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Institute news
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ICPAS Budget Impact Survey Report Last Update - 02/02/2011
| The Budget Impact Survey released by ICPAS Research was conducted between December 2010 and January 2011 to explore the views of CPA Singapore community on the productivity and innovation issues which was highlighted in the 2010 Budget. . The survey also looks at what the CPA Singapore community thinks of the 2010 Budget tax incentives on businesses.
Download the report here.
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ICPAS President’s Greetings for the New Year Last Update - 28/12/2010
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My fellow professionals and CPAs Singapore,
As the year draws to a close, I would like to take this opportunity to reflect on the key milestones ICPAS has attained in 2010. In order to serve you better, and fulfill our mission to lead, support and develop the accountancy profession, we have made continuous progress and launched several new initiatives.
Over the course of the year, ICPAS:
• Organised the Pre- and Post-Budget Roundtables , featuring leaders in business and government, to provide thought leadership on Budget 2010;
• Collaborated with People’s Association to encourage volunteerism among ICPAS members. To date, about 200 members have signed up as volunteers with grassroots organisations, an encouraging development;
• Through the Clarity Project mandated by IAASB of IFAC, issued the final set of the clarified Singapore Standards on Auditing (SSAs). The Clarified SSAs provide enhanced guidance to strengthen audit quality, thus contributing to a more robust financial reporting process.
• Remained committed to our Council renewal process with the appointment of Ms Jeann Low, Group CFO of SingTel, and Mr R. Dhinakaran, Managing Director of the Jay Gee Group of Companies, as new Council Members.
• Created Online Knowledge Centres to equip members with timely resources related to business and accountancy. Beginning with the launch of four microsites in April 2010, we have since added a fifth site – Centre for Auditing and Assurance.
• Started Singapore’s first accreditation body for tax professionals – the Singapore Institute of Accredited Tax Professionals (SIATP) , in partnership with Tax Academy of Singapore. Despite being launched only in May 2010, SIATP has since attracted close to 1,800 applicants.
• Partnered global financial recruitment firm Robert Half to launch the 2010/2011 Asia-Pacific Finance & Accounting Salary Guide .
• Increased the frequency of our members’ journal from bi-monthly to monthly from January 2010 and gave the journal a revamp from July 2010. The CPA Singapore journal has new sections, an expanded lifestyle segment and a more sophisticated look and feel.
• Collaborated with ACRA to launch the Public Practice Programme for aspiring public accountants. The PPP aims to prepare prospective public accountants to successfully take on the responsibilities of public practice and is a mandatory requirement for registration as a public accountant.
• Rolled out our brand campaign to promote the CPA Singapore designation as the designation of choice for accounting and business professionals and attract talent into the accountancy sector.
• Organised the inaugural Singapore Accountancy Convention , which brought together thought leaders and industry experts from around the world for an exchange of views on the most topical issues impacting the profession. More than 1,200 participants attended the convention and the gala dinner, making it one of ICPAS’ most successful events.
• Inked an MOU with Singapore Management University’s School of Accountancy Research (SOAR) to collaborate on accounting, business, professional and thought-leadership research and activities to contribute to Singapore’s vision of becoming “a leading global accountancy hub.
None of this would have been possible without you – our members. Your support is the catalyst for our continued success. I am deeply moved as many of you have stepped forward to contribute your time in helping to shape the Institute, and many others have given very encouraging feedback. I wish to offer you my deepest appreciation and gratitude. I am confident that together, we can make 2011 an even more memorable year of significant milestones.
On behalf of the ICPAS Council, with a heart filled with gratitude I would like to wish you and your families good health, and may your 2011 be filled with delight.
Ernest Kan, FCPA Singapore, PBM
President
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SMU and ICPAS Ink MOU to Benefit Accounting Sector and the Economy Last Update - 22/12/2010
| The Singapore Management University’s School of Accountancy Research (SOAR) and the Institute of Certified Public Accountants of Singapore (ICPAS) have inked a memorandum of understanding (MOU) to collaborate on accounting, business, professional and thought-leadership research and activities to contribute to Singapore’s vision of becoming “a leading global accountancy hub for the Asia-Pacific region”. Signed on the sidelines of the inaugural SMU Accounting Symposium 2010, which brought together leading accounting researchers from Asia, Europe and North America, the agreement is among the action plans in response to recommendations made by CDAS in April 2010 and accepted by the Ministry of Finance in May this year.
