Singapore Accountancy Commission Explained
| Agency Name: | Singapore Accountancy Commission |
| Headquarters: | 10 Anson Road, International Plaza #05-18, Singapore 079903 |
| Jurisdiction: | Government of Singapore |
| Chief1 Name: | Chaly Mah |
| Chief1 Position: | Chairman |
| Chief2 Name: | Evan Law |
| Chief2 Position: | Chief Executive |
| Parent Agency: | Ministry of Finance |
| Agency Id: | T12GB0001B |
The Singapore Accountancy Commission (SAC) was a statutory body under the Ministry of Finance of the Government of Singapore.[1] Launched on 1 April 2013,[2] the SAC works to advance Singapore’s accounting 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.[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] which were accepted by the Ministry of Finance.[9]
After the Final Report, the CDAS was dissolved and the Pro-Tem Singapore Accountancy Council (PSAC) was formed to implement the accepted recommendations.[10] [11]
Pro-Tem Singapore Accountancy Council (PSAC)
The Pro-Tem Singapore Accountancy Council was formed in September 2010.[11] 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.[10] In October 2011, Michael Lim, chairman, Land Transport Authority, took over as chairman from Mr Bobby Chin.[3] [12] [13]
Initiatives
Chartered Accountants of Singapore and the Singapore CA Qualification
The Singapore CA Qualification (formerly known as Singapore Qualification Programme or Singapore QP) is an educational qualification required to be a Charted Accountant.[2] [14] [15] [16] [3] [17]
Singapore CFO Institute
The Singapore CFO Institute was officially launched in September 2011 at the inaugural CFO Connect.[18] The Singapore CFO Institute is led by an advisory council currently chaired by Mr Chng Lay Chew, CFO, Singapore Exchange.[19] [20]
External links
Notes and References
- http://www.asiaone.com/News/AsiaOne%2BNews/Business/Story/A1Story20130115-395679.html New Stat Board to Raise Accountancy Standards (17 January 2013)
- http://www.straitstimes.com/breaking-news/money/story/new-accounting-qualification-replace-cpa-20130401 New Accounting Qualification to Replace CPA (1 April 2013)
- http://articles.stclassifieds.sg/business-advice/raising-the-profile-and-skills-of-accountants-here/a/112591 Raising the Profile and Skills of Accountants Here (3 April 2013)
- http://www.parliament.gov.sg/sites/default/files/Singapore%20Accountancy%20Commission%20Bill%2040-2012.pdf Singapore Accountancy Commission Bill
- http://app.mof.gov.sg/newsroom_details.aspx?type=speech&cmpar_year=2013&news_sid=20130115392564160338 Second Reading Speech by Mrs Josephine Teo, Minister of State for Finance and Transport on the Singapore Accountancy Commission Bill (14 January 2013)
- http://www.sac.gov.sg/content/sac/en/relevance/the-cdas-final-report--executive-summary/recommendation-10.html CDAS Final Report, Recommendation 10
- http://appiqs.acra.gov.sg/ops/data/news/405/MOF_ACRA_CDAS%20Members.pdf Positioning Singapore as the Leading International Centre in Asia for Accountancy Services and Professionals (1 December 2008)
- http://www.sac.gov.sg/content/sac/en/relevance/the-cdas-final-report--executive-summary.html The CDAS Final Report: Executive Summary
- http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2010&news_sid=20100507999108668450 Ministry of Finance Accepts Recommendations Made by the Committee to Develop the Accountancy Sector (7 May 2010)
- http://www.asiaone.com/News/The%2BBusiness%2BTimes/Story/A1Story20100716-227360.html Pro-Tem Council Set Up to Direct Overhaul of Accountancy Sector (16 July 2010)
- http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2010&news_sid=20100901749849256056 Pro-Tem Singapore Accountancy Council Established to Implement Recommendations of the Committee to Develop the Accountancy Sector (1 September 2010)
- http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2011&news_sid=20110919117006318246 Mr Michael Lim Choo San Appointed As Chairman of the Pro-Tem Singapore Accountancy Council (19 September 2011)
- https://archive.today/20130624234846/http://www.channelnewsasia.com/news/singapore/finance-minister-appoints/623364.html Finance Minister Appoints Chairman for Singapore Accountancy Commission (1 April 2013)
- http://www.sac.gov.sg/content/sac/en/advocacy/chartered-accountant-of-singapore.html Chartered Accountant of Singapore
- http://business.asiaone.com/investments-and-savings/mof-announces-details-new-professional-accountancy-designation MOF Announces Details of New Professional Accountancy Designation (2 April 2013)
- http://www.asiaone.com/print/News/AsiaOne%2BNews/Business/Story/A1Story20130402-413059.html Singapore Prepares for a 2-tier Accounting Profession (4 April 2013)
- http://www.singaporeqp.com/singapore-qp-framework Singapore QP Framework
- https://archive.today/20130418111534/http://cfoconnect.sg/events/cfo-connect Past Events
- http://www.sac.gov.sg/content/sac/en/advocacy/the-singapore-cfo-institute.html Singapore CFO Institute
- http://cfoconnect.sg/about-us About Us
