Singapore Accountancy Commission
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| Agency overview | |
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| Formed | 1 April 2013 |
| Jurisdiction | Government of Singapore |
| Headquarters | 10 Anson Road, #05-18 International Plaza, Singapore 079903 |
| Agency executives |
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| Parent agency | Ministry of Finance (Singapore) |
| Website | www |
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. Launched on 1 April 2013, the SAC works for the advancement of Singapore accountancy’s sector and provides for the registration of Chartered Accountants of Singapore.
The SAC Bill 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. 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.
The CDAS was formed by the Ministry of Finance in December 2008 to undertake a 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, 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. The CDAS Final Report contained 10 recommendations. The report set out the focus areas to raise sector-wide professional capabilities and to strengthen the international outlook for the sector. The recommendations were accepted by the Ministry of Finance.
Recommendations include:
After the Final Report, the CDAS was dissolved and the Pro-Tem Singapore Accountancy Council (PSAC) was formed to implement the accepted recommendations.
The Pro-Tem Singapore Accountancy Council was formed in September 2010. 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. In October 2011, Michael Lim, Chairman, Land Transport Authority, took over as Chairman from Mr Bobby Chin.
The Singapore CA Qualification (formerly known as Singapore Qualification Programme or Singapore QP) provides a pathway for qualification and recognition of individuals from all disciplines who aspire to be Chartered Accountants of Singapore. A Chartered Accountant of Singapore would have completed the Singapore CA Qualification, a professional development programme that equips a Chartered Accountant of Singapore with a blend of structured learning and emphasis on practical application, giving them the skills-set and technical knowledge to contribute positively and add value to the organisations they are working in.
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