Singapore News

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Singapore to set accounting standard

Posted by jtsmyth8 on October 26, 2007

A new council will be formed to set accounting standards for companies, societies, charities and cooperatives in Singapore.

The 15-member Accounting Standards Council, to be led by former Standard Chartered Bank CEO Euleen Goh, will begin operations next Thursday and will take over the role of the Council on Corporate Disclosure and Governance’s (CCDG).

Its mandate is to develop, review, amend and approve financial reporting standards for entities that are under its purview, including charities, as well as small and medium enterprises.

Minister of State for Finance and Transport Mrs Lim Hwee Hua announced the composition of the new council at the annual dinner and dance of Singapore’s accounting body Institute of Certified Public Accountants of Singapore (Icpas) on Friday night.

Besides Ms Goh, the other members of the council include KPMG audit head Tham Sai Choy, PricewaterhouseCoopers’ Mr Yeoh Oon Jin, National Kidney Foundation chairman Gerard Ee, StarHub chief financial officer Kwek Buck Chye, Prof Tan Teck Meng from the Singapore Management University, Mr Yeo Wee Kiong from Drew & Napier, and CEO of the Accounting and Corporate Regulatory Authority, Ms Juthika Ramanathan.

The CCDG’s other role – supervising corporate governance – now falls on the Singapore Exchange and the Monetary Authority of Singapore.

(story)

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