Singapore Financial Reporting Standards (FRS), prescribed by the Accounting Standards Council (ASC), are based closely on International Accounting Standards and International Financial Reporting Standards issued by the International Accounting Standards Board.

The Accounting and Corporate Regulatory Authority (ACRA) is a merger of the Registry of Companies and Businesses and the Public Accountants Board. ACRA is mandated to support ASC and advise the Government on corporate governance and disclosure matters.

The Bankruptcy Act and Companies Act cover bondholder rights. Provisions concerning the winding up, claims of creditors, priority of payments, and distribution of assets are stipulated under the Companies Act.

To collect debts from a corporate debtor, unsecured creditors may resort to legal action. An unsecured creditor may also apply to wind up the corporate debtor. There are two types of winding up: voluntary and compulsory. Detailed discussions on the winding-up processes can be found at the websites linked below.

The same rules apply both to local and foreign creditors. Claims of foreign creditors are recognized in the same context as the claims of domestic creditors.

The World Bank's Doing Business Survey assesses data on business closures. Results for Singapore can be found at the link below.

In 2002, following amendments to the Companies Act, the Ministry of Finance established a Council on Corporate Disclosure and Governance (CCDG). The CCDG is responsible for updating the Code of Corporate Governance, and strengthening the framework on disclosure practices and reporting standards.

Subsequently, with the passage of the Accounting Standards Act on August 2007, the Accounting Standards Council (ASC) took over the functions of prescribing accounting standards from the CCDG. The ASC is responsible for the formulation and promulgation of accounting standards. The Singapore Institute of Directors (SID) grew out of the 1997–98 Asian financial crisis to act as a forum for information relating to corporate governance and the professional development of responsible company directors.

The Accounting and Corporate Regulatory Authority (ACRA) works closely with SID and other professional organizations to maintain the standards of corporate governance in Singapore.

The statutory basis for governing private transactions in Singapore is the Civil Law Act governed by the Attorney General's Chambers.

The World Bank's Doing Business Survey assesses data on contract enforcement. Results for Singapore can be found by following the link provided below.

The Guideline on Fit and Proper Criteria—issued by MAS and pursuant to the Securities and Futures Act, Financial Advisers Act, and the Insurance Act—considers the following criteria in determining whether a market participant is fit and proper:

• honesty, integrity, and reputation;
• competence and capability; and
• financial soundness.

The guidelines assure MAS that each market participant is guided by relevant laws and regulations, and conducts business using ethical market practices.

SID, which is an association of company directors supported by SGX, prepared a Code of Professional Conduct to ensure ethical and professional conduct among members. Singapore Government Securities (SGS), which are managed by MAS, and the SGX also issue regulations on proper market practices . Links to these regulations are provided below.