The Singapore Accountancy Commission (SAC) was 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 Primary and secondary legislation, empowered or deleg ...

under the

Ministry of Finance A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfoli ...

of the

Government of Singapore The government of Singapore is defined by the Constitution of Singapore, Constitution of the Republic of Singapore to consist of the President of Singapore, President and the Executive. Executive authority of Singapore is vested in the Presi ...

.New Stat Board to Raise Accountancy Standards (17 January 2013)
''The Straits Times'' Launched on 1 April 2013,New Accounting Qualification to Replace CPA (1 April 2013)
''The Straits Times'' the SAC works to advance Singapore’s

accounting Accounting, also known as accountancy, is the process of recording and processing information about economic entity, economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activit ...

sector and provides for the registration of Chartered Accountants of Singapore.Raising the Profile and Skills of Accountants Here (3 April 2013)
''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 The Parliament of Singapore is the unicameral legislature of the Republic of Singapore, which governs the country alongside the President of Singapore. Largely based upon the Westminster system, the Parliament is made up of Members of Parliame ...

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)
''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)
''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 boards of the Singapore Government, statutory board under the Ministry of Transport (Singapore), Ministry of Transport of the Government of Singapore. History Incorporation The Land Transport Au ...

, 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
''Singapore Accountancy Commission''MOF Announces Details of New Professional Accountancy Designation (2 April 2013)
''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 Singapore Exchange Limited (SGX Group) is a Singapore-based exchange conglomerate, operating Equity (finance), equity, fixed income, currency and commodity markets. It provides a range of listing, trading, clearing, settlement, depository and ...

.Singapore CFO Institute
''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