The Institute of Certified Public Accountants of Singapore (ICPAS), the national accountancy body, has established a Members’ Development Fund (MDF) to encourage accountants to strengthen their core expertise and develop areas of specialisation. This is in line with the strategic thrust outlined by the Government in the recent 2012 Budget to boost productivity by investing significantly in Continuing Education and Training (CET) to help Singapore’s workforce develop deeper skills and expertise.
With an initial seed funding of $500,000, the fund supports talent development for the profession as Singapore works towards transforming into a leading global accountancy hub for Asia-Pacific by 2020. The MDF will help members defray their training costs and offer assistance to accounting professionals seeking to strengthen and expand their competencies, especially in the current climate of economic uncertainty.
ICPAS Members will be granted $500 worth of training credits to attend Continuing Professional Education (CPE) courses conducted by the Institute. They will be eligible to redeem their training credits against the course fees for CPE programmes, such as ethics, assurance and financial reporting. The training credits are valid for a calendar year. ICPAS will also review the fund regularly to ensure that it remains adequate in supporting its members’ aspirations for skills enhancement.
“The profession is ever-evolving to meet the demands of the marketplace, especially in these times when financial regulatory requirements are growing in complexity. It is imperative for accounting professionals to keep up to date on the latest developments in the profession and acquire the relevant skill sets. With the MDF, ICPAS aims to support the sector’s talent development by encouraging accounting professionals to acquire new skills and competencies. A skilled talent pool is crucial for the accountancy sector’s development and supports Singapore’s position as a global financial centre and business hub.” said ICPAS President Dr Ernest Kan.
Members can refer to the Institute’s website to find out more about the progarmme and conditions for utilising the credit. They can also refer to their “My CPE” accounts to track the usage of their training credits. Alternatively, they can call 6532 5312 or email cpe@icpas.org.sg to find out more about the programme.
Labels: 2012, career, Continuing Professional Education, Ernest Kan
The new E-Journal will provide greater portability, enabling you to access your favourite, cutting-edge accounting and finance articles anywhere, anytime. What’s more, the digital version will help you save the environment while boosting your connectivity to the latest developments in the profession.
With the soft-launch of the E-Journal, we would like to hear your feedback on its usability and content as we work towards enhancing your reading enjoyment.
To preview the E-Journal, please click here.
The national accountancy body, the Institute of Certified Public Accountants of Singapore (ICPAS), has launched an advertising campaign to reinforce the message that the CPA Singapore designation is the designation of choice for accountancy and business professionals as well as a differentiating factor for businesses and hiring managers when recruiting employees.
In ICPAS’ latest brand campaign, the key message “CPA Singapore: Catalyst for Success” communicates to professionals the key benefits which possessing the prestigious professional designation have on their career success. “CPA Singapore: Trusted Asset for Business Success” is targeted at businesses and hiring managers, demonstrating how CPAs Singapore are a vital asset in their business team. The campaign will be activated through a targeted mix of outdoor, print, online and social media.
In tandem with the Government’s 10-year blueprint to transform Singapore into a global accountancy hub by 2020, demand for qualified accounting professionals with the right credentials is expected to grow significantly and people are encouraged to advance their careers by tapping on the opportunities.
Labels: 2011, branding, icpas
ICPAS recently held a contest to engage the accounting sector and expand the CPA Singapore Facebook community. The winner, Ms Elaine Lai, shares her thoughts on winning and her journey to becoming a CPA Singapore.
I was very happy when I saw that I was the winner. I couldn’t believe it at first and I must thank you, Institute of Certified Public Accountants of Singapore, for the contest.
I came across this contest when I searching for information on how to become a CPA Singapore and I saw the Facebook page.
Initially, I clicked “like” on the Facebook page not for the prize but for two reasons.
Firstly, by clicking “like”, I will be able to receive updated information from the CPA Singapore Facebook page.
The other reason is to help CPA Singapore hit their target of “3000 likes” as soon as possible.
I am currently an ACCA student and to be frank with everyone, I am struggling to complete all my subjects.
It is not easy as the requirements are getting increasingly difficult. However, I am holding on to the mindset of “never ever give up”.
I believe that becoming a CPA Singapore and ICPAS member will help me climb the corporate ladder.
I am always looking for ways to be successful in my career and CPA Singapore is definitely one way for me to achieve my goals in life.
To help business owners and preparers of financial statements understand the financial, accounting and operational implications of adopting a new, streamlined and simplified reporting standard for small and medium enterprises (SMEs), the Institute of Certified Public Accountants of Singapore (ICPAS) has published a user-friendly guide entitled “The Singapore Financial Reporting Standard (SFRS) for Small Entities – What You Need to Know”.
Issued by the Accounting Standards Council on 30 November 2010, the SFRS for Small Entities is an optional standard effective for annual periods beginning on or after 1 January 2011. Aimed at facilitating financial reporting, the standard gives qualifying entities an alternative to the existing SFRS and is more simplified and streamlined.
