Accounting Standards Act 2007

Accounting Standards Act 2007 2020 REVISED EDITION This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021 An Act to establish the Accounting Standards Committee to issue accounting standards applicable to companies and other incorporated and unincorporated bodies, to provide for accounting standards applicable to statutory bodies with a public function and for matters connected therewith. [Act 36 of 2022 wef 01/04/2023] [1 November 2007] PART 1 PRELIMINARY Short title 1. This Act is the Accounting Standards Act 2007. Interpretation 2. In this Act, unless the context otherwise requires — “accounting standard” means — (a) an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] (b) an accounting standard for statutory bodies established by the Accountant-General under Part 4; [Deleted by Act 36 of 2022 wef 01/04/2023] “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] “company” means any company incorporated under the Companies Act 1967 or any corresponding previous written law, and includes a foreign company registered under Division 2 of Part 11 of that Act in respect of its operations in Singapore; [Deleted by Act 36 of 2022 wef 01/04/2023] “making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard; “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] “Minister” means the Minister charged with the responsibility for finance; “statutory body” means a body — (a) established or constituted by or under a public Act; (b) that has a public function; and (c) whose annual report and audited financial statements are required by written law to be presented to Parliament.