WWLegal.com :: ACRA Officially Launched on 12 May 2004

ACRA Officially Launched on 12 May 2004
Posted on Wednesday, May 12, 2004 - 07:00 PM

The Accounting & Corporate Regulatory Authority (ACRA) a new statutory board under the Ministry of Finance will be officially launched by 2nd Minister of Finance, Mr Lim Hng Kiang on 12 May 2004.

2. ACRA came into operation on 1st April 2004 with the merger of the former Registry of Companies & Businesses and the Public Accountant’s Board. The merger is part of the government’s effort to enhance the regulatory framework for monitoring and enforcing companies’ compliance with disclosure requirements and accounting standards.

3. ACRA’s mission is “to provide a responsive and forward looking regulatory environment for companies, business and public accountants, condusive to enterprise and growth in Singapore.” It will maintain a strong focus on issues concerning business, such as developing the corporate law framework, accounting, and corporate governance. It also will be the agency to register and regulate the public accountants.

4. ACRA is headed by a Chief Executive, Miss Juthika Ramanathan and is governed by a Board comprising of members from both the public and private sector. The present Board comprised of 14 members and is chaired by the Permanent Secretary, Ministry of Finance, Mr Lim Siong Guan. A list of Board members is found in Annex A.

5. For the purposes of ensuring professional standards of public accountants are maintained, the ACRA Board has appointed a committee known as the Public Accountants Oversight Committee whose role is to assist and advise the ACRA Board on matters relating to the registration and practice of accountancy.

6. Recent changes to Singapore’s corporate regulatory and governance framework means more effort is needed to monitor compliance with the law. The merging of the two entities will enable greater synergies in the oversight of businesses and enable greater responsiveness to the needs of the business community.

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