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The Ministry Of Finance Appoints The Accounting Standards Council

26 Oct 2007

The Ministry of Finance has appointed Ms Euleen Goh to chair the Accounting Standards Council ("ASC"). The Ministry has also appointed 15 other members, representing stakeholder groups such as the accounting profession, the users and preparers of financial information, academia and government. (See Appendix for a list of the members).

The ASC will prescribe accounting standards for companies and for other entities such as societies, charities and cooperatives. Its mandate is to develop, review, amend and approve financial reporting standards for entities that are under its purview, taking into account:

(a) The information needs of the stakeholders of the entities;

(b) Facilitation of comparability, disclosure and transparency;

(c) Compatibility with relevant international standards; and

(d) Singapore's reputation as a trusted international business and financial hub.

"The ASC will continue to build on the excellent foundation laid by its predecessor, the Council on Corporate Disclosure and Governance (CCDG) in formulating the Singapore Financial Reporting Standards (FRS). The major new areas that the new Council would need to look into and formulate its own views on include the FRS for Small and Medium Sized Enterprises as well as the standards for Charities," said Ms Euleen Goh.

While the ASC will track closely the introduction of new International Financial Reporting Standards for possible application in Singapore, it will also take into account the local economic and business circumstances and context.

"The ASC will form dedicated committees to look at specific issues of stakeholder groups, and consult widely. It will also continue to tap on the technical expertise of the Institute of Certified Public Accountants of Singapore ("ICPAS") as well as expertise outside the main Council," added Ms Goh.