{"id":2259,"date":"2023-05-02T17:40:09","date_gmt":"2023-05-02T09:40:09","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=2259"},"modified":"2023-05-03T15:42:38","modified_gmt":"2023-05-03T07:42:38","slug":"singapores-accountancy-related-functions-and-regulations-consolidated-under-acra","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/singapores-accountancy-related-functions-and-regulations-consolidated-under-acra\/","title":{"rendered":"Singapore\u2019s accountancy-related functions and regulations consolidated under ACRA"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2259\" class=\"elementor elementor-2259\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14ea1614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14ea1614\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-280712e8\" data-id=\"280712e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10583e9 elementor-widget elementor-widget-text-editor\" data-id=\"10583e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To strengthen the effectiveness of regulations, standards-setting and sector development in the accountancy functions of Singapore, the government consolidated the Accounting and Corporate Regulatory Authority (ACRA), the Singapore Accountancy Commission (SAC) and the Accounting Standards Council (ASC) secretariat under one entity. Consequently, the new entity retained the name ACRA, which is widely recognised as the government agency in charge of businesses and related compliance in Singapore.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44bd12e elementor-widget elementor-widget-text-editor\" data-id=\"44bd12e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Before the merger on 1 April 2023, business registrations, public accountants and corporate services providers were regulated by ACRA while SAC developed the accountancy sector and oversaw the Chartered Accountant of Singapore (CA (Singapore)) designation. In addition, the <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/the-basics-of-financial-statements-for-companies\/\">Financial Reporting Standard<\/a> (FRS) under the former ASC will now come under the purview of the Accounting Standards Committee within ACRA.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a570534 elementor-widget elementor-widget-text-editor\" data-id=\"a570534\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Singapore government moves quickly to adapt to changes in the business environment, such as the introduction of tax incentive schemes for family offices in recent times. With the merger of the accounting bodies, synergies across complementary functions are expected to enhance the government\u2019s control over the accounting sector, improving the process of implementation of new measures and raising the standards of accounting services in Singapore in tandem.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ebd553 elementor-widget elementor-widget-html\" data-id=\"5ebd553\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"text-center tab-contact-btn\"> <a class=\"default-btn red\" href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/contact-us\/\">Get In Touch<\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ede61d elementor-widget elementor-widget-spacer\" data-id=\"2ede61d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>To strengthen the effectiveness of regulations&#8230;<\/p>\n","protected":false},"author":10,"featured_media":2264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-updates-in-singapore","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=2259"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/2264"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=2259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=2259"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=2259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}