Ministry of Finance Accepts Recommendations Made by the Committee to Develop the Accountancy Sector

The Ministry of Finance has accepted all the broad recommendations made by the Committee to Develop the Accountancy Sector (CDAS), and the Government will be working together with the various stakeholder groups to implement the recommendations in phases.

In line with the recommendations, the Ministry of Finance is currently studying possible candidates to form the Pro-Tem Singapore Accountancy Council (SAC), which will be responsible for spearheading the implementation of the CDAS recommendations prior to the formal establishment of the SAC. The members of the Pro-Tem SAC are expected to be determined by July this year.  The Accounting and Corporate Regulatory Authority (ACRA) will also be reviewing the rules and regulations governing the ownership of public accountancy entities.

Established in December 2008, the CDAS was tasked to conduct a holistic review of the Singapore accountancy sector and profession, with the aim to position Singapore as a leading international centre for accountancy services and professionals.  The CDAS submitted its final recommendations to the Ministry of Finance on 12 April.

Please click here to access the CDAS Final Report.
Please click (47 KB) here to access the Minister for Finance&'s letter to the CDAS Chairman.