Accounting and Corporate Regulatory Authority Act 2004

Accounting and Corporate
Regulatory Authority
Act 2004

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 and incorporate the Accounting and Corporate Regulatory Authority, to provide for its functions and powers, and for matters connected therewith.

[1 April 2004]

PART 1

PRELIMINARY

Short title

1.  This Act is the Accounting and Corporate Regulatory Authority Act 2004.

Interpretation

2.—(1)  In this Act, unless the context otherwise requires —

“Authority” means the Accounting and Corporate Regulatory Authority established under section 3;

“Chairperson” means the Chairperson of the Authority appointed under section 5(1)(a) and includes any temporary Chairperson of the Authority;

“chartered accountant” means a person registered or deemed to be registered as a Chartered Accountant of Singapore under Part 6B;

[Act 36 of 2022 wef 01/04/2023]

“Chief Executive” means the Chief Executive of the Authority, and includes any individual acting in that capacity;

“debenture” includes debenture stock;

“Deputy Chairperson” means any person who is appointed under section 5(3)(a) to be the Deputy Chairperson of the Authority;

“member” means a member of the Authority;

“public accountant” means a person who is registered or deemed to be registered in accordance with the Accountants Act 2004 as a public accountant;

[Act 36 of 2022 wef 01/04/2023]

“Public Accountants Board” means the Public Accountants Board established under section 3 of the Accountants Act (Cap. 2, 2001 Revised Edition) repealed by the Accountants Act 2004;

“Registry of Companies and Businesses” means the Government department known as the Registry of Companies and Businesses;

“securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;

“shares” includes stocks.

[5/2018; 44/2018]

(2)  A reference in this Act to a written law specified in the Second Schedule or Fifth Schedule includes a part of a written law specified in that Schedule.

[44/2018]

[Act 28 of 2019 wef 01/04/2026]

(3)  To avoid doubt, a reference to “company” in the definition of “securities” in subsection (1), and in section 7(2)(b), includes a VCC as defined in the Variable Capital Companies Act 2018.

[44/2018]

PART 2

ESTABLISHMENT, INCORPORATION AND CONSTITUTION OF AUTHORITY

Establishment and incorporation of Accounting and Corporate Regulatory Authority

3.  A body called the Accounting and Corporate Regulatory Authority is established, which is a body corporate with perpetual succession and is by that name capable of —

(a) suing and being sued;

(b) acquiring, owning, holding and developing or disposing of property, both movable and immovable; and

(c) doing and suffering any other acts or things that bodies corporate may lawfully do and suffer.

Common seal

4.—(1)  The Authority must have a common seal and such seal may be broken, changed, altered or made anew as the Authority thinks fit.

(2)  All deeds and other documents requiring the seal of the Authority must be sealed with the common seal of the Authority.

(3)  All instruments to which the common seal is affixed must be signed by any 2 members generally or specially authorised by the Authority for the purpose or by one member and the Chief Executive.

(4)  All courts, judges and persons acting judicially are to take judicial notice of the common seal of the Authority affixed to any document and presume that it was duly affixed.

Constitution of Authority

5.—(1)  The Authority consists of the following members, all of whom must be appointed by the Minister:

(a) a Chairperson;

(b) not less than 10 but not more than 15 other members.

(2)  The members appointed under subsection (1)(b) are to include —

(a) one public accountant to be selected by the Minister from a list of at least 2 public accountants nominated by each designated professional accountancy body; and

(b) one non-practising accountant to be selected by the Minister from a list of at least 2 non‑practising accountants nominated by each designated professional accountancy body.

[18/2014]

(3)  The Minister may appoint —

(a) a member of the Authority to be its Deputy Chairperson; and

(b) the Chief Executive to be a member.

(4)  The First Schedule has effect with respect to the Authority, its members and proceedings.

(5)  In subsection (2), “designated professional accountancy body” means a body specified in the Fourth Schedule.

[18/2014]

PART 3

FUNCTIONS AND POWERS OF AUTHORITY

Functions of Authority

6.—(1)  Subject to the provisions of this Act, the functions of the Authority are —

(a) to administer the written laws specified in the Second Schedule;

(b) to report and make recommendations to, and advise the Government on, matters relating to —

(i) the registration and regulation of business entities and public accountants; and

(ii) the growth and development of the accountancy sector and its related fields in Singapore;

[Act 36 of 2022 wef 01/04/2023]

(c) to establish and administer a repository of information and documents relating to business entities and accounting entities and to provide access to such information and documents in accordance with this Act, the scheduled laws and the disclosure framework;

[Act 21 of 2024 wef 09/12/2024]

(ca) to oversee the strategic direction for, and promote, facilitate and assist in, the growth and development of the accountancy sector and its related fields in Singapore;

[Act 36 of 2022 wef 01/04/2023]

(cb) to develop, provide for or administer, or facilitate or collaborate on the development, provision or administration of, programmes, qualifications, certifications, specialisations and continuing professional developments relating to the accountancy sector and its related fields in Singapore;

[Act 36 of 2022 wef 01/04/2023]

(cc) to promote, develop, improve or maintain, or facilitate or collaborate on the promotion, development, improvement or maintenance of, competencies, expertise and professional standards in the accountancy sector and its related fields in Singapore;

[Act 36 of 2022 wef 01/04/2023]

(d) to represent the Government internationally in respect of matters relating to the registration and regulation of business entities and public accountants;

(e) to promote public awareness about new business structures, compliance requirements, corporate governance practices and any other matters under the purview of the Authority;

(ea) to promote, facilitate or collaborate on research and development activities for the advancement of the accountancy sector and its related fields in Singapore;

[Act 36 of 2022 wef 01/04/2023]

(eb) to develop or manage cooperation and exchange with other persons and organisations, including foreign and international organisations, in respect of matters relating to the accountancy sector and its related fields in Singapore;

[Act 36 of 2022 wef 01/04/2023]

(f) to provide a responsive and forward-looking regulatory environment for business entities and public accountants conducive to enterprise in Singapore; and

(g) to carry out any other functions conferred on the Authority by this Act or any other written law.

