/akn/sg/act/act/2007/ASA

Accounting Standards Act 2007

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PRELIMINARY

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This Act is the Accounting Standards Act 2007.

Section 2part_0.section_1

In this Act, unless the context otherwise requires —“accounting standard” means —(a)an accounting standard made or formulated by the Council under Part 3; or(b)an accounting standard for statutory bodies established by the Accountant-General under Part 4;“Chairperson” means the Chairperson of the Council appointed under section 4(1)(a), and includes any temporary Chairperson of the Council if so appointed;“company” means any company incorporated under the Companies Act 1967 or any corresponding previous written law, and includes a foreign company registered under Division 2 of Part 11 of that Act in respect of its operations in Singapore;“Council” means the Accounting Standards Council established under section 3;“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;“member”, in relation to the Council, means a member of the Council and includes the Chairperson of the Council;“Minister” means the Minister charged with the responsibility for finance;“statutory body” means a body —(a)established or constituted by or under a public Act;(b)that has a public function; and(c)whose annual report and audited financial statements are required by written law to be presented to Parliament.

Definitionpart_0.section_1.definition_0

“accounting standard” means —(a)an accounting standard made or formulated by the Council under Part 3; or(b)an accounting standard for statutory bodies established by the Accountant-General under Part 4;

Definitionpart_0.section_1.definition_1

“Chairperson” means the Chairperson of the Council appointed under section 4(1)(a), and includes any temporary Chairperson of the Council if so appointed;

Definitionpart_0.section_1.definition_2

“company” means any company incorporated under the Companies Act 1967 or any corresponding previous written law, and includes a foreign company registered under Division 2 of Part 11 of that Act in respect of its operations in Singapore;

Definitionpart_0.section_1.definition_3

“Council” means the Accounting Standards Council established under section 3;

Definitionpart_0.section_1.definition_4

“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;

Definitionpart_0.section_1.definition_5

“member”, in relation to the Council, means a member of the Council and includes the Chairperson of the Council;

Definitionpart_0.section_1.definition_6

“Minister” means the Minister charged with the responsibility for finance;

Definitionpart_0.section_1.definition_7

“statutory body” means a body —(a)established or constituted by or under a public Act;(b)that has a public function; and(c)whose annual report and audited financial statements are required by written law to be presented to Parliament.