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Accounting and Corporate Regulatory Authority
Announcement

2026 ASC News

Audience

Accountants

Accounting entities

News Topic

Accounting standards and sector regulation

10 April 2026

News published by the ASC.

31 March 2026

Mr Cheung Pui Yuen, currently serving as Chairperson-Designate of the Accounting Standards Committee (ASC), will assume the role of Chairperson effective 1 April 2026. He will succeed Mr Quek See Tiat, who has held the position since November 2020.

During Mr Quek's tenure as Chairperson, the Accounting Standards Council was merged with the Accounting and Corporate Regulatory Authority (ACRA) on 1 April 2023, and reconstituted as the ASC under ACRA, to continue the standards-setting function. Mr Quek saw through this transition as Chairperson during this significant milestone, enabling the synergies between standards-setting and regulatory oversight functions, thereby strengthening both the effectiveness and coherence of Singapore's financial reporting framework. 

The transition represents continuity in the ASC's strategic direction whilst bringing fresh leadership to guide the ASC's ongoing initiatives in maintaining robust accounting standards.

The composition for the ASC with effect from 1 April 2026 is in Annex A [PDF, 103 KB].

ACRA would like to express our appreciation to Mr Quek for his invaluable leadership and contributions as the Chairperson of the ASC.

19 March 2026

The ASC has issued Amendments to SFRS(I) 1-21 Translation to a Hyperinflationary Presentation Currency and Amendments to FRS 21 Translation to a Hyperinflationary Presentation Currency, effective for annual reporting periods beginning on or after 1 January 2027.

20 February 2026

The ASC invites comments on Exposure Draft ED/2026/1 Amendments to the Fair Value Option for Investments in Associates and Joint Ventures—Proposed amendments to IAS 28 by 13 March 2026.

13 January 2026

2026 Volumes of SFRS(I)s and FRSs
The ASC has published the collections of SFRS(I)s and FRSs that are required to be applied for annual reporting period beginning on 1 January 2026. The collections include official pronouncements that have been issued by the ASC up to 31 December 2025, but do not include new/revised/amendments to SFRS(I)s and FRSs which are effective for annual reporting periods beginning after 1 January 2026.

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