(2)  The Authority may undertake any other functions that the Minister may, by notification in the Gazette, assign to the Authority and in so doing, the Authority is deemed to be fulfilling the purposes of this Act, and the provisions of this Act apply to the Authority in respect of such functions.

(3)  Nothing in this section is to be construed as imposing on the Authority, directly or indirectly, any form of duty or liability enforceable by proceedings before any court to which it would not otherwise be subject.

(4)  In subsection (1) —

“accounting entity” has the meaning given by section 35A;

“disclosure framework” and “scheduled law” have the meanings given by section 26.

[Act 21 of 2024 wef 09/12/2024]

[5/2013]

Powers of Authority

7.—(1)  The Authority has power to do anything for the purpose of discharging its functions under this Act or any other written law, or which is incidental or conducive to the discharge of those functions.

(2)  Without limiting subsection (1) but subject to this Act, the powers of the Authority include the power —

(a) to enter into any contracts, agreements or arrangements that may be necessary or expedient for the purpose of discharging its functions;

[Act 36 of 2022 wef 01/04/2023]

(b) with the approval of the Minister, to form or participate in the formation of any company, association, trust or partnership or in any joint venture as a shareholder or partner or in any other capacity, with any firm, body corporate, society or institution for purposes that are necessary or expedient for the purpose of discharging its functions;

[Act 36 of 2022 wef 01/04/2023]

(c) to become a member or an affiliate of any international body, the functions or objects of which are similar to or connected with those of the Authority;

(d) to use all property of the Authority, whether movable or immovable, in any manner that the Authority thinks expedient, including the raising of loans by mortgaging such property;

(e) to establish and administer any systems or schemes that the Authority considers necessary or expedient for the discharge of its functions;

(f) to prescribe, regulate or implement measures and standards on any matter relating to or connected with its functions;

(g) to engage in any activity, either alone or in conjunction with any other organisation or agency, whether local or international, that is connected with or that is conducive to the discharge of its functions;

(h) to levy such charges or fees as may be reasonable for services and facilities provided by the Authority;

(i) to receive donations, gifts, grants, subsidies and contributions from any source and raise funds by all lawful means;

(j) to publish or sponsor the publication of periodicals, booklets and other written materials, or to produce or sponsor the production of documentary films and other audiovisual materials on any matter relating to or connected with its functions;

(k) to organise courses and award certificates of proficiency, and provide bursaries, scholarships and training grants in the fields related to the functions of the Authority;

(l) to provide advisory, consultancy and informational services on any matter related to its functions;

(m) to promote or undertake publicity in any form;

(n) to grant or guarantee loans to officers or employees of the Authority for any purpose specifically approved by the Authority;

(o) to provide recreational facilities and to promote recreational activities for, and activities conducive to, the welfare of officers and employees of the Authority and members of their families;

(p) to make provision for gratuities, pensions, allowances or other benefits for officers or employees, or former officers or employees, of the Authority; and

(q) to do any other acts that are incidental or necessary to any of its functions and powers.

(2A)  Without limiting subsections (1) and (2) but subject to this Act, the powers of the Authority include the power to —

(a) provide for, develop, administer, promote, coordinate, collaborate with any person (within or outside Singapore) on, or facilitate, the training, development, education, examination, assessment and certification of persons practising, or desiring to practise, in the accountancy sector and its related fields in Singapore;

(b) provide for, administer, collaborate with any person (within or outside Singapore) on or facilitate the accreditation of any body, programme or qualification in connection with any programme, qualification, certification, specialisation or continuing professional development relating to the accountancy sector and its related fields in Singapore; and

(c) establish and administer funds in support of, to promote the growth and development of, for the advancement of competencies, expertise and professional standards in, and for the conduct and development of research relating to, the accountancy sector and its related fields in Singapore.

[Act 36 of 2022 wef 01/04/2023]

(3)  This section is not to be construed as limiting any power of the Authority conferred by or under any other written law.

Directions by Minister

8.—(1)  The Minister may give to the Authority any direction under section 5 of the Public Sector (Governance) Act 2018.

[5/2018]

(2)  The Authority must provide the Minister with any information in respect of its property and activities in such manner and at such times as the Minister may require.

Appointment of committees and delegation of powers

9.—(1)  The Authority may appoint from among its own members or from among other persons any number of committees that it thinks fit for purposes which, in the opinion of the Authority, would be more expediently carried out or managed by means of those committees.

(2)  The Authority may, subject to any conditions or restrictions that it thinks fit, delegate —

(a) to any of its members;

(b) to its Chief Executive or any of its officers or employees;

(c) to any committee appointed by it under subsection (1); or

(d) to any other person as the Authority thinks fit,

any of the functions or powers of the Authority under this Act or any other written law.

[5/2018]

(3)  Any function or power delegated under subsection (2) to any person or committee may be performed or exercised by that person or committee in the name and on behalf of the Authority.