Five years after the idea was mooted, Singapore has finally created a statutory body under the Ministry of Finance to oversee the strategic direction for, and promote and facilitate the growth and development of the Singapore accountancy profession.
The Singapore Accountancy Commission (SAC) will be established on 1 April 2013. It will be headed by Michael Lim as Chairman and Uantchern Loh as Chief Executive. The SAC will have 14 board members to be drawn from various sectors, including professional accountancy bodies, academe and other stakeholders.
According to the Singapore Accountancy Commission Bill that was approved last November, the SAC’s mission is “to establish a framework for the growth and development of the accountancy sector and its related fields in Singapore, to provide for the registration of chartered accountants in Singapore, and for matters connected therewith.”
Many organisations such as the Singapore CFO Institute have been formed as part of this grand vision. The Singapore Qualification Programme
will also be launched in June this year. It will confer the Chartered Accountant of Singapore designation to successful candidates.
The programme will be open to those with accountancy and non-accountancy degrees, and will “take into account the diverse socio-economic and regulatory profiles of the countries in the region” to ensure that the qualification incorporates the professional accountancy requirements of the region.