Singapore Accountancy Commission

Singapore Accountancy Commission
Agency overview
Formed 1 April 2013
Jurisdiction Government of Singapore
Headquarters 10 Anson Road, #05-18 International Plaza, Singapore 079903
Agency executives
  • Chaly Mah, Chairman
  • Evan Law, Chief Executive
Parent agency Ministry of Finance (Singapore)
Website www.sac.gov.sg

The Singapore Accountancy Commission (Abbreviation: SAC; Chinese: 新加坡会计发展局; Malay: Suruhanjaya Perakaunan Singapura) is a statutory body under the Ministry of Finance of the Singapore Government.[1] Launched on 1 April 2013,[2] the SAC works for the advancement of Singapore accountancy’s sector and provides for the registration of Chartered Accountants of Singapore.[3]

History

The SAC Bill[4] was read the first time on 15 November 2012 and subsequently passed during the second and third reading by the Singapore Parliament on 14 January 2013.[1][5] The formation of the SAC is one of the recommendations made in the Final Report by the Committee to Develop the Accountancy Sector (CDAS) in 2010.[6]

Committee to Develop the Accountancy Sector (CDAS)

The CDAS was formed by the Ministry of Finance in December 2008 to undertake a review of the Singapore accountancy sector and profession, with the aim to position Singapore as a leading international centre for accountancy services and professionals.[7] The CDAS, chaired by Bobby Chin, Chairman of the Singapore Totalisator Board and formerly managing partner of KPMG LLP Singapore, comprised members of the accounting profession, the business community, academia and the public sector.[7] The CDAS Final Report contained 10 recommendations.[8] The report set out the focus areas to raise sector-wide professional capabilities and to strengthen the international outlook for the sector. The recommendations were accepted by the Ministry of Finance.[9]

Recommendations include:

After the Final Report, the CDAS was dissolved and the Pro-Tem Singapore Accountancy Council (PSAC) was formed to implement the accepted recommendations.[14][15]

Pro-Tem Singapore Accountancy Council (PSAC)

The Pro-Tem Singapore Accountancy Council was formed in September 2010.[15] Bobby Chin was the first Chairman of the PSAC. Under his leadership, the PSAC laid the groundwork which led to the development of the Singapore Qualification Programme (QP) and the Singapore CFO Institute.[14] In October 2011, Michael Lim, Chairman, Land Transport Authority, took over as Chairman from Mr Bobby Chin.[3][16][17]

Initiatives

Chartered Accountants of Singapore and the Singapore Qualification Programme (QP)

The Singapore QP provides a pathway for qualification and recognition of individuals from all disciplines who aspire to be Chartered Accountants of Singapore.[2][18][19][20] A Chartered Accountant of Singapore would have completed the Singapore QP, a professional development programme that equips a Chartered Accountant of Singapore with a blend of structured learning and emphasis on practical application, giving them the skills-set and technical knowledge to contribute positively and add value to the organisations they are working in.[2][3][19][20][21]

Singapore CFO Institute

The Singapore CFO Institute aims to be a globally recognised institute that is focused on the professional development, relevance and excellence of CFOs and CFO aspirants.[22] Its guiding philosophy is to be “An Institute for practitioners, by practitioners”. Its goal is to be relevant, engaged and influential by facilitating, collaborating and leading initiatives in the areas of thought leadership, professional development, stakeholder engagement, and networking. The Institute aims to be the leading institute in defining and propagating a clear understanding of the unique, expanding and ever changing role of the CFO in the stewardship and high performance of corporate enterprises.[22] The Singapore CFO Institute was officially launched on September 2011 at the inaugural CFO Connect.[23] The Singapore CFO Institute is led by an Advisory Council currently chaired by Mr Chng Lay Chew, CFO, Singapore Exchange.[22][24]

References

  1. 1 2 New Stat Board to Raise Accountancy Standards (17 January 2013) The Straits Times
  2. 1 2 3 New Accounting Qualification to Replace CPA (1 April 2013) The Straits Times
  3. 1 2 3 Raising the Profile and Skills of Accountants Here (3 April 2013) The Straits Times
  4. ↑ Singapore Accountancy Commission Bill Singapore Parliament - Bills Introduced
  5. ↑ Second Reading Speech by Mrs Josephine Teo, Minister of State for Finance and Transport on the Singapore Accountancy Commission Bill (14 January 2013) Ministry of Finance - Newsroom
  6. ↑ CDAS Final Report, Recommendation 10 Singapore Accountancy Commission
  7. 1 2 Positioning Singapore as the Leading International Centre in Asia for Accountancy Services and Professionals (1 December 2008) ACRA
  8. ↑ The CDAS Final Report: Executive Summary Singapore Accountancy Commission
  9. ↑ Ministry of Finance Accepts Recommendations Made by the Committee to Develop the Accountancy Sector (7 May 2010) Ministry of Finance - Newsroom
  10. ↑ The CDAS Final Report: Recommendation 1 Singapore Accountancy Commission
  11. ↑ The CDAS Final Report: Recommendation 2 Singapore Accountancy Commission
  12. ↑ The CDAS Final Report: Recommendation 3 Singapore Accountancy Commission
  13. ↑ The CDAS Final Report: Recommendation 10 Singapore Accountancy Commission
  14. 1 2 Pro-Tem Council Set Up to Direct Overhaul of Accountancy Sector (16 July 2010) The Business Times
  15. 1 2 Pro-Tem Singapore Accountancy Council Established to Implement Recommendations of the Committee to Develop the Accountancy Sector (1 September 2010) Ministry of Finance - Newsroom
  16. ↑ Mr Michael Lim Choo San Appointed As Chairman of the Pro-Tem Singapore Accountancy Council (19 September 2011) Ministry of Finance - Newsroom
  17. ↑ Finance Minister Appoints Chairman for Singapore Accountancy Commission (1 April 2013) Channel NewsAsia
  18. ↑ Chartered Accountant of Singapore Singapore Accountancy Commission
  19. 1 2 MOF Announces Details of New Professional Accountancy Designation (2 April 2013) AsiaOne
  20. 1 2 Singapore Prepares for a 2-tier Accounting Profession (4 April 2013) The Business Times
  21. ↑ Singapore QP Framework Singapore Qualification Programme
  22. 1 2 3 Singapore CFO Institute Singapore Accountancy Commission
  23. ↑ Past Events CFO Connect
  24. ↑ About Us CFO Connect
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