Under the terms of the MOU, SMU SOAR will work closely with ICPAS Research, the research arm of ICPAS, on a number of research initiatives. Among them is the launch of a poll of CEOs from next year to tap the business leaders’ pulse on the industry and on the economy. For a start, they will be surveyed on their views on regional and global emerging challenges and opportunities. This will culminate in a CEO Forum in the second quarter of next year which will discuss issues such as business strategies, corporate governance, risk management and assurance. Key stakeholders, such as regulators, auditors and CFOs, will also be invited to lend their perspectives at the annual Forum.
Under the collaboration, the partners will also work together in two other areas. In the aspect of thought-leadership research, SMU SOAR researchers and ICPAS Research will be embarking on a study of the audit market in Singapore for a start. ICPAS Research and SMU SOAR will also look into the implications of the European Commission’s Green Paper on Audit Policy in the Asia Pacific region. More projects will be identified for further exploration and research. The research focus would be on issues relevant to Singapore and the Asia Pacific and providing thought-leadership on business, professional and related issues. A third prong of the collaboration is an eminent speaker series. It will serve as a platform for faculty and ICPAS members to stay connected with business and professional developments, and also network with leading business and professional leaders.
“Since its inception, the SMU School of Accountancy has pursued wholeheartedly meaningful research, which impacts the academic community while being market-relevant. We are fortunate to have been recognised internationally for the quality of our research vis-ŕ-vis other universities. Riding on this track record and our collaborations with industry players, government agencies and professional bodies, we are excited to be entering into this partnership with ICPAS. It will be an important enterprise to play our part in positioning the Singapore accountancy sector for new and emerging opportunities,” says Professor Pang Yang Hoong, Dean of the SMU School of Accountancy.
“The collaboration with SMU SOAR underscores ICPAS’ commitment to promoting and developing quality research. Our dedicated ICPAS Research team has been driving the sector’s research efforts in various areas, including organising thought leadership roundtables, producing whitepapers and providing research funding. This collaboration will be a boost to accounting research, and we will leverage on each other’s strengths to maximise synergies. In the light of Singapore’s plan to be a global accountancy hub by 2020, the partnership comes at the right time, as developing strong research capabilities will be a key focus area for the sector,” says Dr Ernest Kan, President of the Institute of Certified Public Accountants of Singapore.
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Singapore Accountancy Convention A Tremendous Success! Last Update - 03/11/2010
| More than 1,200 participants attended the Singapore Accountancy Convention and the convention’s gala dinner yesterday, making it one of ICPAS’ largest and most successful events. Held at the Marina Bay Sands Expo & Convention Centre, the event brought together a distinguished line-up of speakers and panelists from around the world. Mrs Lim Hwee Hua, Minister in the Prime Minister’s Office and Second Minister for Finance and Transport, was the convention’s guest of honour.
International speakers and panelists included representatives from the International Federation of Accountants, the International Accounting Education Standards Board, the International Ethics Standards Board for Accountants, the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of India.
ICPAS also invited local leaders in the accounting profession and business community to discuss the impending changes in the accountancy sector. They included Mr Bobby Chin, Chairman of the Pro-Tem Singapore Accountancy Council, Mr Tan Choon Seng, Group CEO of WBL Corporation, Mr Chaly Mah, CEO of Deloitte Asia Pacific and Mr Tham Sai Choy, Managing Partner of KPMG Singapore.
A gala dinner in the evening at the same venue marked the convention’s finale. ICPAS Adviser Mr Teo Ser Luck, Mayor, North East District and Senior Parliamentary Secretary, Ministry of Community Development, Youth and Sports and Ministry of Transport, was the gala dinner’s guest of honour.
In her keynote speech at the convention, Mrs Lim Hwee Hua said, “To benefit from the huge growth opportunities in Asia and beyond, we need to continue to strengthen our reputation as a trusted financial and business centre. Our accounting profession, in particular, plays a pivotal role in this effort to help Singapore further sharpen our competitive edge.”
Mrs Lim also spoke about the post-university qualification programme that ICPAS will be administering. “With this post-university professional accountancy qualification, the bar for qualifying to be a Singapore certified public accountant will be on par with those set by top-tier accountancy bodies worldwide. Aspiring accountancy professionals here and in the region will have an avenue to develop their accountancy careers by obtaining credentials that are globally recognised”, she added.
