Accounting Standards Board To Be Set Up For Non-Public Sector Entities
Minister of State for Finance Lim Hwee Hua announced in Parliament on Friday, 2 March 2007, that non-public sector entities - including companies, charities, societies and cooperatives - will soon have to comply with accounting standards issued by a new Accounting Standards Board (ASB).
While Singapore already has an authority, the current Council on Corporate Disclosure and Governance, to regulate accounting standards for corporate entities, there is no similar authority for non-corporate entities. ASB is intended to play that role. It is reported that the ASB will replace this Council from September 1, 2007.
In addition, the ASB will prescribe modifications to accounting standards so as to make them relevant for non-public sector entities.
While Singapore already has an authority, the current Council on Corporate Disclosure and Governance, to regulate accounting standards for corporate entities, there is no similar authority for non-corporate entities. ASB is intended to play that role. It is reported that the ASB will replace this Council from September 1, 2007.
In addition, the ASB will prescribe modifications to accounting standards so as to make them relevant for non-public sector entities.
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