Mr Michael Lim appointed as Chairman of the Accounting Standards Council

1. Deputy Prime Minister and Minister for Finance and Minister for Manpower, Mr Tharman Shanmugaratnam has appointed Mr Michael Lim Choo San to chair the Accounting Standards Council ("ASC") from 1 November 2011 to 31 October 2013. Mr Michael Lim takes over from Ms Euleen Goh. Mr Tham Sai Choy has also been re-appointed as Deputy Chairman for another year. Thirteen other members representing various stakeholders such as the accounting profession, users and preparers of financial information, academia and regulators have also been appointed to the ASC from 1 November 2011. The full list of Council Members is at Annex B.

Ms Euleen Goh

2. Ms Euleen Goh has led the ASC since its formation in 2007. Under Ms Goh's leadership, the ASC has developed and promulgated high quality financial reporting standards in Singapore. It has established itself as a credible voice in international accounting standards-setting and has achieved key milestones, including the issuance of the Singapore Financial Reporting Standards for Small Entities and the Charities Accounting Standards.

3. "It has been an honour to have served in the ASC since its inception, during a period of extraordinary activity in changes to financial reporting standards and the rise of Asian capital markets. We have raised our voice and influence with the International Accounting Standards Board ("IASB") and standards setters in Asia and around the world by pro-actively engaging them on key accounting issues. We strongly advocate that global standards should reflect economic realities of business done in Singapore and each local market," said Ms Euleen Goh.

4. "The progress we have gained and our standing with IASB and the Asian-Oceanian Standard-Setters Group is a reflection of an effective and efficient ASC secretariat, active sub-committees and working groups, an engaged council and the support of the MOF. I thank everyone for the support they have given me during my tenure. I am confident that the new term of Council will be ably led by Mr Michael Lim who has vast experience in the accounting sector and the business community," added Ms Goh.

5. Mr Michael Lim is currently the Chairman of the Land Transport Authority, Nomura Singapore Limited and Pro-Tem Singapore Accountancy Council. He is also a member of the Public Service Commission and formerly the Executive Chairman of PricewaterhouseCoopers, Singapore for 12 years before retiring in 2003. He has had more than 30 years of experience in the accountancy profession. (See Annex A for a detailed executive profile of Mr Michael Lim)

6. Mr Michael Lim said, "I'm honoured to be chairing the ASC for the next two years. The ASC will continue to work closely with local stakeholders and international counterparts to uphold the quality of our financial reporting standards and to address emerging financial reporting issues that are of interest to Singapore."

7. The Ministry thanks Ms Euleen Goh for her outstanding leadership and contributions as Chairperson of the ASC over the past four years and also welcomes Mr Michael Lim onboard.

Background on the Accounting Standards Council (ASC)

The Accounting Standards Act was passed in Parliament on 27 Aug 2007 and came into effect on 1 Nov 2007. With the enactment of the Accounting Standards Act, the Accounting Standards Council (ASC) was formed to formulate accounting standards applicable to companies and promulgate 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.

Annex A

Executive Profile of Mr Michael Lim Choo San

Mr Michael Lim Choo San serves as Chairman of the Land Transport Authority and Chairman of Nomura Singapore Ltd. He was appointed as a member of the Public Service Commission in 1998. On 31 Dec 2003, he retired as Executive Chairman of one of Singapore's top accounting firm, PricewaterhouseCoopers, Singapore, after more than 30 years with the firm, including 12 years as Executive Chairman. In Nov 2007, he was appointed as a member of the Legal Service Commission, and in Sep 2011, he was appointed as the Chairman of the Pro-Tem Singapore Accountancy Council. He has also previously served as Chairman of the National Healthcare Group Pte Ltd. Mr Lim was awarded the Meritorious Service Medal, the Public Service Star and the Public Service Medal in 2010, 2003 and 1998 respectively.

Annex B