Welcome to the ASC website
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.
The ASC is responsible only for the formulation
and promulgation of accounting standards. The monitoring and enforcement
of compliance with accounting standards will remain the prerogative
of the respective regulators, viz. ACRA for companies, Commissioner
of Charities for charities, Registrar of Co-operative societies
for co-operative societies and Registrar of Societies for societies.
|