Produced by the Education Sub-Committee of ICPAS’ Financial Reporting Committee, the publication provides an overview of the adoption criteria, highlights key differences between the new standard and the full set of SFRS, and examines the issues in adopting the new standard from a business perspective, particularly the impact of the adoption on a company’s bottom-line. It also contains case studies that illustrate possible scenarios in which business entities can meet the eligibility criteria for adopting the new standard. All CPA firms will receive a complimentary copy of the guide.
ICPAS President Dr Ernest Kan said: “This guidance provides a detailed summary of the benefits and challenges an entity should consider before deciding to adopt the SFRS for Small Entities. It is hoped that the guidance will assist our public accountants to better advise their clients and address some of the issues in the transition to the new standard.”
The publication supplements the educational outreach efforts by the Institute to help the profession understand this new standard. Between March to November last year, before the roll-out of the standard, ICPAS held the seminars on IFRS for SMEs and SFRS for Small Entities, and a Technical Group Discussion to increase awareness of the requirements of the new standard. Other initiatives include a resource centre developed in the
ICPAS Centre for Financial Reporting micro-site, and a three-day ‘Train-the-Trainer’ session conducted by IASB Member and Chairman of the SME Implementation Group, Mr Paul Pactor, to develop the capacity of regional trainers to provide subsequent training on the IFRS for SMEs in their own jurisdiction.
The SFRS for Small Entities is closely modelled after the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). It is a self-contained standard which follows the recognition and measurement principles that are based on the full SFRS, but has been simplified and pared down for small entities. At fewer than 200 pages, SFRS for Small Entities provides a significant reduction in reporting and disclosure requirements. The standard can be adopted by the small and medium enterprises that form the majority of enterprises in Singapore.
Members and non-members interested to purchase a copy can do so via the
ICPAS Centre for Financial Reporting Labels: 2011, accountancy, audit, Ernest Kan, financial reporting
The panel – consisting of business and industry leaders – discussing on the topic of “The Future of Audit"
Leading accountancy bodies Institute of Certified Public Accountants of Singapore (ICPAS) and Institute of Chartered Accountants in England and Wales (ICAEW) today hosted a panel discussion on “The Future of Audit”. The discussion centred on the on-going debate surrounding the European Commission’s Green Paper entitled Audit Policy: Lessons from the Crisis.
The panel – consisting of business and industry leaders – came together to discuss the role and scope of audit in the 21st century with a strong focus on Singapore and the region. The debate examined constructive and practical ways in which audit can evolve to continue supporting business, the economy and society.
Speakers included Mr Michael Izza, Chief Executive, ICAEW; Dr Ernest Kan, President, ICPAS; Mr Robert Hodgkinson, Executive Director, Technical, ICAEW; Dr Ho Yew Kee, ICPAS Council Member and Vice Dean, Finance & Administration, School of Business, National University of Singapore; Ms Julia Tay, Chief Inspector/Director, Profession Oversight Division, Accounting and Corporate Regulatory Authority; Mr Reggie Thein, Member of Executive Committee, Singapore Institute of Directors; and Mr Yap Chee Meng, Chief Operating Officer, KPMG in Asia Pacific.
Mr Yeoh Oon Jin, ICPAS Council Member and Chairman of its Auditing & Assurance Standards Committee and PwC Singapore Assurance Leader and Partner, was the moderator of the discussion. Mr Robert Hodgkinson also provided a brief outline of the European Commission’s Green Paper Audit Policy: Lessons from the Crisis, published in October 2010.
Mr Michael Izza, ICAEW Chief Executive, said: “In the wake of the global financial crisis, questions about the role of all market participants have been raised. Whilst auditors did not cause the financial crisis, everybody must learn the lessons from it. The on-going consultations and enquiries into the role and scope of audit are catalysts for important debates about how audit can evolve to continue meeting market demand”.
“Singapore is an attractive market for international investors, and this is supported by high quality and robust financial information. For Singapore to retain its position as one of the best countries to do business, as well as becoming a finance hub for the ASEAN region, it is critical that audit continues to evolve alongside business, which is why international discussions are so important.”
Dr Ernest Kan, President of ICPAS and Michael Izza, CEO of ICAEW, share their thoughts at the panel discussion.
Dr Ernest Kan, ICPAS President, said: “The EC Green Paper on Audit Policy has created opportunities for debate on how the audit function can be improved to contribute to increasing financial stability. The topic of audit policy is especially pertinent to Singapore, given its status as an international financial centre, and the global nature of capital markets today. It is thus vital for the profession to understand the paper’s implications on the future of audit. The forum is in line with our goal to engage the profession in discussion regarding this development.”
Key issues regarding audit quality enhancements, value of audits, and auditor’s independence were also discussed by the panellists.
