Singapore Government

Recommendation 3

Strategic Thrust 1: Leading Global Centre for Accountancy Talent, Education, Thought Leadership & Professional Development.

To set up an Accountancy Services Research Centre (ASRC). The ASRC’s objective is to promote high quality market relevant research to position the Singapore accountancy sector strongly for new and emerging opportunities in the professional services market. This is an integral part of the overall effort to promote and position Singapore as a leading global accountancy hub, and for attracting local and international talent from the academia and the professional practice industry.

 

Research and Developmental Focus

The ASRC’s research focus should be on developing applied research capabilities in accountancy-related professional accountancy services, and on issues relevant to Singapore and the Asia-Pacific marketplace. Research areas would include application issues arising from developments in international standards and regulatory reforms which have practical impact in the Asia-Pacific marketplace. This could include research areas pertaining to Basel II implementation, international regulation on audit quality, corporate and social responsibility reporting, and cutting edge technology for financial reporting which are implemented on a global scale. The ASRC should work closely with the Singapore Accounting Standards Council in the area of research and developmental activities relating to financial reporting standards.

 

Operating, Funding Model and Accountability Framework

The ASRC will proactively promote research and development by coordinating the research areas undertaken by local and international public accountancy entities, professional bodies and universities. An SAC Research and Practice Professorship Programme could be developed in conjunction with the universities to incentivise the researchers to co-develop market-relevant research and journals. The ASRC should also actively promote thought leadership research and developmental activities, including roundtables and discussion forums.

The ASRC should first be established under the purview of the SAC. An accountancy research and development (R&D) fund should be set up under an accountancy sector development fund. The funding model for the ASRC should include subsequent fund-raising from private and corporate sponsors for its research activities. A research panel should be appointed to evaluate and disburse research grants based on the merits of the research proposals.

Read CDAS’ 2nd recommendation.
Read CDAS’ 4th recommendation.
Download the complete CDAS final report.

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