The convention’s theme, “A Profession on the Move”, depicts the realities of today’s world – constant change, globalisation and the need for the profession to stay updated. The event will bring together thought leaders and industry experts from Singapore and around the world for an exchange of views on the most topical issues impacting the profession.
Professor Mark Allison, IAESB Chairman and Executive Director, Education and International at the Institute of Chartered Accountants of Scotland, highlighted the key revisions to professional education standards in “A Journey of Lifelong Learning and Continuing Development of Professional Competence”. Professor Kim Langfield-Smith, IAESB member and Deputy Dean (Research) and Professor of Management Accounting at Monash University, explored the different approaches to the assessment of competence used by professional accounting bodies globally. And Mr Mark Spofforth, IAESB member and Vice-President of the Institute of Chartered Accountants in England and Wales, discussed latest changes in professional development requirements.
Mr Chaly Mah, Chief Executive Officer of Deloitte Asia Pacific, gave an overview of economic trends impacting Singapore and seizing opportunities arising from them, while Mr Tan Choon Seng, Group Chief Executive Officer of WBL Corporation, shared his views on traits of the 21st Century Accountant. There were also panel discussions on ethics and governance, assessment of Singapore’s goal to be an accountancy hub by 2020 and the effects of globalisation.
ICPAS will report on the Singapore Accountancy Convention and the convention’s gala dinner in the December issue of CPA Singapore. Do look out for more details in the journal.
About the Convention’s Theme: A Profession on the Move:
Singapore Accountancy Convention’s theme underscores the fact that amid rapid changes in the corporate landscape, accounting professionals must seek up-to-date knowledge to move in tandem with business. “A Profession on the Move” also describes the accounting profession today – one that is dynamic and vibrant, armed with a “can-do” attitude to tackle challenges and change.
Speakers and Panellists at the Singapore Accountancy Convention:
• Mr Amarjit Chopra, President, The Institute of Chartered Accountants of India
• Mr Brian Walsh, IESBA Member and adviser to several organisations
• Mr Bobby Chin, Chairman of Pro-Tem Singapore Accountancy Council
• Mr Chaly Mah, Chief Executive Officer, Deloitte Asia Pacific
• Mr Chow Kam Wing, Executive Director and Chief Financial Officer, Micro-Mechanics (Holdings) Limited
• Dr Ernest Kan, ICPAS President; Chief-of-Operations (Clients & Markets), Deloitte Singapore
• Professor Kim Langfield-Smith, IAESB Member; Deputy Dean (Research) and Professor of Management Accounting at Monash University
• Mr Lee Wai Fai, Chief Financial Officer, United Overseas Bank
• Mr Mak Keat Meng, Head of Assurance and Japanese Business Services, Ernst & Young LLP
• Professor Mark Allison, IAESB Chairman; Executive Director, Education and International at the Institute of Chartered Accountants of Scotland
• Mr Mark Spofforth, IAESB Member; Vice-President of the Institute of Chartered Accountants in England and Wales
• Mr Paul Thompson, Senior Technical Manager, IFAC
• Mr Tan Choon Seng, Group Chief Executive Officer, WBL Corporation Limited
• Mr Tham Sai Choy, Managing Partner, KPMG Singapore
• Mr Yeoh Oon Jin, Singapore Assurance Leader, PricewaterhouseCoopers Singapore
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Complimentary Invitation to the Financial Leadership Forum 2010 Last Update - 25/10/2010
| We would like you to join us as our guest at the forthcoming Robert Half International and Institute of Certified Public Accountants for Singapore (ICPAS) Financial Leadership Forum 2010.
As an exclusive audience member, you will have the opportunity to pose questions to the panel members at the end of the discussion. The forum will be facilitated by Melissa Hyak, Producer/ Presenter of Channel NewsAsia.
Date: Monday, 15 November, 2010
Time: 12noon -2.00pm (buffet lunch will be provided)
Venue: Capital Tower, STI Auditorium
Panellists include:
• Dr Ernest Kan, President of ICPAS and Partner of Deloitte & Touche LLP
• Mr Robert Yap, Senior Vice President and Group CIO, DFS Ventures
• Mr Wayne Mendham, Chief Finance Officer Global Markets, Wholesale Banking, Standard Chartered Bank
• Mr Tim Hird, Managing Director, Robert Half Singapore
Discussion topics:
• Aspirations of today’s finance professionals: Do most have ambitions to climb the CFO ladder? How have such aspirations evolved over the years?
