July 27, 2021

Singapore’s 3 Accounting Statutory Boards to Merge

Qinthara Fasya | 8 July 2021

Photo from Asia Law Network

The Ministry of Finance (MOF) will merge the accountancy-related units in the Accounting and Corporate Regulatory Authority (ACRA), the Singapore Accountancy Commission (SAC) and the Accounting Standards Council (ASC) secretariat into a strengthened accountancy function under one entity (henceforth referred to as “Merged Entity”). The ASC will remain as a Council appointed by the Minister for Finance.

The Government’s accountancy-related functions are currently housed in the following three entities: ACRA registers and regulates public accountants, business entities, and corporate service providers; SAC develops the accountancy sector and oversees the Chartered Accountant of Singapore (CA(Singapore)) designation, as well as its qualification program – the Singapore Chartered Accountant Qualification (SCAQ) program; ASC sets accounting standards for companies, charities, societies, and co-operative societies.

This merger will strengthen the effectiveness of regulation, standards-setting, and sector development by harnessing synergies across complementary functions. This will strengthen the Merged Entity’s ability to better develop and manage talent in a sustained manner, as well as provide better career development opportunities to officers. 

The Merged Entity will be formed and will commence operations by the second half of 2022. The Merged Entity will retain the name Accounting and Corporate Regulatory Authority (ACRA), which encompasses the enlarged functions of the Merged Entity, and is well-recognized by accountancy and business stakeholders. Mr. Ong Khiaw Hong, Chief Executive of ACRA, will oversee the Merged Entity.