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Accounting and Corporate Regulatory Authority
ACRAConnect newsletter

May/Jun 2023 Issue of ACRAConnect

Audience

Accountants

Accounting entities

Businesses

Corporate service providers (CSPs)

Public

3 July 2023

ACRAConnect banner illustrating connections to ACRA initiatives and developments.

MAY / JUN 2023

Appointment to the ACRA Board and Public Accountants Oversight Committee

Empty boardroom table symbolising appointments to the ACRA Board and oversight committee.

A warm welcome to Mr Kok Ping Soon to the ACRA Board, and Mr Winston Ngan to the Public Accountants Oversight Committee, from 1 June 2023.

Mr Kok is the Chief Executive Officer of the Singapore Business Federation (SBF), and Mr Ngan is an Independent Non-Executive Director of HSBC Singapore Limited.

Visit the ACRA website for more information on the ACRA Board and Public Accountants Oversight Committee

Facilitating the Conduct of Virtual or Hybrid Company Meeting

Group attending a virtual or hybrid company meeting using digital tools.

Companies, business trusts and variable capital companies will be provided with the option to conduct fully virtual or hybrid company meetings. This is part of the amendments contained in the Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Bill to promote a pro-business environment whilst ensuring that shareholders' rights are upheld. Other amendments include refinements to the framework for the compulsory acquisition of shares, to provide greater protection to minority shareholders. The amendments will take effect from 1 July 2023.

Read more here about the Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Act 2023

Commencement of quality control inspections and revised audit inspection framework

Desk with audit documents and charts, representing quality control inspections and audit framework.

With effect from 1 July 2023, ACRA will be commencing quality control inspections on Public Accounting Entities (PAEs) and will be able to impose sanctions on PAEs found to have lapses in their quality controls. Effective on the same date will be the introduction of a tiered assessment framework for its audit and quality control inspections to drive improvements in public accountants' and PAEs' compliance with professional standards.

Read the new requirements here

Get updated on the amendments to the Financial Reporting Standard

Person calculating figures, representing updates to financial reporting standards.

The Accounting Standards Committee has issued amendments to the Singapore Financial Reporting Standard (International) (SFRS(I)) 1-12 and Financial Reporting Standard (FRS) 12 on International Tax Reform—Pillar Two Model Rules. Under the revised standards, a temporary exception has been introduced to the accounting for deferred taxes arising from jurisdictions implementing the Pillar Two Model Rules, together with targeted disclosures to help investors better understand a company's exposure to Pillar Two income taxes.

Read more here about the accounting standards

Engaging our stakeholders at the Professional Bodies Dialogue 2023

Participants in discussion at the Professional Bodies Dialogue 2023.

ACRA's annual Professional Bodies (PB) Dialogue 2023 was held on 8 June 2023.

ACRA exchanged views with PBs on its upcoming legislative changes, initiatives to develop the accountancy sector, developments in sustainability reporting and assurance in Singapore and other compliance matters.

We look forward to continue working with our industry partners to foster a vibrant and trusted business environment in Singapore.

Filing Reminders

Illustration reminding companies to file annual returns with ACRA on time.
Table showing timelines for filing annual returns based on company financial year end.

Visit www.bizfile.gov.sg

https://go.gov.sg/acra-arfiling

Illustration reminding LLPs to file annual declarations with ACRA to avoid late fees.
Timeline infographic showing deadlines for filing annual declarations for LLPs.

Visit www.bizfile.gov.sg

https://go.gov.sg/acra-adlodgement

ACRA's e-Newsletter for professional stakeholders

This e-newsletter is intended for general information only and should not be treated as a substitute for specific professional advice for any particular situation. While we endeavour to ensure the contents are correct to the best of our knowledge and belief at the time of writing, we do not warrant their accuracy or completeness nor accept any responsibility for any loss or damage arising from any reliance on them.

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