• Attributes of a CFO: What are the attributes required of finance professionals in their journey towards becoming a CFO? To what extent do experience, qualifications and personality play a role?
• Challenges and opportunities: What kind of challenges are aspiring CFOs expected to encounter along the way? What are the opportunities?
• Career progression: At the top of the ladder, how should a CFO plan his/ her career progression? What’s next for a CFO?
To secure your seat to this exclusive event at no fees, please email Siti Zubaida at siti.zubaida@roberthalf.com.sg indicating your name, phone number, company and designation.
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Review of Membership Subscription Fees Last Update - 20/10/2010
| ICPAS is currently conducting a review of its membership subscription fees. The last time the Institute adjusted its subscription fees was in 1985, following a fee review conducted in 1984.
The objectives of the review are to
-benchmark ICPAS’ fees structure with that of other professional accountancy bodies
-reflect the value of membership to ICPAS
-appraise the Institute’s fee income versus operating costs
-consider investment costs for current and future initiatives
-evaluate the convergence of membership fees for Practicing and Non-Practicing members
The Institute is committed to providing the best possible value and support to members. Over the years, the Institute has been expanding its infrastructure and offerings to members. The subscription fees from members are insufficient to cover the Institute’s operating costs, which have been increasing steadily over the year. Despite this, the Institute has not adjusted its fees since 1985, and instead relies heavily on revenue from its training arm SAA Global Education to cover its operating costs.
However, with the Government’s plan to transform Singapore into a global accountancy hub, and the recommendation for ICPAS to correspondingly develop into a professional accountancy body with a global membership, standing and outlook, the Institute is expected to take on a broader role. With these developments, the Institute needs to have a funding mechanism that matches and supports the breadth and depth of the Institute’s activities. ICPAS is working on initiatives to offer members greater support and heightened stature, including investing in the branding of CPA Singapore internationally and broadening its thought and practice leadership role.
As the Institute prepares to take on a broader role, we have expanded, and will continue to expand, our infrastructure and services. There is a vital need for ICPAS to upgrade our premises, to provide a more conducive environment for members, consolidate our services, and enhance accessibility to our facilities. We need to take this into consideration in the fee review as the move will have an impact on our operating costs.
One of ICPAS’ key initiatives will be working with Singapore Accountancy Council to develop and administer a globally recognised, internationally portable, Singapore-branded post-university professional accountancy qualification programme. The proposed qualification programme is expected to increase the portability of the CPA Singapore designation and heighten the professional stature of ICPAS members.
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ICPAS Launches Brand Campaign to Draw Talent to Accountancy Sector Last Update - 23/09/2010
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The national accountancy body, the Institute of Certified Public Accountants of Singapore (ICPAS), is launching an advertising campaign to promote the CPA Singapore designation as the designation of choice for accounting and business professionals and attract talent into the accountancy sector. Talent attraction, development and retention are especially crucial for the profession, as the Government plans to transform Singapore into a global accountancy hub by 2020.
The brand campaign communicates the key message “Every success needs a catalyst. Accelerate/ Elevate your career with CPA Singapore” by featuring CPAs Singapore and showcasing how the CPA Singapore designation is part of their success story. ICPAS Adviser Mr Teo Ser Luck, who holds multiple public portfolios such as Mayor of North East District; Senior Parliamentary Secretary for Ministry of Community Development, Youth and Sports and Ministry of Transport; Member of Parliament and Chairman of National Youth Council, and Ms Lim Kexin, a senior tax consultant with PricewaterhouseCoopers, community leader and youth advocate, are the ICPAS members featured in this year’s campaign. The campaign will be activated through a mix of outdoor, print advertisements and social media from 23 September to end November.
ICPAS President Dr Ernest Kan said, “Our featured members are inspirational figures whose stories bring the CPA Singapore brand to life. Mr Teo, an accountancy graduate who made his mark in the private sector, currently holds leadership positions in the public sector, serving in various roles including Adviser to ICPAS. Kexin is a leader in her own way, balancing her career in tax consultancy with dedicated service to the community. Both exemplify the diversity of CPA Singapore talent and how CPAs Singapore, who are well-respected in every industry, can contribute in various fields.”
ICPAS appointed AGI Communications to create the advertising campaign. Mr Kenneth Joseph Hu, AGI Communications Group Account Director, said, “It is an honour to develop this campaign with ICPAS and contribute to the growth of the accountancy sector.”
