Singapore Government

Recommendation 9

Strategic Thrust 3: Strong Accountancy Sector’s Infrastructure and Institutions.

To establish an Accountancy Sector Development Fund (ASDF). This fund should be used for the following objectives:

(a) To raise the productivity of and build value-adding capabilities for the sector; and

(b) To encourage regionalisation of Singapore-based public accountancy entities.

A S$10 million fund should be set up and raised over five years. The funding model should be one which is sustainable and requires co-contributions from all stakeholders that will benefit from the developmental initiatives for the accountancy sector. The ASDF should be established under the purview of the SAC.

The scope of application of the ASDF will focus on:

(a) Building scale and network through the regionalisation of Singapore-based public accountancy entities. Specifically, incentives should be given:

(i) For public accountancy entities to establish regional head-quarters in Singapore; and

(ii) For public accountancy entities with regional head-quarters in Singapore to establish offices overseas;

(b) Deepening the accountancy sector’s professional capabilities to enhance the public accountancy entities’ capability and productivity. Specifically, incentives should be given to encourage incremental investments in:

(i) Human capital development;

(ii) Building technical expertise; and

(iii) Integrating technology into work processes to enhance the sector’s efficiency and productivity;

(c) Promoting thought leadership activities through the anchoring of flagship accountancy centres of excellence and regional conferences in Singapore.

Read CDAS’ 8th recommendation.
Read CDAS’ 10th recommendation.
Download the complete CDAS final report.
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