Accountancy Functions (Consolidation) Bill

The Accountancy Functions (Consolidation) Bill aims to consolidate and amend various acts related to accountancy in Singapore. The key points of the bill include:

• The dissolution of the Singapore Accountancy Commission (SAC) and the transfer of its responsibilities to the Accounting and Corporate Regulatory Authority (ACRA).
• Amendments to the Accounting and Corporate Regulatory Authority Act, the Accountants Act, and the Accounting Standards Act, alongside the establishment of a new Accounting Standards Committee.
• Introduction of a framework for chartered accountants, including registration processes, designations, and associated regulations through designated entities.
• Consequential changes to various other legislation to ensure coherence with the redesigned regulatory framework for the accounting sector.
• Provisions for the transfer of assets, liabilities, and staff from the SAC to ACRA, along with transitional arrangements for ongoing matters related to the now-repealed SAC.