Euleen Goh to Continue Chairing New Accounting Standards Council

The Ministry of Finance (MOF) has re-appointed Ms Euleen Goh to chair the Accounting Standards Council (“ASC”) for a second term from 1 November 2009 to 31 October 2011.  The Ministry has also appointed to the new Council 14 other members, representing the various stakeholder groups such as the accounting profession, users and preparers of financial information, academia and government.

2. The inaugural Council formed two years ago has made significant contributions towards developing and promulgating high quality financial reporting standards in Singapore.  In its two-year term, the Council has achieved various milestones, including the strengthening of Singapore’s participation and profile in the international standards-setting arena, and the convergence towards the international accounting standards over Leases.  MOF wishes to thank the inaugural Council for its outstanding work and contributions.

3. “The inaugural ASC was an active Council which had enabled Singapore to have a constructive engagement with the International Accounting Standards Board (“IASB”).  That had helped to provide the IASB with a better appreciation of the economic realities of doing business in Singapore and in the region as part of the International Financial Reporting Standards (“IFRS”) development process,” said Ms Euleen Goh.

4. “For the new term, the ASC will continue to work at strengthening Singapore’s financial reporting regime and increasing collaborations with our international counterparts and local stakeholders on emerging financial reporting issues.  The new Council’s key focus areas would include Singapore’s convergence with the IFRS, the formulation of reporting standards for Financial Instruments, and the conclusion of the significant work on Charities and Small and Medium Enterprises done by the inaugural Council,” added Ms Goh.

Background on the Accounting Standards Council (ASC)

The Accounting Standards Act was passed in Parliament on 27 Aug 2007 and the Act came into effect on 1 Nov 2007.  With the enactment of the Accounting Standards Act, the Accounting Standards Council (ASC) took over the task of prescribing accounting standards from the Council on Corporate Disclosure and Governance (CCDG).  In addition to prescribing accounting standards for companies, the ASC will also prescribe accounting standards for charities, co-operative societies and societies.  The creation of the ASC is a positive step towards ensuring consistency in accounting standards, facilitating comparison of financial statements between different entities and enhancing the credibility and transparency of financial reporting.

Composition of the Accounting Standards Council