Mr Teo Ser Luck is an integral figure in the public and political sectors and most recently played a key role in Singapore’s successful hosting of the inaugural Youth Olympic Games. As ICPAS Adviser, he provides guidance on the Institute’s strategic direction and development.
A veteran volunteer, Ms Lim Kexin has been volunteering since 17 and has been identified by the World Bank as an emerging youth leader. A community leader, youth advocate and Singapore Management University’s first female valedictorian, she is also a Council Member of National Youth Council and mentor with Financial Women’s Association (Singapore). Kexin has won numerous accolades, including most recently, the Rising Star Award at the Women in Asia Awards 2010 organised by Financial Times and RBS Coutts. The Rising Star Award recognises the young woman with talent and potential in business who is poised to reach thetop.
The advertising copy references Singapore’s development as a global accountancy hub, spurring people to grow their careers by tapping on the inherent opportunities. With the Government driving the vision to transform Singapore into a global accountancy hub, demand for qualified accounting professionals with the right credentials is expected to grow significantly.
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ICPAS Kicks Off CPA Games with Street Soccer Tournament Last Update - 17/09/2010
| The Institute of Certified Public Accountants of Singapore kicked off the annual CPA Games with a street soccer tournament on Saturday (September 11) at the Singapore Indian Association. ICPAS has been organising the CPA Games, the Olympics of the local accountancy profession, since the 1980s. More than twenty years on, the Games continue to attract strong participation from the CPA Firms, including many from the Big 4 firms.
This year, close to 200 teams will be participating in 18 sports including cricket, paintball and beach volleyball. For the first time, staff from the Auditor-General’s Office are participating in this year’s Games.
ICPAS President Dr Ernest Kan said: “The CPA Games celebrate the spirit of sportsmanship and promote the sporting values of excellence, friendship and respect. The Games are also an avenue for those in the profession to interact and build friendships. With this annual event, we hope to help strengthen the bonds among participants and build a cohesive CPA Singapore community.”
The CPA Games are held from now till November this year. This year, ICPAS has added new games as darts and beach volleyball.
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ICPAS Congratulates Members Who Were Conferred National Day Awards Last Update - 18/08/2010
| Congratulations to our 21 ICPAS members who were conferred the National Day Awards by the President of Singapore.
ICPAS extends its heartfelt congratulations to members for their valuable contribution to the people of the nations.
(To note: this list is according to alphabetical order of recipients’ names.)
Mrs Ang-Choo Beng Wah
- The Public Administration Medal (Silver)
Prof Ang Soon
- The Public Administration Medal (Silver)
Mr Chan Kwok Mun
- The Public Administration Medal (Silver)
Ms Goh Poh Hoon Frances
- The Public Administration Medal (Bronze)
Mr Michael Grenville Gray, BBM
- The Public Service Star (Bar)
Mr Kang Choon Pin, PBM
- The Public Service Star
Mr Lee Tong Nge
- The Public Administration Medal (Silver)
Mr Lim Choo San, Michael
- The Meritorious Service Medal
Mr Lim Chun Han
- The Long Service Medal
Miss Lim Sheau Huei
- The Commendation Medal
Mdm Lim Sok Geok
- The Public Service Medal
Assoc Professor Low Aik Meng
- The Public Administration Medal (Silver)
Ms Ng Sor Hua Christina
- The Commendation Medal
Professor Pang Yang Hoong
- The Public Administration Medal (Silver)
Ms Seah Poh Kim
- The Commendation Medal
Miss Tan Guong Khim Alice
- The Public Administration Medal (Silver)
Mr Tan Kay Yeow, Douglas
- The Public Service Medal
Miss Tan Suan Sim
- The Long Service Medal
Mdm Tay Bee Peng
- The Commendation Medal
Ms Esther Wee Yu
- The Public Administration Medal (Bronze)
Ms Wong Yuen Cheng, Amy
- The Efficiency Medal
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Practical Issues on the Application of FRS 40: Investment Property Last Update - 25/05/2010
| Practical issues on the application of Financial Reporting Standard (“FRS”) 40, Investment Property, were interestingly addressed during the Technical Discussion Group conducted by Mr Leong Kok Keong, Partner, Financial Services Practice, KPMG LLP, on 20 May 2010 at Singapore Management University amongst a symposium of 57 participants.
Mr Leong first discussed the definition of investment property, which is land or building held by an owner to earn rentals or for capital appreciation. In practice, some owners provide ancillary services to the property or occupy certain portions of the premises. When such ancillary services provided or owner-occupied areas are insignificant, the entire property can be treated as an investment property. However, the definition of “insignificant” is not provided in FRS 40.
