Press Releases

1. The Minister for Finance has appointed Mr Kevin Kwok as the Chairman of the Accounting Standards Council (“ASC”). Mr Kevin Kwok takes over from Mr Michael Lim. Mr Nagaraj Sivaram has also been re-appointed as Deputy Chairman. The Minister for Finance has also appointed three new members and reappointed seven other members to the ASC. These appointments are effective for a two-year term from 1 November 2015 to 31 October 2017. The full list of Council members is in the Annex.

2. Mr Michael Lim led the ASC from November 2011 to October 2015. Under Mr Lim’s leadership, the ASC concluded its policy review on the financial reporting framework for Singapore-incorporated companies listed on the Singapore Exchange (SGX). These companies will apply a new financial reporting framework identical to the International Financial Reporting Standards in 2018. This has been well-received by stakeholders and will enhance Singapore’s standing as a trusted international business and financial centre.

3. Mr Kevin Kwok has served on the ASC since November 2013. He is currently an independent director of SGX board and a Council member of the Singapore Institute of Directors. Mr Kwok was formerly a Senior Partner of Ernst & Young LLP in Singapore until his retirement in 2013. He has more than 35 years of experience in the accountancy profession.

4. The Ministry of Finance expresses our appreciation to Mr Michael Lim for his leadership and contributions as the Chairman of the ASC. We would also like to express our thanks to the following retiring members for their significant contributions:

Mrs Chng Sok Hui

Chief Financial Officer, DBS Bank Ltd

Mr Chua Kim Chiu

Partner, PwC Services LLP

Mr Tan Kay Kheng

Partner & Head of Tax Practice, WongPartnership LLP

Issued by Ministry of Finance
20 November 2015

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ANNEX

Composition of the Accounting Standards Council