ACRA Accounting Standards (Singapore)"With the passing of the Accountancy Functions (Consolidation) Act 2022, the Accounting and Corporate Regulatory Authority (ACRA), the Council, and the Singapore Accountancy Commission merged under one entity (ACRA) with effect from 1 April 2023. The Act conferred the function of making or formulation of accounting standards for companies, charities, co-operative societies and societies on ACRA and reconstituted the Council as the Accounting Standards Committee (ASC) under ACRA, to continue performing the function of making or formulation of accounting standards in the same way as the Council had done. "