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.

PART 2

ACCOUNTING STANDARDS COMMITTEE

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

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]

PART 3

ACCOUNTING STANDARDS FOR COMPANIES AND OTHER ENTITIES

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]

PART 4

ACCOUNTING STANDARDS FOR STATUTORY BODIES

Accountant-General to establish accounting standards

11.—(1)  The Accountant-General may establish one or more accounting standards about the following:

(a) the statements of standard accounting practice applicable to statutory bodies;

(b) the content of financial statements and annual reports required to be prepared by statutory bodies.

(2)  Before establishing an accounting standard under subsection (1), the Accountant-General must have regard to relevant accounting standards issued by the Committee under this Act or by any appropriate professional bodies.

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

(3)  The Accountant-General may establish an accounting standard under this Part —

(a) by issuing the text of an accounting standard, which may or may not be an accounting standard made or formulated by the Committee under Part 3; or

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

(b) by modifying the text of any accounting standard mentioned in paragraph (a) to the extent necessary to take account of the legal or institutional environment for statutory bodies.

(4)  An accounting standard established under subsection (1) applies to any periods specified in the standard.

Statutory bodies to comply with accounting standards

12.  The accounts and financial statements of every statutory body specified in the Schedule must be prepared in compliance with the accounting standards that are established under this Part and notified in writing to the statutory body by the Accountant‑General.

PART 5

MISCELLANEOUS

Amendment of Schedule

13.—(1)  The Minister may, by order in the Gazette, amend the Schedule.

(2)  Every order made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette.

Rules

14.  The Minister may make rules to carry out the purposes and provisions of this Act, including rules for or with respect to the holding of meetings by the Committee, the notice to be given of those meetings and the proceedings at those meetings, the keeping of minutes, and the custody, production and inspection of those minutes.

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

THE SCHEDULE

Sections 12 and 13(1)

Statutory bodies

First column	Second column
Statutory body	Act under which established or constituted
1. Accounting and Corporate Regulatory Authority	Accounting and Corporate Regulatory Authority Act 2004
2. Agency for Science, Technology and Research	Agency for Science, Technology and Research Act 1990
3. Board of Architects	Architects Act 1991
4. Building and Construction Authority	Building and Construction Authority Act 1999
5. [Deleted by Act 14 of 2022 wef 01/08/2022]
6. Central Provident Fund Board	Central Provident Fund Act 1953
7. Civil Aviation Authority of Singapore	Civil Aviation Authority of Singapore Act 2009
8. Civil Service College	Civil Service College Act 2001
8A. Communicable Diseases Agency	Communicable Diseases Agency Act 2025
9. Competition and Consumer Commission of Singapore	Competition Act 2004
10. Council for Estate Agencies	Estate Agents Act 2010
11. Defence Science and Technology Agency	Defence Science and Technology Agency Act 2000
12. Economic Development Board	Economic Development Board Act 1961
13. Energy Market Authority of Singapore	Energy Market Authority of Singapore Act 2001
