Minister of State for Finance, Mdm Lim Hwee Hua said that Accounting Standards Board (ASB) will replace the Council on Corporate Disclosure and Governance (CCDG).
Effective Sept 1, 2007.
It will comprise key regulators, senior accounting professionals, and leading users of financial information.
Why the change?
Except for expanded responsibilities of issuing standards to cover entities such as charities, societies and co-operatives, I wonder why the need to change the name when essentially almost everything else remains unchanged.
Probably the name change is just that ie. to signify the addition of responsibilities.