Accounting and Corporate Regulatory Authority

Accounting and Corporate Regulatory Authority
Agency overview
Formed1 April 2004; 20 years ago (2004-04-01)
Preceding agencies
  • Registry of Companies and Businesses
  • Public Accountants’ Board
JurisdictionGovernment of Singapore
Headquarters55 Newton Road, #03-02 Revenue House, Singapore 307987
Agency executives
  • Ong Chong Tee, Chairman[1]
  • Chia-Tern Huey Min, Chief Executive
Parent agencyMinistry of Finance
Websitewww.acra.gov.sg
Agency IDT08GB0001G

The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA is also responsible for developing the accountancy sector and setting the accounting standards for companies, charities co-operative societies, and societies in Singapore.

History

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ACRA was formed on 1 April 2004 by the Accounting and Corporate Regulatory Act, which resulted in the merger of the then Registry of Companies and Businesses (RCB), and the Public Accountants’ Board (PAB). The merger was to synergise the monitoring of companies’ compliance with disclosure requirements,[2] and the regulation of public accountants performing statutory audit.

Refreshed Bizfile portal (2024)

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On 9 December 2024, ACRA launched a revamped version of its Bizfile portal. The portal provides the public with access to various registry filing and business information services. According to ACRA, the key features of the revamped portal included "user-centric design and intuitive navigation features", "enhanced data integrity and governance", and "strengthened personal data protection".[3]

On 12 December 2024, journalist Bertha Henson raised concerns about the functionality on the revamped Bizfile portal which appeared to allow users to retrieve the National Registration Identity Card (NRIC) numbers of individuals by name.[4][5] Investigations by local news outlets determined that the NRIC numbers of many individuals, including well-known public figures, were accessible via this functionality without authentication or payment.

This raised concerns amongst the public because in 2019, the Personal Data Protection Commission of Singapore (PDPC) had issued guidelines highlighting that NRICs were sensitive in nature, and recommending that organisations avoid collecting, using, or disclosing NRIC numbers where possible.[6]

In an article published in July 2019, the PDPC had explained that "indiscriminate collection or negligent handling of NRIC numbers can increase the risk of unintended disclosure and may result in NRIC numbers being used for illegal activities such as identity theft or fraud".[7][8]

On 14 December 2024, the functionality allowing retrieval of NRIC numbers of individuals by name was disabled. ACRA explained that the functionality had been in line with a forthcoming broader government shift away from the use of masked NRIC numbers, and apologised for providing the functionality "before public education on the appropriate use of NRIC information could be done". The Ministry of Digital Development and Information also released a statement stating that there should "not be any sensitivity in having one's full NRIC number made public" since a NRIC number is a unique identifier and "is assumed to be known, just as our real names are known".[9]

Overview

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The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA's role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.

Management

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Date Name Remarks
1 April 2004 - 31 January 2013 Juthika Ramanathan [10][11]
1 February 2013 - 31 March 2017 Kenneth Yap [12]
1 April 2017 - 21 April 2024 Ong Khiaw Hong [13]
22 April 2024 - present Chia-Tern Huey Min [14]

See also

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References

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  1. ^ "Tan Ching Yee to chair Acra, among other board changes". 27 March 2018.
  2. ^ "Personal Tax Advice: Financial Advisory of Accountants". HQ Accountancy. Retrieved 2023-03-15.
  3. ^ "New Bizfile portal is now live". Default. 9 December 2024. Retrieved 2024-12-14.
  4. ^ Yuan, Yong Jun. "Ability to search for citizens' IC numbers on Acra's Bizfile raises privacy concerns". The Business Times. Archived from the original on 2024-12-14. Retrieved 2024-12-14.
  5. ^ "Concerns raised over ease of accessing NRIC numbers from Singapore Acra portal". The Star. 2024-12-13. Retrieved 2024-12-14.
  6. ^ Chua, Ilyda (13 December 2024). "S'poreans' NRIC numbers publicly listed on new ACRA website, no login or payment required". mothership.sg. Retrieved 2024-12-14.
  7. ^ "Gearing up for Sept 1 when NRIC guidelines kick in". DPO Connect. July 2019. Retrieved 2024-12-14.
  8. ^ Kwang, Kevin (31 August 2018). "Organisations have to stop unnecessary collection of NRIC details from September 2019". CNA. Retrieved 2024-12-14.
  9. ^ Lee, Li Ying (14 December 2024). "Acra disables search function for NRIC numbers on portal for now". The Straits Times. Archived from the original on 2024-12-14. Retrieved 2024-12-14.
  10. ^ "Supreme Court appoints Juthika Ramanathan as first CEO". The Straits Times. 23 January 2013. Archived from the original on 31 May 2023.
  11. ^ "New Chief Executive for Accounting and Corporate Regulatory Authority (ACRA) and Changes to ACRA Board". Ministry of Finance (Singapore). 3 January 2013. Retrieved 2024-12-22.
  12. ^ Williams, Ann (25 January 2017). "Ong Khiaw Hong named new Acra chief". The Straits Times. Archived from the original on 6 April 2023. Retrieved 22 December 2024.
  13. ^ Woon, Wallace (12 November 2024). "Acra chief to step down, retire from public service in 2024". The Straits Times. Archived from the original on 2024-03-25. Retrieved 2024-12-22.
  14. ^ Tay, Vivienne (2023-11-22). "Acra names new chief executive; Ong Khiaw Hong to retire from public service". The Business Times. Retrieved 2024-12-22.
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