Investment property can initially be measured at cost or fair value but the application has to be consistent to all investment properties owned by the entity. Typically, if the investment property is first measured at cost, the entity can subsequently change its measurement to the fair value model if it results in a more appropriate presentation. However, the reverse is usually not permitted as the change in accounting policy from the fair value model to the cost model is unlikely to reflect a more appropriate presentation of the investment property.
During the question and answer session, a participant identified a situation whereby there was a significant deviation between the cost and fair value of an investment property and enquired if adoption of the cost model may be inappropriate, hence necessitating a change in accounting policy to the fair value model. Mr Leong explained that FRS 40 allows for a choice despite the differences as standard-setters consider cost versus benefits, and other factors. Another participant highlighted that although an entity chooses the cost model, FRS 40 still requires the entity to disclose the fair value of the investment property.
The implementation of FRS 40 has its challenges and it certainly requires judgment in recognition, measurement and disclosures in its application.
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Singapore Accountant Gets a Facelift Last Update - 17/08/2010
| In response to results from the readership survey late last year, ICPAS proceeded to revamp its Singapore Accountant journal in phases. In Phase 1, ICPAS increased the frequency of the journal from bi-monthly to monthly so that members can be kept abreast of latest industry updates. as well as expanded the content with new features such as 'Tips from the Top' and 'Office Life'.
We are now pleased to announce Phase 2 of the revamp, with a brand new title CPA Singapore to go with a brand new look and feel for the journal. Look out for ‘CPA Singapore’, coming to your mailbox this July.
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ICPAS Launches Accreditation Body for Tax Professionals Last Update - 11/05/2010
| ICPAS, in partnership with Tax Academy of Singapore, has launched the Singapore Institute of Accredited Tax Professionals (SIATP), the first accreditation body for tax professionals in the country.
SIATP aims to promote tax practice standards and raise the capabilities of tax professionals in Singapore. Accredited tax professionals can enjoy greater professional recognition and skills development, thereby enhancing their employability. They will have access to up to date industry knowledge through Continuing Professional Education, and sharpen their technical knowledge and competence. This will help overall standards of client servicing and tax compliance in Singapore, and contribute to Singapore’s position as an efficient and effective business hub. Clients and regulators will benefit from the increased level of technical competency of tax professionals and lower compliance costs.
Guest of honour Mrs Lim Hwee Hua, Minister, Prime Minister's Office and Second Minister for Finance and Transport, said: “The establishment of SIATP is timely. It also complements the recommendations made by the Committee to Develop the Accountancy Sector (CDAS). This initiative signifies that tax practice and compliance standards will be raised even higher.”
The Asia Pacific accountancy services market is today the fastest-growing region for the global accountancy networks, and is forecasted to reach US$38.8 billion by 2013. One key area of focus for Singapore is to develop deeper professional expertise in tax advisory work, especially to service the increasing cross-border investments and transactions in the Asia-Pacific region.
Dr Ernest Kan, Chairman of SIATP and President of ICPAS, said: “With more cross-border businesses and an increasingly complex tax environment, demand for highly-skilled tax professionals will increase. SIATP will play a vital role in ensuring tax professionals are equipped with the right skills, which is imperative in an increasingly globalised business environment. SIATP will also serve to position Singapore as the regional centre of excellence in tax education and a leading regional tax hub.”
"Even within income tax is a very big area because in income tax, you've got individual tax, corporate tax, then the broader view if you look at cross-border transaction, international tax. If you want to grow this hub, you must have very dedicated resources to train this group of people," Dr Kan added.
SIATP enjoys strong support from the Inland Revenue Authority of Singapore (IRAS), as the upgrading of the tax profession is an important component of its tax compliance framework.
Mr Moses Lee, Commissioner of Inland Revenue, said, “Accredited tax practitioners would have the expertise and experience to better manage the tax affairs of their clients and provide value-added services and advice. This will help their clients comply with their tax obligations at the lowest possible cost. I believe the higher standards of service and professionalism of the accredited tax practitioners will give them a strong competitive edge compared to those who are not, and will be preferred by companies and individuals who are in need of tax services. As such, I urge the industry and accounting firms engaged in tax compliance and advisory work to encourage your staff to apply for accreditation.”
