The Accounting and Corporate Regulatory Authority became effective from 1st April 2004 after the enactment of the Accounting and Corporate Regulatory Act. It happened as an outcome of the merger that took place between the then Registry of Companies and Businesses (RCB) and the Public Accountants Board (PAB). The aim of the authority is to promote a responsive and regulatory environment for companies. Specialized monitoring keeps a close watch on regulatory costs that are expected for the maintenance of a competitive corporate ambiance.
The formation of the Accounting and Corporate Regulatory Authority is a government's decision to get rid of big accounting scandals like Enron's in the United States. Accounting and Corporate Regulatory Authority came up with the mission of facilitating potential businessmen in Singapore.
The authority also monitors companies' accounting standards along with its secretariat and professional resource support to the council on Corporate Disclosure and Governance which in turn helps the council to set the accounting standards and corporate governance issues in Singapore.
ACRA's role can be summed up in the following points:
achieve a balance between monitoring of corporate compliance with their disclosures
regulation of public accountants
ACRA works with stakeholders like the Institute of Certified Public Accountants of Singapore. The authority is inviting professionals and academia from both the private and public sector to serve the committees and subcommittees of ACRA and to assist in chalking out new policies. A Policy and Planning Division has been set up to scan the recent regulatory issues and thereby updates ACRA regarding the present corporate scenario.
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