26 February 2021

ACRA has issued the revised Code of Professional Conduct and Ethics (the Revised ACRA Code) for public accountants and accounting entities to adopt the Final Pronouncements relating to the Restructured Code and Revisions to the Code pertaining to the Offering and Accepting of Inducements, issued by the International Ethics Standards Board for Accountants (or IESBA)1. The Revised ACRA Code is set out in the Accountants (Public Accountants) (Amendment) Rules 2021 and will take effect from 1 March 2021. 

The Restructured Code retains a principles-based approach and is a complete rewrite of the extant Code under a new structure and drafting convention that makes it easier to navigate and use. 

The Revised ACRA Code incorporates amendments made to the definition of a financial institution which is a public interest entity for purposes of the Code. The amendments:

a. clarify existing terms in the definition referring to “licensed” entities;

b. update existing terms in the definition to take into account revised regulatory regimes; and

c. include certain entities that are or will be regulated by Monetary Authority of Singapore.  

The Revised ACRA Code set out in the Accountants (Public Accountants) (Amendment) Rules 2021 can be accessed here (PDF, 627KB) 

1 The ACRA Code reproduces, with the permission of the International Federation of Accountants (IFAC), all or part of the Handbook of the International Code of Ethics for Professional Accountants, 2018 Edition  issued by the IESBA, and published by IFAC in July 2018.  Reproduction of such text is allowed within Singapore for non-commercial purposes only.  All other existing rights are reserved.  Further information can be obtained from the IFAC at or by writing to

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