Welcome to the
ASC website
The mandate of the ASC is to develop, review,
amend and approve accounting 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. |
While the ASC will track closely the introduction
of new International Financial Reporting Standards (IFRS) for
possible application in Singapore, it will also take into account
the local economic and business circumstances and context, as
well as the entity to which the accounting standards would apply
to.
The Chairman and members of the ASC are appointed
by the Minister for Finance, and the Council’s
composition comprises representatives from stakeholder groups
such as the accounting profession, the users and preparers of
financial information, academia and the Government.
Although the ASC is taking over from the CCDG,
previous accounting standards, interpretations, practice directions
and other directives issued by the CCDG would still remain valid
and in force, as provided under Section 8(4) of the Accounting
Standards Act, unless otherwise stated. |
