Puneet Varma (Editor)

Singapore Accountancy Commission

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Formed
  
1 April 2013

Website
  
www.sac.gov.sg

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)

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. Launched on 1 April 2013, the SAC works for the advancement of Singapore accountancy’s sector and provides for the registration of Chartered Accountants of Singapore.

Contents

History

The SAC Bill 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. 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.

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. 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. The CDAS Final Report contained 10 recommendations. 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.

Recommendations include:

  • To develop a Singapore-branded post-university professional accountancy qualification programme;
  • To develop Singapore into a Centre of Excellence and to establish a CFO Institute;
  • To set up an Accountancy Services Research Centre (ASRC); and
  • To establish a Singapore Accountancy Council.
  • After the Final Report, the CDAS was dissolved and the Pro-Tem Singapore Accountancy Council (PSAC) was formed to implement the accepted recommendations.

    Pro-Tem Singapore Accountancy Council (PSAC)

    The Pro-Tem Singapore Accountancy Council was formed in September 2010. 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. In October 2011, Michael Lim, Chairman, Land Transport Authority, took over as Chairman from Mr Bobby Chin.

    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. 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.

    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. 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. The Singapore CFO Institute was officially launched on September 2011 at the inaugural CFO Connect. The Singapore CFO Institute is led by an Advisory Council currently chaired by Mr Chng Lay Chew, CFO, Singapore Exchange.

    References

    Singapore Accountancy Commission Wikipedia