Singapore Accountancy Commission

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.[1] Launched on 1 April 2013,[2] the SAC works for the advancement of Singapore accountancy's sector and provides for the registration of Chartered Accountant of Singapore.[3]

Singapore Accountancy Commission
Agency overview
Formed1 April 2013 (2013-04-01)
JurisdictionGovernment of Singapore
Headquarters10 Anson Road, #05-18 International Plaza, Singapore 079903
Agency executives
  • Chaly Mah, Chairman
  • Evan Law, Chief Executive
Parent agencyMinistry of Finance (Singapore)
Websitewww.sac.gov.sg

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]

References
  1. New Stat Board to Raise Accountancy Standards (17 January 2013) The Straits Times
  2. New Accounting Qualification to Replace CPA (1 April 2013) The Straits Times
  3. Raising the Profile and Skills of Accountants Here (3 April 2013) Archived 27 June 2013 at the Wayback Machine The Straits Times
  4. Singapore Accountancy Commission Bill Singapore Parliament - Bills Introduced
  5. Second Reading Speech by Mrs Josephine Teo, Minister of State for Finance and Transport on the Singapore Accountancy Commission Bill (14 January 2013) Archived 18 April 2013 at Archive.today Ministry of Finance - Newsroom
  6. CDAS Final Report, Recommendation 10 Archived 2013-04-18 at Archive.today Singapore Accountancy Commission
  7. Positioning Singapore as the Leading International Centre in Asia for Accountancy Services and Professionals (1 December 2008) Archived 2 March 2014 at the Wayback Machine ACRA
  8. The CDAS Final Report: Executive Summary Archived 2013-04-18 at Archive.today Singapore Accountancy Commission
  9. Ministry of Finance Accepts Recommendations Made by the Committee to Develop the Accountancy Sector (7 May 2010) Archived 18 April 2013 at Archive.today Ministry of Finance - Newsroom
  10. Pro-Tem Council Set Up to Direct Overhaul of Accountancy Sector (16 July 2010) The Business Times
  11. Pro-Tem Singapore Accountancy Council Established to Implement Recommendations of the Committee to Develop the Accountancy Sector (1 September 2010) Archived 4 September 2010 at the Wayback Machine Ministry of Finance - Newsroom
  12. Mr Michael Lim Choo San Appointed As Chairman of the Pro-Tem Singapore Accountancy Council (19 September 2011) Archived 19 November 2011 at the Wayback Machine Ministry of Finance - Newsroom
  13. Finance Minister Appoints Chairman for Singapore Accountancy Commission (1 April 2013) Channel NewsAsia
  14. Chartered Accountant of Singapore Archived 2013-04-19 at Archive.today Singapore Accountancy Commission
  15. MOF Announces Details of New Professional Accountancy Designation (2 April 2013) Archived 29 October 2013 at the Wayback Machine AsiaOne
  16. Singapore Prepares for a 2-tier Accounting Profession (4 April 2013) The Business Times
  17. Singapore QP Framework Archived 2013-03-09 at the Wayback Machine Singapore Qualification Programme
  18. Past Events CFO Connect
  19. Singapore CFO Institute Archived 2013-04-19 at Archive.today Singapore Accountancy Commission
  20. About Us Archived 2013-06-08 at the Wayback Machine CFO Connect
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