The Singapore Accountancy Commission (SAC) is a
statutory body
A statutory body or statutory authority is a body set up by law (statute) that is authorised to implement certain legislation on behalf of the relevant country or state, sometimes by being empowered or delegated to set rules (for example reg ...
under the
Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance.
Lists of current ministries of finance
Named "Ministry"
* Ministry of Finance (Afghanistan)
* Ministry of Finance and Eco ...
of the
Government of Singapore
The Government of Singapore is defined by the Constitution of Singapore to mean the executive branch of the state, which is made up of the president and the Cabinet. Although the president acts in their personal discretion in the exercise ...
.
[New Stat Board to Raise Accountancy Standards (17 January 2013)](_blank)
''The Straits Times'' Launched on 1 April 2013,
[New Accounting Qualification to Replace CPA (1 April 2013)](_blank)
''The Straits Times'' the SAC works for the advancement of Singapore
accountancy's sector and provides for the registration of
Chartered Accountant of Singapore
Chartered Accountant of Singapore is a professional accountancy, accounting qualification in Singapore. Candidates who successfully complete the ''Singapore Qualification Programme'' in Accounting are eligible to register as Chartered Accountants ...
.
[Raising the Profile and Skills of Accountants Here (3 April 2013)](_blank)
''The Straits Times''
History
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.
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.
[Positioning Singapore as the Leading International Centre in Asia for Accountancy Services and Professionals (1 December 2008)](_blank)
''ACRA'' 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, which were accepted by the Ministry of Finance.
After the Final Report, the CDAS was dissolved and the Pro-Tem Singapore Accountancy Council (PSAC) was formed to implement the accepted recommendations.
''The Business Times''[Pro-Tem Singapore Accountancy Council Established to Implement Recommendations of the Committee to Develop the Accountancy Sector (1 September 2010)](_blank)
''Ministry of Finance - Newsroom''
Pro-Tem Singapore Accountancy Council (PSAC)
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
The Land Transport Authority (LTA) is a statutory board under the Ministry of Transport of the Government of Singapore.
History Incorporation of Land Transport Authority
Land Transport Authority (LTA) was established on 1 September 1995, f ...
, took over as Chairman from Mr Bobby Chin.
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.
[Chartered Accountant of Singapore](_blank)
''Singapore Accountancy Commission''[MOF Announces Details of New Professional Accountancy Designation (2 April 2013)](_blank)
''AsiaOne''
''The Business Times''
Singapore CFO Institute
The Singapore CFO Institute was officially launched in September 2011 at the inaugural CFO Connect. The Singapore CFO Institute is led by an Advisory Council currently chaired by Mr Chng Lay Chew, CFO,
Singapore Exchange
The Singapore Exchange Limited (SGX) is a Singaporean investment holding company that provides different services related to securities and derivatives trading and others. SGX is also a member of the World Federation of Exchanges and the Asian ...
.
[Singapore CFO Institute](_blank)
''Singapore Accountancy Commission''About Us
''CFO Connect''
References
External links
Singapore Accountancy Commission
Singapore Qualification Programme
Singapore CFO Institute
Asia Centre of Excellence for Internal Audit
Bean There Count That
Ministry of Finance
Singapore Government
{{authority control
2013 establishments in Singapore
Government agencies established in 2013
Organisations of the Singapore Government
Statutory boards of the Singapore Government
Regulation in Singapore