The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities, public accountants, and corporate service providers in Singapore. ACRA promotes a trusted and vibrant environment for businesses to thrive and flourish, and contribute towards making Singapore the best place for business.
ACRA was formed as a statutory board on 1 April 2004 following the merger of the then Registry of Companies and Businesses, and the Public Accountants’ Board. ACRA is responsible for, inter alia, the following functions:
- To administer the Accounting and Corporate Regulatory Authority Act 2004, the Accountants Act 2004, the Business Names Registration Act 2014, the Companies Act 1967, the Limited Liability Partnerships Act 2005, the Limited Partnerships Act 2008, the Variable Capital Companies Act 2018, and the Corporate Service Providers Act 2024;
- To report and make recommendations to, and advise the Government on matters relating to (i) the registration and regulation of business entities, public accountants and corporate service providers; and (ii) the growth and development of the accountancy sector and its related fields in Singapore;
- To establish and administer a repository of documents and information relating to business entities, and public accountants; and to provide access to the public to such documents and information;
- To be responsible for making or formulating accounting standards applicable to companies, charities, co-operative societies and societies in Singapore.
- To oversee the strategic direction for, and promote, facilitate and assist in, the growth and development of the accountancy sector and its related fields in Singapore;
- To develop, provide for or administer, or facilitate or collaborate on the development, provision or administration of, programmes, qualifications, certifications, specialisations and continuing professional developments relating to the accountancy sector and its related fields in Singapore;
- To promote, develop, improve or maintain, or facilitate or collaborate on the promotion, development, improvement or maintenance of, competencies, expertise and professional standards in the accountancy sector and its related fields in Singapore;
- To develop or manage cooperation and exchange with other persons and organisations, including foreign and international orgnisations, in respect of matters relating to the accountancy sector and its related fields in Singapore;
- To represent the Government internationally in matters relating to the registration and regulation of business entities and public accountants; and
- To promote public awareness about new business structures, compliance requirements, corporate governance practice and any matters under ACRA’s purview.
On 1 April 2023, ACRA, the Singapore Accountancy Commission (SAC) and the Accounting Standards Council (ASC) merged as one entity, taking on the name, ACRA. The merger aimed to strengthen the effectiveness of regulation, standards-setting, and sector development by harnessing synergies across complementary accountancy-related functions.
Source:
www.acra.gov.sg