Joint Media Release by MOF and ACRA - CDAS issues Public Consultation Document on Transforming Singapore into a Leading Global Accountancy Hub

Singapore, 18 November 2009 - The Committee to Develop the Accountancy Sector (CDAS) has issued its report for public consultation today. The public consultation report seeks to gather feedback from the public and interested parties on the development of the following three main areas of Singapore’s accountancy sector:

(a) Becoming a leading centre for accountancy talent, education, thought leadership and professional development;

(b) Becoming a leading centre for high value-adding professional accountancy services; and

(c) Strengthening the Singapore accountancy sector’s infrastructure and institutions.

2. The CDAS public consultation report sets out the key focus areas to promote Singapore’s long-term competitiveness and international profile as an accountancy hub. This includes:

• Developing a post-graduate practice-based professional accountancy qualification that gives accountants international recognition and global portability;

• Developing structured professional development pathways in specific competencies and niche areas that Singapore's accountancy firms can export regionally and internationally;

• Propelling Singapore's public accountancy entities into the regional market by developing a stronger international outlook and building a critical mass of talent and services;

• Raising sector-wide professional capabilities to enhance the range of high value-adding professional accountancy services that support and sharpen Singapore's competitiveness as an international business and financial hub; and

• Strengthening the accountancy sector's infrastructure and institutions to better harness synergies from the sector's various stakeholders.

3. The CDAS was formed by the Ministry of Finance in December 2008 to undertake a fundamental review of the Singapore accountancy sector.  The CDAS, which is chaired by Mr. Bobby Chin, Chairman of the Singapore Totalisator Board and formerly managing partner of KPMG LLP Singapore, comprises leading members of the accounting profession, the business community, academia and the public sector.  In arriving at its preliminary recommendations, the CDAS conducted more than 70 meetings and focus group sessions with a wide range of stakeholders, such as accountancy students, national and international accountancy bodies, the business community, the chief financial officer (CFO) community and regulators.

Transforming Singapore into a Leading Global Accountancy Hub

4. The CDAS believes that Singapore has tremendous potential to become a leading global accountancy hub. Its vision is for Singapore to have a vibrant accountancy sector with diverse talent, which provides thought leadership, globally recognised professional education and development, as well as high value-added services in Singapore and internationally.

5. A list of the CDAS' recommendations as well as its membership composition is appended in Appendix A (135 KB) and B respectively.

6. Said CDAS Chairman, Mr. Bobby Chin, “The accountancy sector is an invaluable part of the Singapore business services sector and includes some of Singapore’s most highly skilled professionals.  The sustainable growth and development of the sector is fundamental to Singapore’s position as an international financial and business hub. The CDAS’ recommendations aim to promote the sector’s long-term competitiveness and to develop a larger footprint in the Asia-Pacific region.  We welcome all stakeholders who have an interest in the shaping of the accountancy sector’s future to put forth their views.”

7. The CDAS public consultation report can be accessed from ACRA’s website at http://www.acra.gov.sg/Publications/Public+Consultation+Papers.htm

8. Interested parties are invited to respond to the consultation document by 31 December 2009. Comments should preferably be submitted by e-mail to the following address: acra_cdas@acra.gov.sg