The Council on Corporate Disclosure & Governance (CCDG) Discusses Quarterly Reporting And Accounting Standards Setting At Its First Meeting

This media release is a brief report on the Council on Corporate Disclosure and Governance's (CCDG) first meeting held on Monday, 9 Sept.

The Council on Corporate Disclosure and Governance ("CCDG") held its first meeting on 9 September 2002. The Council had a lively discussion on the issue on quarterly reporting. The CCDG hopes to conclude the discussion on this matter at its next meeting in October 2002, before making its recommendation to the government.

2. The CCDG also had a good discussion on the prescription of accounting standards for companies in Singapore. The prescribed accounting standards will be known as Financial Reporting Standards or FRS. Companies will be required by law to comply with the FRS. Moving forward, the Council agreed that Singapore should continue to adopt International Accounting Standards, except where there are particular reasons for deviation.

MINISTRY OF FINANCE