“Audit provides independent assurance that underpins confidence in the capital markets said Mr. Yeoh Oon Jin, moderator of the panel discussion. “Enhancing the quality of audit will play a significant role in helping to re-establish trust and confidence in the financial markets around the world, particularly as the global economic recovery is at a delicate stage.”
Labels: 2011, audit, ICAEW, President
-First time national accountancy body is amending Constitution
-Amendments approved by 90 percent majority
-Changes aligned with goal to transform ICPAS into a global accountancy body
The Institute of Certified Public Accountants of Singapore (ICPAS) is amending its Constitution. An overwhelming majority of about 90 percent of members at an Extraordinary General Meeting on August 27, 2011 voted for the amendments. The amendments will be submitted to the Registrar of Societies for approval.
The constitutional changes represent enhancements to the Institute’s existing governance arrangements and touch on areas such as composition and mode of election of Council Members, tenure of the leadership team, appointment of an audit committee and nominations committee as well as membership classification.
While amendments to the Constitution usually take effect from the date of sanction by the Registrar of Societies, ICPAS took a more robust governance approach and will effect certain provisions retrospectively through transitional arrangements. This will facilitate the leadership renewal process within the Institute. The tenure of ICPAS Council Members is to be capped at three consecutive terms of two years each, but for Council members due to retire at ICPAS’ annual general meetings in 2012 and 2013, the cap will be applied retrospectively. Council Members who have served for more than three terms and are due to retire in 2012 will be eligible for re-election for another term of two years, instead of three consecutive terms. Those who have served more than three terms and are due to retire in 2013 will step down.
The amendments are in line with recommendations by the Committee to Develop the Accountancy Sector in its report “Transforming Singapore into a Leading Global Accountancy Hub for Asia Pacific”.
Mr Teo Ser Luck, ICPAS Adviser and Minister of State for Trade and Industry, said: “I am glad to know that majority of the members who attended the EGM voted for the amendments. This signals support from ICPAS members on the future direction the Institute is taking. The carefully calibrated changes in ICPAS’ Constitution are aligned with the recommendations of CDAS to strengthen the Institute’s governance and leadership structure. They are consistent with that of a professional accountancy body with a global membership, outlook and standing. ICPAS has a significant role in supporting Singapore’s growth as a global accountancy hub and I am confident of its progress.”
ICPAS President Dr Ernest Kan said: “The transitional arrangements for the leadership renewal process, which are over and above what is required, underscore our commitment to decisive, constructive change. With the amended Constitution, we will have a strengthened constitutional framework that forms the building blocks for our future development on the international arena.”
ICPAS member Mr David Phua, FCPA Singapore, Finance Director, People’s Association, said: “The new constitutional framework supports good corporate governance practices, allowing ICPAS to take a clear, transparent approach to its governance and leadership renewal processes.”
ICPAS first embarked on a strategic review of the ICPAS Constitution in March 2010. The review process involved a series of interviews with stakeholders including regulators, government agencies, Big Four and Mid-Tier CPA firms, as well as focus group sessions with cross-sections of ICPAS’ 24,000 membership base. ICPAS also issued a Consultation Paper on the proposals to amend the ICPAS Constitution to gather comments from cross-sections of its members and other stakeholders. As part of the review process, the Institute conducted research and comparative studies of the charter and constitution of leading accountancy bodies in major jurisdictions as well as local professional bodies.
Key amendments to ICPAS’ Constitution include:
-The tenure of ICPAS Council Members will be capped at three consecutive terms of two years each, or a maximum of 6 consecutive years. . There is a moratorium of two years for Council Members who have served the maximum number of terms to seek re-election. Previously, there was no specified cap on the tenure of Council Members. With regard to transitional arrangements, a provision for Council members who have served for some time on the Council to retire at the Annual General Meeting to be held in 2012 and 2013 will be made in the Constitution.
-The tenure of ICPAS office bearers, i.e., the President, Vice-President and the Treasurer, would be capped at a maximum two terms of two years each (i.e. four years). The President, after serving four years, will not be eligible to be the Vice-President or Treasurer thereafter.
-An Audit Committee (AC) will be set up to assist the Council in fulfilling its responsibilities of oversight in the Institute’s financial reporting. The AC shall comprise at least three Council Members, none of whom shall be the office bearer.
- A Nominations Committee will be appointed to assist the Council in identifying candidates for internal and external appointments.
-The ICPAS Council shall consist of 16 CPAs Singapore elected by Members, of which at least 6 members shall be public accountants and at least 6 members are not public accountants. This leaves four seats to be filled by any CPA Singapore.
- Previously, the Council would comprise 8 practising members elected by practicing members and 8 non-practising members elected by non-practising members. Henceforth, the election of Council members will be open to all members with voting rights, regardless of whether they are practising or non-practising members.
- The categories of Practising Member and Non-Practising member will be collapsed into one category known as CPA Singapore.
Labels: 2011, Adviser, constituition, Ernest Kan, President, Teo Ser Luck