At the launch event on May 7, Mrs Lim, Mr Lee and Dr Kan signaled the launch of SIATP by inserting keys representing the professional designations of Accredited Tax Advisor (ATA), Accredited Tax Practitioner (ATP) and Accredited Tax Practitioner [Provisional] ( ATP-P) into pedestals. The keys symbolised how the specialist designations can unlock the potential of tax professionals and open the door to greater career opportunities.
After the launch ceremony, there was a presentation by Ms Paula Eastwood, Head of Corporate Tax, PricewaterhouseCoopers LLP, Board Member of SIATP, Ms Chiam Yah Fang, Assistant Commissioner, Corporate Tax Division, IRAS and Mr Leung Yew Kwong, Partner, Wong Partnership.
More than 200 invited guests turned up for the launch.
SIATP Admission Criteria
Tax professionals with five years’ approved practical experience and completed relevant exams can apply for the title of Accredited Tax Advisor. Tax professionals with three years’ approved practical experience and have completed relevant exams can apply to be an Accredited Tax Practitioner (ATP). Tax professionals with either three years’ approved practical experience or completed relevant exams can apply to be a Accredited Tax Practitioner (Provisional).
Applicants will need to fulfill robust accreditation requirements that centre on having acquired approved practical experience in tax practice and/or having completed relevant examinations. They are also required to fulfill a minimum number of Continuing Professional Education hours annually, to ensure they are kept abreast of the latest tax changes.
For the first six months, tax professionals who sign up may be considered for admission under transitional admission requirements. SIATP members who apply for Tax Academy’s Advance Tax Programme will enjoy a 50 percent subsidy from IRAS.
Visit SIATP’s website at www.siatp.org.sg for more information.
SIATP Launch Photos- Click here
To watch the SIATP video, click here.
Watch this space for the photos taken at the launch. Coming soon...
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Issues Arising from the Application of FRS 21 Last Update - 27/04/2010
| The Effects of Changes in Foreign Exchange Rates
“How do you identify the correct functional currency for your entity?” Undoubtedly, many of the 40 participants had this question in mind when they attended the Technical Group Discussion on 15 April 2010, at the Singapore Management University.
Facilitating the session was Mr Tan Seng Choon, Technical Partner, Ernst and Young LLP, who led the participants through the session, discussing the basic principles behind the Financial Reporting Standard (“FRS”) 21, The Effects of Changes in Foreign Exchange Rates. Throughout the session, he sought to reinforce the participants’ understanding using examples of the practical implications of FRS 21, based on his experience in auditing multinationals, public companies and private companies, in a wide range of industries.
Mr Tan highlighted that based on FRS 21, functional currency is normally determined as “the currency in which the entity primarily generates and expends cash”. As such, attention should be paid to the industry of the entity, as well as the currency considered by management in making business decisions for the entity. An example given was entities in the oil and gas industry. As the business is usually conducted in US dollars, the functional currency of these entities would also usually be the US dollar. He further highlighted to the audience the importance of re-evaluating the underlying transactions, events and conditions from time to time, in order to identify changes in the functional currency.
According to Mr Tan, while priority should be given to the primary factors identified in FRS 21 in deciding the functional currency of an entity, secondary factors should also be considered, if clear-cut decisions cannot be made based on just the primary factors. In determining the functional currency, management judgement is required to determine the currency that most faithfully represents the economic effects of the underlying transactions and events. As a word of advice, he encouraged participants to properly document the basis behind their determination of the functional currency, in order to provide a better audit trail.
The session ended with a Q&A session, with Mr Tan sharing his experience and thoughts with the participants on the various practical issues involved in the determination of functional currency.
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Jeann Low, R. Dhinakaran Join ICPAS Council Last Update - 10/05/2010
| Jeann Low, R. Dhinakaran Join ICPAS Council
--Council Member Steven Phan Elected As Treasurer
19 April, 2010 – Ms Jeann Low, Group Chief Financial Officer of Singapore Telecommunications and Mr R. Dhinakaran, Managing Director of the Jay Gee Group of Companies, have been elected to the Council of the Institute of Certified Public Accountants of Singapore (ICPAS). As ICPAS Council Members, they will join the leadership team at the Institute to provide strategic direction and counsel for ICPAS’ developments. Their two-year term commences from 17 April, 2010, the date of ICPAS’ 2009/2010 Annual General Meeting.
At the Council Meeting held immediately after ICPAS’ AGM, ICPAS Council Member Mr Steven Phan, