top stories

• The strong partnership between ACCA and the Institute of Certified Public Accountants of Singapore (ICPAS) was reaffirmed again though the renewal of the ACCA/ICPAS Joint Examination Scheme agreements in September. The ACCA/ICPAS JES partnership started in 1983 and has continued to be a model of success for ACCA. The recent renewal will extend the partnership for another five years. To celebrate the occasion, ACCA Singapore invited Gill Ball, ACCA president, and Tan Boen Eng, president, ICPAS, to sign a commemorative plaque at the ACCA/ICPAS graduation ceremony in October.
• ACCA submitted comprehensive responses to three key (public) Consultation Documents issued by the Accounting and Corporate Regulatory Authority (ACRA): The Registration Framework for Public Accountants; 'Path to Becoming a Public Accountant'; Regulatory Strategy - Auditing and Corporate Reporting; and the Code of Professional Conduct and Ethics. ACCA's responses will be used by ACRA to fine tune the regulatory framework and the licensing of public accountants, and will have far reaching effects on the structure and culture of the accountancy profession in Singapore.
• ACCA organised a high-level technical forum in September to discuss the 'State of Financial Reporting in Singapore', in conjunction with the launch of a research study, Accounting Trends in Singapore - A Study of the Top 100 SGX-Listed Companies. It was attended by representatives from ACRA and the Singapore Institute of Directors, the deputy auditor general, ICPAS Council members, leading accountants from the Big Four accounting firms, senior ACCA members, and the media. It attracted wide media coverage in all the major dailies, the main business TV channel and radio. ACCA Singapore commissioned the research from the Corporate Governance Financial & Reporting Centre (CGFRC), a prestigious business unit of the National University of Singapore (NUS), which studied the financial reporting and disclosure practices of the top 100 Singapore-listed companies, as reflected in their annual reports and with reference to the requirements under the Singapore Financial Reporting Standards. The research found that while there was generally high compliance in form, the quality and substance of financial reporting was lacking to some extent. Attending the launch event were more than 40 senior professionals in public practice, the corporate sector, academia, banking and finance, the media, and Government bodies such as ACRA, the Auditor General’s Office, the Singapore Exchange (SGX) and the Ministry of Finance (MOF). ACCA also held an interactive panel discussion which was led by the Big Four firms, investor relations and academic experts. The event also garnered good media coverage in the local dailies, broadcast media and electronic media.
• ACCA Singapore launched a branding campaign on TV Channel 5 in May and November. The campaign highlighted ACCA’s unique position in the accounting profession and coincided with main recruitment periods. ACCA Singapore also undertook an MRT campaign from October to November. Innovative images from the new global 3-D campaign were used in the MRT trains to raise awareness of ACCA primarily among working professionals and students. The MRT is a frequently used mode of transport for the majority of Singaporeans. The branding campaign was planned as a strategic move to counter competitor activities by both ICPAS and CPA Australia. 
• In the area of corporate social responsibility (CSR) and sustainability, ACCA Singapore has taken a leadership position and works very closely with the Ministry of the Environment and Water Resources (MEWR), the National Environment Agency (NEA) and other key organisations.  In a change to the annual ACCA Singapore Environmental and Social Reporting Awards, ACCA Singapore collaborated with the Singapore Environment Council (SEC) to launch the Singapore Green Summit. This gala evening and prize-giving ceremony was seen as the 'Green Oscars', and aimed to inspire Singapore-based organisations to commit to the protection of the natural environment as well as to encourage them to be open and transparent. The event attracted over 400 high-profile corporate professionals and the guest of honour was Dr Yaacob Ibrahim, Minister for the Environment and Water Resources. The event was an opportunity for ACCA and SEC to showcase companies that have demonstrated their commitment to CSR, environmental best practices in business management and innovative green creations. The ACCA Singapore Environmental and Social Reporting Awards, the SEC Environmental Achievement Award, and the Senoko Green Innovation Awards were the three categories awarded.
• ACCA also worked with key strategic partners to host a conference on Business and Climate Change to address the business issues behind climate change and to celebrate the 2007 World Environment Day. The Senior Parliamentary Secretary in the Ministry of the Environment and Water Resources, Dr Amy Khor, was the guest of honour. Ho Geok Choo, Member of Parliament, also attended. A Climate Change Survey was launched in conjunction with the event, to assess corporate Singapore’s attitudes to issues of climate change and social reporting. The survey results, comprising responses from over 500 leading Singapore professionals, were released in October to significant media coverage. 
• ACCA has also worked with global banks such as HSBC to promote the sustainability agenda. ACCA Singapore has also been invited to speak on key issues relating to sustainability at high level events and conferences such as the Asia-Pacific Forum on Environment and Development (APFED) Policy Dialogue on CSR in March, and the Corporate Social Responsibility Conference in October. 
• The 2007 ACCA Singapore Annual Conference took place in July. This year’s theme, 'Thriving in a Complex and Regulated Environment', examined the increasingly regulated environment of finance professionals and explored the need for them to adapt their working styles to be more focused on steering a company through the complexities of this environment. The conference also showcased the results of the ACCA-CFO Asia Research Services survey, A Critical Connection: Making the Link between Regulation and Shareholder Value, which revealed that senior executives in China, Malaysia and Singapore have positive views on regulation, citing that it helped them create value for shareholders. Distinguished speakers at this year’s conference included guest of honour Devanesan Evanson FCCA, chief regulatory officer, Bursa Malaysia; ACCA CEO Allen Blewitt; Tony Osude, ACCA head of learning and development; Tom Leander, editor-in-chief, CFO Asia; Choo Eng Beng, partner, Assurance, PricewaterhouseCoopers; Ong Pang Thye, partner, Risk Advisory Services, KPMG; and Sum Yee Loong, partner, Tax, Deloitte & Touche. As part of the event, a panel discussion was held on 'Thriving in a Complex and Regulated Environment'. Tom Leander led the discussion which involved Allen Blewitt; Ow Fook Chuen, deputy chief executive (Operations and Policy), ACRA; Devanesan Evanson; and Kon Yin Tong, managing partner, Foo Kon Tan Grant Thornton. Interesting issues discussed by the panel included the shortage of seasoned talent in the industry and the retention of good and capable individuals. Overall, feedback was exceptionally positive. Over 400 delegates, mainly ACCA members, participated in the event. 
• ACCA Singapore was the official co-sponsor of the Singapore Polytechnic Accounting Race organised by the School of Business in May. The event was hosted by V Maheantharan, director of the School of Business. The head of ACCA Singapore was guest of honour and gave a welcome address. A total of 130 students from 42 secondary schools all over Singapore participated in the event. Hougang Secondary School won the first prize, with Riverside Secondary and Yuan Ching Secondary winning the second and third place. The value of the sponsorship was $1,200.
• ACCA Singapore was a supporting organisation for Global Entrepolis @ Singapore (GES), a three day event designed to  nurture and promote entrepreneurship; facilitate investments and business opportunities and cooperation; and provide a myriad of business networking, exhibition and conference platforms for a global audience. ACCA Singapore had a booth at the event which attracted over 10,000 business professionals from over 70 countries. 

Members’ achievements

• Deloitte Singapore CEO, Chaly Mah Chee Keong FCCA, has been appointed as the regional managing partner and CEO of Deloitte, Touche Tomatsu in Asia Pacific, and a member of Deloitte’s global executive. 

Back to top