Mar/Apr 2025 Issue of ACRAConnect

MAR / APR 2025

ACRA Elected as Board Member of IFIAR

ACRA has been elected Board Member of the International Forum of Independent Audit Regulators (IFIAR), and ACRA Chief Executive Mrs Chia-Tern Huey Min has been appointed as IFIAR’s Vice-Chair, with effect from April 2025.

As a founding member of IFIAR since 2006, membership in IFIAR has enabled us to be at the forefront of international audit regulation. IFIAR serves as a vital global platform that brings together international audit regulators to share best practices. Through IFIAR, we are able to deepen collaboration and strengthen ties with our international counterparts to enhance global audit quality.

ACRA looks forward to supporting IFIAR in shaping global developments in audit oversight.

Advancing Global Accounting Standards at IFASS

The International Forum of Accounting Standard Setters (IFASS) took place from 12 to 14 March at the University of Campania “Luigi Vanvitelli” in Naples, Italy. ACRA was represented by Sustainability Reporting Office’s Director Mr Rodney Huang and Deputy Technical Director Ms Gowri Palaniappan, and Financial Reporting & Standards Department’s Director Ms Tan Wee Khim and Deputy Technical Director Mr Guan Yat Hwa.

The forum covered the 2025 work plans of the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB), and specific accounting topics. On sustainability reporting, macro trends in the EU and the US set the stage for subsequent discussions, and various jurisdictions shared their commitment to continue to advance sustainability reporting. Delegates also explored topics on the use of AI and digital technologies in standard-setting and initiatives relating to intangible assets, biodiversity, and human capital.

These international meetings offer valuable global perspectives into evolving accounting sustainability disclosure standards and practices. Through active participation, ACRA continues to shape Singapore’s accountancy and sustainability reporting landscape.

ACRA Participates in CRF’s Beneficial Ownership Working Group Meeting

This March, ACRA participated in the Corporate Registers Forum (CRF)’s Beneficial Ownership (BO) Working Group Meeting in Malta, with Mr Hans Avinder, Divisional Director for Compliance, and Ms Phoon Pei Min, Senior Manager from the Compliance Policy and Analytics Department facilitating a workshop. The event, hosted by Ms Geraldine Spiteri Lucas and her team at the Malta Business Registry, brought together business registries and key stakeholders from the CRF to discuss developments in BO transparency.

In her opening remarks, ACRA’s Chief Executive Mrs Chia-Tern Huey Min, emphasised that effectively addressing new challenges is fundamental to maintaining accurate, adequate, and current BO information. This is crucial for fostering accountability and trust within business ecosystems.

The hybrid workshop explored critical aspects of establishing and populating a BO register and its associated challenges. Participants discussed how jurisdictions can enhance their frameworks beyond basic data collection to ensure data accuracy. The discussion also addressed solutions to strengthen industry awareness and the perceived complexity of BO filing, while exploring ways to strengthen cross-border information sharing between countries.

trustBar Wins Corporate Registers Forum (CRF) Innovation Award

ACRA is honoured to receive the CRF Innovation Award (Commendation) for trustBar, our digital verification service. trustBar provides instant verification of the information in Business Profiles and Business Certificates – crucial documents for business transactions and due diligence.

Through secure digital authentication, trustBar helps protect against fraud and document tampering, enabling businesses to make informed decisions based on verified information quickly and conveniently. This award endorses our dedication to fostering trust and innovation within Singapore’s business ecosystem.

About the Corporate Registers Forum (CRF). The CRF is an international association of corporate registries. The aim of the CRF is to provide members with the opportunity to review the latest developments in corporate business registers internationally and exchange experiences and information on the present and future operation of corporate business registration systems. ACRA, Singapore’s corporate registry, has been a member of the CRF since 2003.

ACRA’s Webinar Series on CSP Act Implementation

ACRA held two webinars in April to prepare Corporate Service Providers (CSPs) for the implementation of the CSP Act in June 2025. The legislative amendments serve to enhance the regulatory regime for the CSP sector and uphold Singapore’s reputation as a trusted place for business.

The webinars addressed key topics such as fit and proper considerations for nominee directors; protocols for conducting remote transactions; and implementing Customer Due Diligence (CDD) measures. These sessions provided CSPs with the necessary insights to help them prepare for and comply with the upcoming legislative changes.

Find out more about the Corporate Service Providers Act 2024 and Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024

ACRA Supports the SG60 SGSHARE Initiative to Uplift Lives

To celebrate SG60, ACRA is supporting the SGSHARE programme, Singapore’s national regular giving programme by Community Chest, which aims to rally individuals, employers and businesses to support communities in need.

Do join in and share! You may wish to either pledge $5 a month for a year or give a one-time donation here as an individual.

If you are a business owner, we encourage you to enrol your employees in the SGSHARE programme. You may approach Community Chest at ncss_comchest@ncss.gov.sg to find out more. 100% of proceeds will go towards supporting communities in need.

Join SGSHARE now

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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