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Appointments to the Accounting Standards Council

20 Nov 2015

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




Composition of the Accounting Standards Council






Mr Kevin Kwok

Independent Director, Singapore Exchange

Council member of Singapore Institute of Directors

Deputy Chairman


Mr Nagaraj Sivaram

Partner, Assurance

Ernst and Young LLP




Mr Chan Hon Chew

Chief Financial Officer

Keppel Corporation Limited


Ms Cheng Ai Phing

Recently retired Senior Partner

Deloitte & Touche LLP


Mr Yeo Wico


Allen & Gledhill LLP



Mr Cheung Pui Yuen

Regional Managing Partner, Assurance & Advisory Services (Deloitte Southeast Asia)

Deloitte & Touche LLP


Mr Choo Teck Min

Associate Professor, Division of Accounting Nanyang Business School

Nanyang Technological University


Mr Yeo Ek Khuan

Honorary Treasurer

Association of Small and Medium Enterprises


Mr Low Puk Yeong

Commissioner of Charities

Ministry of Culture, Community and Youth


Mr Ng Yao Loong

Executive Director

Markets Policy & Infrastructure Department

Monetary Authority of Singapore


Mr Marvin Sim

Registrar (Registry of Societies)

Ministry of Home Affairs


Mr Kenneth Yap

Chief Executive

Accounting and Corporate Regulatory Authority