MILLENNIUM BUG

Dr Toh See Kiat asked the Minister for Finance whether laws or directives which make it mandatory for companies to disclose any substantial exposure to expenditure, loss or litigation arising from the deficiency in their information systems referred to as the Millennium Bug, are being contemplated.

Dr Richard Hu Tsu Tau: The treatment and disclosure of expenditure, losses, expenses etc incurred, whether as a result of the Millennium Bug or any other IT related problem, is strictly an accounting issue for the company's accountant and auditor to handle. If the loss is deemed significant, it will be highlighted in the company's accounts, which are publicly released. It is not necessary to legislate for a one-off event or for specific types of expenditure or losses.