The ASC is the official accounting standard-setting body in Singapore. The
Accounting Standards Act was passed in Parliament on 27 August 2007 and
went into effect on 1 November 2007. With the enactment of the Accounting
Standards Act, the ASC took over the task of prescribing accounting standards
from the Council on Corporate Disclosure and Governance (CCDG). In addition
to prescribing accounting standards for companies, the ASC also prescribes
accounting standards for charities, co-operative societies, and societies.