s 9 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.