On 10 March 2023, the Accounting and Corporate Regulatory Authority (“ACRA“) announced that ACRA, the Singapore Accountancy Commission (“SAC“) and the Accounting Standards Council (“ASC“) will merge as one entity with effect from 1 April 2023. The merged entity will take on the name of ACRA.
The merger will strengthen the effectiveness of regulation, standards-setting, and sector development by harnessing synergies across complementary accountancy-related functions.
The merged ACRA will:
- Take on SAC’s role to develop the accountancy sector.
- Set up the Accounting Standards Committee (“Committee“). The Committee will set accounting standards for companies, charities, co-operative societies, and societies in Singapore.
All information pertaining to accounting standard-setting and accountancy professional and sector development matters have been made available on the ACRA website from 1 April 2023.
Click on the following link below for more information:
- ACRA Press Release titled “Serving the Accountancy Sector as One Entity” (available on the ACRA website at acra.gov.sg)
For more information, click here to read the full Legal Update.