14. Enterprise Singapore Board	Enterprise Singapore Board Act 2018
14A. Gambling Regulatory Authority of Singapore	Gambling Regulatory Authority of Singapore Act 2022
15. Government Technology Agency	Government Technology Agency Act 2016
16. Health Promotion Board	Health Promotion Board Act 2001
17. Health Sciences Authority	Health Sciences Authority Act 2001
18. Home Team Science and Technology Agency	Home Team Science and Technology Agency Act 2019
19. Housing and Development Board	Housing and Development Act 1959
20. Info-communications Media Development Authority	Info-communications Media Development Authority Act 2016
21. Inland Revenue Authority of Singapore	Inland Revenue Authority of Singapore Act 1992
22. Institute of Technical Education, Singapore	Institute of Technical Education Act 1992
23. Intellectual Property Office of Singapore	Intellectual Property Office of Singapore Act 2001
24. ISEAS – Yusof Ishak Institute	ISEAS – Yusof Ishak Institute Act 1968
25. Jurong Town Corporation	Jurong Town Corporation Act 1968
26. Land Surveyors Board	Land Surveyors Act 1991
27. Land Transport Authority of Singapore	Land Transport Authority of Singapore Act 1995
28. Majlis Ugama Islam, Singapura	Administration of Muslim Law Act 1966
29. Maritime and Port Authority of Singapore	Maritime and Port Authority of Singapore Act 1996
30. Nanyang Polytechnic	Nanyang Polytechnic Act 1992
31. National Arts Council	National Arts Council Act 1991
32. National Council of Social Service	National Council of Social Service Act 1992
33. National Environment Agency	National Environment Agency Act 2002
34. National Heritage Board	National Heritage Board Act 1993
35. National Library Board	National Library Board Act 1995
36. National Parks Board	National Parks Board Act 1996
37. Ngee Ann Polytechnic	Ngee Ann Polytechnic Act 1967
38. People’s Association	People’s Association Act 1960
39. Productivity Fund Administration Board	National Productivity Fund Act 2010
40. Professional Engineers Board	Professional Engineers Act 1991
41. Public Transport Council	Public Transport Council Act 1987
42. Public Utilities Board	Public Utilities Act 2001
43. Republic Polytechnic	Republic Polytechnic Act 2002
44. Science Centre Board	Science Centre Act 1970
45. Sentosa Development Corporation	Sentosa Development Corporation Act 1972
46. Singapore Corporation of Rehabilitative Enterprises	Singapore Corporation of Rehabilitative Enterprises Act 1975
47. Singapore Dental Council	Dental Registration Act 1999
48. Singapore Examinations and Assessment Board	Singapore Examinations and Assessment Board Act 2003
49. Singapore Food Agency	Singapore Food Agency Act 2019
50. Singapore Labour Foundation	Singapore Labour Foundation Act 1977
51. Singapore Land Authority	Singapore Land Authority Act 2001
52. Singapore Medical Council	Medical Registration Act 1997
53. Singapore Nursing Board	Nurses and Midwives Act 1999
54. Singapore Pharmacy Council	Pharmacists Registration Act 2007
55. Singapore Polytechnic	Singapore Polytechnic Act 1954
56. Singapore Sports Council	Singapore Sports Council Act 1973
57. Singapore Totalisator Board	Singapore Totalisator Board Act 1987
58. Singapore Tourism Board	Singapore Tourism Board Act 1963
59. SkillsFuture Singapore Agency	SkillsFuture Singapore Agency Act 2016
60. Temasek Polytechnic	Temasek Polytechnic Act 1990
61. Traditional Chinese Medicine Practitioners Board	Traditional Chinese Medicine Practitioners Act 2000
62. Urban Redevelopment Authority	Urban Redevelopment Authority Act 1989
63. Workforce Singapore Agency	Workforce Singapore Agency Act 2003

