The Disclosure and Accounting Standards Committee recommendations have been adopted on 18 October 2001 by Minister for Finance, Dr Richard Hu. The Committee has made a broad range of recommendations on company disclosure rules, financial reporting standards and ensuring the independence of auditors. This Update provides an overview of the Committee’s recommendations, which will effectively kick into operation in 2003.
1. Introduction
The Disclosure and Accounting Standards Committee (the ‘Committee’) was one of three committees set up in December 1999 by the Ministry of Finance, Monetary Authority of Singapore, and Attorney-General’s Chambers. The Committee’s task was to review and make recommendations on each of the following:
