ACRA stands for Accounting and Corporate Regulatory Authority. It is the national regulator and facilitator of business entities, public accountants, and corporate service providers in Singapore. ACRA's primary role is to oversee the proper accounting and corporate governance practices and ensure compliance with the relevant laws and regulations.
The main responsibilities of ACRA include the registration and regulation of companies and businesses, enforcement of financial reporting standards, and the licensing and regulation of public accountants and corporate service providers. ACRA also acts as a repository of business and financial information.
As a regulatory body, ACRA plays a vital role in promoting transparency, integrity, and accountability in the corporate sector. It sets and enforces standards for financial reporting, ensuring that companies and businesses provide accurate and reliable information to stakeholders.
ACRA also supports the business community by facilitating efficient and streamlined processes for company registration, making it easier for individuals and enterprises to start their businesses in Singapore. Additionally, ACRA provides various services and resources, such as training, guidelines, and publications, to help businesses and professionals meet their legal obligations and enhance their knowledge and understanding of accounting and corporate governance best practices.
Overall, ACRA is an essential institution in Singapore that plays a crucial role in maintaining the trust and confidence of stakeholders in the corporate sector by ensuring compliance with accounting and regulatory standards and promoting transparency and good corporate governance.
