What changed

The Accounting Standards Act 2007, in its revised edition effective December 31, 2021, outlines the framework for issuing accounting standards in Singapore. It establishes the Accounting Standards Committee responsible for creating standards applicable to companies and other incorporated bodies, as well as standards for statutory bodies. The Act also includes definitions for key terms such as 'accounting standard,' 'Authority,' 'Committee,' and 'company.'

This legislation mandates the creation and adherence to specific accounting standards. Companies and statutory bodies in Singapore must ensure their financial reporting complies with the standards issued under this Act. While the document itself is a legislative act, its practical implication is the requirement for entities to follow the standards promulgated by the Committee and the Accountant-General.

What to do next

Review the Accounting Standards Act 2007 for current requirements.
Ensure compliance with accounting standards issued by the Accounting Standards Committee and the Accountant-General.

Source document (simplified)

Accounting Standards Act 2007 Status:
Current version
as at 27 Mar 2026
- Timeline
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| Accounting Standards Act 2007 |

| 2020 REVISED EDITION |

| This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021 |

| An Act to establish the Accounting Standards Committee to issue accounting standards applicable to companies and other incorporated and unincorporated bodies, to provide for accounting standards applicable to statutory bodies with a public function and for matters connected therewith. [Act 36 of 2022 wef 01/04/2023] |

| [1 November 2007] |

| PART 1
| PRELIMINARY |

| Short title |

| 1. This Act is the Accounting Standards Act 2007. |

| Interpretation |

| 2. In this Act, unless the context otherwise requires —
\| “accounting standard” means —
\| (a) \| an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] \|
\| (b) \| an accounting standard for statutory bodies established by the Accountant-General under Part 4; \| \| (a) \| an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] \| (b) \| an accounting standard for statutory bodies established by the Accountant-General under Part 4; \|
\| (a) \| an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] \| \| \| \|
\| (b) \| an accounting standard for statutory bodies established by the Accountant-General under Part 4; \| \| \| \|

\| [Deleted by Act 36 of 2022 wef 01/04/2023 ] \|

\| “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] \|

\| “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] \|

\| “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] \|

\| “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; \|

\| [Deleted by Act 36 of 2022 wef 01/04/2023 ] \|

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

\| “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] \|

\| “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. \| \| (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. \|
\| (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. \| \| \| \| \| \| | “accounting standard” means —
\| (a) \| an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] \|
\| (b) \| an accounting standard for statutory bodies established by the Accountant-General under Part 4; \| | (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | [Deleted by Act 36 of 2022 wef 01/04/2023 ] | “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] | “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] | “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] | “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; | [Deleted by Act 36 of 2022 wef 01/04/2023 ] | “making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard; | “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] | “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. \| | (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. |
| “accounting standard” means —
\| (a) \| an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] \|
\| (b) \| an accounting standard for statutory bodies established by the Accountant-General under Part 4; \| | (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | | | | | | | | | | | | | | | | |
| (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | |
| (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | | | | | | | | | | | | | | | | | | | |
| [Deleted by Act 36 of 2022 wef 01/04/2023 ] | | | | | | | | | | | | | | | | | | | | | |
| “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | |
| “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | |
| “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | |
| “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; | | | | | | | | | | | | | | | | | | | | | |
| [Deleted by Act 36 of 2022 wef 01/04/2023 ] | | | | | | | | | | | | | | | | | | | | | |
| “making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard; | | | | | | | | | | | | | | | | | | | | | |
| “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | |
| “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. \| | (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. | | | | | | | | | | | | | | | |
| (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. | | | | | | | | | | | | | | | | | | | | | | PRELIMINARY | Short title | 1. This Act is the Accounting Standards Act 2007. | Interpretation | 2. In this Act, unless the context otherwise requires —
| “accounting standard” means —
\| (a) \| an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] \|
\| (b) \| an accounting standard for statutory bodies established by the Accountant-General under Part 4; \| | (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; |
| (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | | | |
| (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | | |

| [Deleted by Act 36 of 2022 wef 01/04/2023 ] |

| “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] |

| “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] |

| “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] |

| “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; |

| [Deleted by Act 36 of 2022 wef 01/04/2023 ] |

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

| “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] |

| “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. \| | (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. |
| (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. | | | | | | | “accounting standard” means —
| (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] |
| (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | [Deleted by Act 36 of 2022 wef 01/04/2023 ] | “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] | “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] | “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] | “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; | [Deleted by Act 36 of 2022 wef 01/04/2023 ] | “making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard; | “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] | “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. | | (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. |
| PRELIMINARY | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short title | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1. This Act is the Accounting Standards Act 2007. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interpretation | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2. In this Act, unless the context otherwise requires —
| “accounting standard” means —
\| (a) \| an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] \|
\| (b) \| an accounting standard for statutory bodies established by the Accountant-General under Part 4; \| | (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; |
| (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | | | |
| (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | | |

| [Deleted by Act 36 of 2022 wef 01/04/2023 ] |

| “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] |

| “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] |

| “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] |

| “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; |

| [Deleted by Act 36 of 2022 wef 01/04/2023 ] |

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

| “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] |

| “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. \| | (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. |
| (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. | | | | | | | “accounting standard” means —
| (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] |
| (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | [Deleted by Act 36 of 2022 wef 01/04/2023 ] | “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] | “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] | “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] | “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; | [Deleted by Act 36 of 2022 wef 01/04/2023 ] | “making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard; | “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] | “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. | | (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. | | | | | |
| “accounting standard” means —
| (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] |
| (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | | | | | | | | | | | | | | | | | | | | | |
| (a) | an accounting standard made or formulated by the Committee under Part 3; or [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | | | | | |
| (b) | an accounting standard for statutory bodies established by the Accountant-General under Part 4; | | | | | | | | | | | | | | | | | | | | | | | | | |
| [Deleted by Act 36 of 2022 wef 01/04/2023 ] | | | | | | | | | | | | | | | | | | | | | | | | | | |
| “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004; [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |
| “Chairperson” means the Chairperson of the Committee, and includes any temporary Chairperson of the Committee if so appointed; [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |
| “Committee” means the Accounting Standards Committee appointed under section 4(1); [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |
| “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; | | | | | | | | | | | | | | | | | | | | | | | | | | |
| [Deleted by Act 36 of 2022 wef 01/04/2023 ] | | | | | | | | | | | | | | | | | | | | | | | | | | |
| “making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard; | | | | | | | | | | | | | | | | | | | | | | | | | | |
| “member”, in relation to the Committee, means a member of the Committee and includes the Chairperson of the Committee; [Act 36 of 2022 wef 01/04/2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |
| “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. | | (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. | | | | | | | | | | | | | | | | | | | | |
| (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. | | | | | | | | | | | | | | | | | | | | | | | | | |