Accounting standards
8.—(1) Accounting standards made or formulated by the Committee may be expressed to apply —(a)
to all companies or specified classes or descriptions of companies;
(b)
to all co-operative societies registered under the Co‑operative Societies Act 1979 or specified classes or descriptions of such co-operative societies;
(c)
to all societies registered under the Societies Act 1966 or specified classes or descriptions of such societies; and
(d)
to all charities registered, and all institutions of a public character approved or deemed approved, under the Charities Act 1994 or specified classes or descriptions of such charities or institutions of a public character.[Act 36 of 2022 wef 01/04/2023]
(2) Such accounting standards may be of general or specially limited application, and differ according to differences in time, place or circumstance.
(3) The Committee may 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.[Act 36 of 2022 wef 01/04/2023]
(4) An accounting standard made or formulated, or deemed to have been made or formulated, by the Accounting Standards Council under Part 3 of this Act as in force immediately before the date of commencement of section 22 of the Accountancy Functions (Consolidation) Act 2022, and which has not been revoked before that date, continues in force after that date as if made or formulated by the Committee under this Part after that date.[Act 36 of 2022 wef 01/04/2023]
(5) Any practice direction issued, or deemed to have been issued, by the Accounting Standards Council under Part 3 of this Act as in force immediately before the date of commencement of section 22 of the Accountancy Functions (Consolidation) Act 2022, and which has not been revoked before that date, continues in force after that date as if issued by the Committee under this Part after that date.[Act 36 of 2022 wef 01/04/2023]
Manner of making, etc., accounting standards
9.—(1) In making or formulating accounting standards, the Committee must have the following objects:(a)
the development of accounting standards that require the provision of financial information that —(i)
assists directors of companies and officers of other entities mentioned in section 8(1) to discharge their duties and obligations in relation to financial reporting under the Companies Act 1967 or any other written law;
(ii)
is relevant to assessing performance, financial position, financing and investment;
(iii)
is relevant and reliable;
(iv)
facilitates comparability; and
(v)
is readily understandable;
(b)
to maintain investor confidence in the Singapore economy (including its capital markets).[Act 36 of 2022 wef 01/04/2023]
(2) In making or formulating accounting standards, the Committee —(a)
must have regard to the suitability of a proposed accounting standard for different types of entities mentioned in section 8(1);
(b)
may apply different accounting requirements to the different types of entities; and
(c)
must ensure that there are appropriate accounting standards for each type of entity that must comply with accounting standards.[Act 36 of 2022 wef 01/04/2023]
(3) A failure to comply with this Part in relation to the making or formulation of an accounting standard does not affect the validity of the standard.
Evidence of text of accounting standards
10.—(1) Where an accounting standard is made or formulated by the Committee under this Part, the Committee must —(a)
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;
(b)
specify in the notice mentioned in paragraph (a) —(i)
the date of such making or formulation;
(ii)
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
(iii)
the place at and the time during which the accounting standard which is the subject of the notice may be inspected; and
(c)
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.[Act 36 of 2022 wef 01/04/2023]
(2) No accounting standard, no amendment to the accounting standard and no revocation of the accounting standard has 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 —(a)
the production of a document purporting to be a copy of a notice published by the Committee under subsection (1)(a) is proof of such a notice until the contrary is proved; and[Act 36 of 2022 wef 01/04/2023]
(b)
the production of a document purporting to be an accounting standard made or formulated by the Committee as in force at a specified time, or an amendment or a revocation by the Committee of such an accounting standard, and to be the subject of a notice under subsection (1)(a), and that is certified by the Chairperson under the hand of the Chairperson to be a true copy of or extract from any accounting standard made or formulated, amended or revoked by the Committee, is proof, until the contrary is proved, that —(i)
the specified accounting standard or the amendment to the accounting standard was in force at that time or the revoked accounting standard was not in force, as the case may be; and
(ii)
the text set out in the document is the text of the accounting standard.[Act 36 of 2022 wef 01/04/2023]