[Act 4 of 2025 wef 01/04/2025]

[Act 14 of 2022 wef 01/08/2022]

[16/2009; 17/2009; 25/2010; 23/2015; 20/2016; 22/2016; 23/2016; 24/2016; 10/2018; 11/2019; 21/2019; S 587/2009; S 615/2010; S 80/2019]

LEGISLATIVE HISTORY

Accounting Standards Act 2007

 

This Legislative History is a service provided by the Law Revision Commission on a best-efforts basis. It is not part of the Act.
1.	Act 39 of 2007—Accounting Standards Act 2007
	Bill	:	27/2007
	First Reading	:	16 July 2007
	Second and Third Readings	:	27 August 2007
	Commencement	:	1 November 2007
2.	2008 Revised Edition—Accounting Standards Act (Chapter 2B)
	Operation	:	31 July 2008
3.	Act 16 of 2009—Preservation of Monuments Act 2009
	(Amendments made by section 36(2) read with item (1) of the Schedule to the above Act)
	Bill	:	9/2009
	First Reading	:	23 March 2009
	Second and Third Readings	:	13 April 2009
	Commencement	:	1 July 2009 (section 36(2) read with item (1) of the Schedule)
4.	Act 17 of 2009—Civil Aviation Authority of Singapore Act 2009
	(Amendments made by section 104 read with item 1 of the Fourth Schedule to the above Act)
	Bill	:	10/2009
	First Reading	:	23 March 2009
	Second and Third Readings	:	13 April 2009
	Commencement	:	1 July 2009 (section 104 read with item 1 of the Fourth Schedule)
5.	G.N. No. S 587/2009—Accounting Standards Act (Amendment of Schedule) Order 2009
	Commencement	:	1 December 2009
6.	Act 25 of 2010—Estate Agents Act 2010
	(Amendments made by section 73 read with item 1 of the Third Schedule to the above Act)
	Bill	:	19/2010
	First Reading	:	16 August 2010
	Second and Third Readings	:	15 September 2010
	Commencement	:	22 October 2010 (section 73 read with item 1 of the Third Schedule)
7.	G.N. No. S 615/2010—Accounting Standards Act (Amendment of Schedule) Order 2010
	Commencement	:	1 November 2010
8.	Act 23 of 2015—Institute of Southeast Asian Studies (Amendment) Act 2015
	(Amendments made by section 14(1) of the above Act)
	Bill	:	20/2015
	First Reading	:	11 May 2015
	Second and Third Readings	:	14 July 2015
	Commencement	:	12 August 2015 (section 14(1))
9.	Act 22 of 2016—Info-communications Media Development Authority Act 2016
	(Amendments made by section 102(1) of the above Act)
	Bill	:	21/2016
	First Reading	:	11 July 2016
	Second and Third Readings	:	16 August 2016
	Commencement	:	1 October 2016 (section 102(1))
10.	Act 23 of 2016—Government Technology Agency Act 2016
	(Amendments made by section 82(1) of the above Act)
	Bill	:	22/2016
	First Reading	:	11 July 2016
	Second and Third Readings	:	16 August 2016
	Commencement	:	1 October 2016 (section 82(1))
11.	Act 24 of 2016—SkillsFuture Singapore Agency Act 2016
	(Amendments made by section 78(1) of the above Act)
	Bill	:	24/2016
	First Reading	:	11 July 2016
	Second and Third Readings	:	16 August 2016
	Commencement	:	3 October 2016 (section 78(1))
12.	Act 20 of 2016—Singapore Workforce Development Agency (Amendment) Act 2016
	(Amendments made by section 20(1) of the above Act)
	Bill	:	19/2016
	First Reading	:	11 July 2016
	Second and Third Readings	:	16 August 2016
	Commencement	:	4 October 2016 (section 20(1))
13.	Act 10 of 2018—Enterprise Singapore Board Act 2018
	(Amendments made by section 78(1) of the above Act)
	Bill	:	3/2018
	First Reading	:	8 January 2018
	Second and Third Readings	:	5 February 2018
	Commencement	:	1 April 2018 (section 78(1))
14.	Act 11 of 2019—Singapore Food Agency Act 2019
	(Amendments made by section 66(1) of the above Act)
	Bill	:	5/2019
	First Reading	:	15 January 2019
	Second and Third Readings	:	12 February 2019
	Commencement	:	1 April 2019 (section 66(1))
15.	G.N. No. S 80/2019—Accounting Standards Act (Amendment of Schedule) Order 2019
	Commencement	:	1 April 2019
16.	Act 21 of 2019—Home Team Science and Technology Agency Act 2019
	(Amendments made by section 51(1) of the above Act)
	Bill	:	15/2019
	First Reading	:	8 July 2019
	Second and Third Readings	:	6 August 2019
	Commencement	:	1 December 2019 (section 51(1))
17.	2020 Revised Edition—Accounting Standards Act 2007
	Operation	:	31 December 2021
18.	Act 14 of 2022—Gambling Regulatory Authority of Singapore Act 2022
	Date of First Reading	:	14 February 2022 (Bill No. 5/2022)
	Date of Second and Third Readings	:	11 March 2022
	Date of commencement	:	1 August 2022 (Section 51(1))
19.	Act 36 of 2022—Accountancy Functions (Consolidation) Act 2022
	(Amendments made by the above Act)
	Bill	:	29/2022
	First Reading	:	3 October 2022
	Second and Third Readings	:	9 November 2022
	Commencement	:	1 April 2023
20.	Act 4 of 2025—Communicable Diseases Agency Act 2025
	(Amendments made by the above Act)
	Bill	:	46/2024
	First Reading	:	2 January 2025
	Second and Third Readings	:	7 January 2025
	Commencement	:	1 April 2025

Abbreviations

	(updated on 29 August 2022)
G.N.	Gazette Notification
G.N. Sp.	Gazette Notification (Special Supplement)
L.A.	Legislative Assembly
L.N.	Legal Notification (Federal/Malaysian)
M.	Malaya/Malaysia (including Federated Malay States, Malayan Union, Federation of Malaya and Federation of Malaysia)
Parl.	Parliament
S	Subsidiary Legislation
S.I.	Statutory Instrument (United Kingdom)
S (N.S.)	Subsidiary Legislation (New Series)
S.S.G.G.	Straits Settlements Government Gazette
S.S.G.G. (E)	Straits Settlements Government Gazette (Extraordinary)