from illness or otherwise, or during the temporary absence from Singapore, of the Chairperson.
(7) The Authority may, with the approval of the Minister, revoke the appointment of the Chairperson or any other member of the Committee if the Authority considers the revocation necessary in the interest of the effective performance of the functions of the Committee under this Act or in the public interest.
(8) A member of the Committee may resign from the member’s office at any time by giving at least one month’s notice in writing to the Authority.
(9) If any vacancy occurs in the membership of the Committee, the Authority may, with the approval of the Minister and subject to subsections (2) and (3), appoint a person to fill the vacancy.[Act 36 of 2022 wef 01/04/2023]
Meetings and proceedings of Committee
5.—(1) The Committee must meet for the despatch of business at any time and place that the Chairperson may appoint.
(2) At every meeting of the Committee, one half of the number of its members constitutes a quorum.
(3) The Chairperson presides at all meetings of the Committee, but if the Chairperson is absent from a meeting —(a)
the temporary Chairperson; or
(b)
if there is no temporary Chairperson, the member that the members present elect,
is to preside at that meeting.
(4) Subject to the provisions of this Act, the Committee may regulate its own proceedings.[Act 36 of 2022 wef 01/04/2023]
Functions and powers of Committee
6.—(1) The Committee is to assist the Authority in the discharge of the Authority’s functions under section 3.
(2) Subject to any general or special direction given by the Authority, the Committee has the power to do anything for the purpose of discharging its functions under this Act, or which is incidental or conducive to the discharge of those functions.[Act 36 of 2022 wef 01/04/2023]
Appointment of sub-committees by Committee
7.—(1) Subject to any general or special direction of the Authority, the Committee may appoint one or more sub-committees for any purpose relating to the Authority’s functions under section 3 which in the opinion of the Committee may be better dealt with or managed by a sub-committee.
(2) The chairperson of every sub-committee appointed under subsection (1) must be a member of the Committee.
(3) A sub-committee appointed under subsection (1) may include persons who are not members of the Committee.
(4) The Committee may, subject to any conditions or restrictions that it thinks fit, delegate —(a)
to any of its members; or
(b)
to any sub-committee appointed by it under subsection (1),
any of the functions or powers of the Committee under this Act, except the power of delegation conferred by this section.
(5) Any function or power delegated under subsection (4) to any member or sub-committee may be performed or exercised by that member or sub-committee in the name and on behalf of the Committee.
(6) The Committee may continue to exercise any power conferred upon it or perform any function under this Act despite the delegation of the power or function to a sub-committee under this section.[Act 36 of 2022 wef 01/04/2023]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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