Singapore Government

Key Trends

What are the key trends that are shaping accountancy in Singapore? Here’s a snapshot of some of the major developments that are redefining the practice of accountancy, as well as the potential opportunities and challenges on the horizon.

The Rise of Asia

With Asian economies continuing to experience solid growth, the potential for new opportunities for Singapore-based accountancy firms will grow. The fact that many MNCs have global or regional functions based in Singapore also offers fresh opportunities for the provision of professional accountancy services.

Broadening Our Talent Pool

Singapore’s tertiary academic system produces 1,000 accountancy graduates every year, 60 percent of whom join one of the Big Four firms while the rest join finance institutions and other corporations. As a career path, accountants are also among the most highly paid of professionals. However, attrition rates across the profession remain fairly high and there is a need to broaden the talent pool and enhance career prospects.

Learn about the Singapore CA Qualification.

Higher Standards for Professional Development

Accountancy professionals in Singapore have a range of certification programmes to choose from. Among the professional bodies that offer programmes are ISCA (with more than 28,000 members), CPA Australia (7,000 members) and ACCA Singapore (with 10,000 members). However, as the final report of the Committee to Develop the Accountancy Sector (CDAS) noted, there is an urgent need for Singapore to develop its very own post-university professional qualification accountancy programme, one that will have global recognition and international portability.

Learn about the CDAS final report.
Learn about the Singapore CA Qualification.
Learn about the Asia Centre of Excellence for Internal Audit.
Learn about the Business Valuation Institute.

A Leaner, More Productive Industry

Singapore has over 630 public accounting entities, close to 90% of which have five or less partners. As such, there is great potential for consolidation in order to meet the ever more complex business requirements of companies. 

Learn about the CDAS final report.
Learn about our stakeholders and partners.

Research and Thought Leadership

Given the fast-changing business environment, there is also a need for new research and knowledge about leading-edge accountancy practices.

Learn about the CDAS final report.
Learn about the Singapore CFO Institute.

Accountancy Sector Survey 2013

The SAC Accountancy Sector Survey 2013 is a ground-breaking national project to help stakeholders understand the demographics of the Accountancy Sector in Singapore. It details the demographics and challenges of professional accountants in both public and private practice, as well as the demographics and aspirations of students who were pursuing accountancy and accountancy-related courses. The survey also reports the productivity challenges that the Accountancy Sector faces on the individual and departmental levels. This survey is conducted by the Singapore Accountancy Commission (SAC) and administered by the Association of Chartered Certified Accountants (ACCA) and the Institute of Singapore Chartered Accountants (ISCA).

Read more about the Accountancy Sector Survey 2013

IVAS-IVSC Business Valuation Conference 2017

 

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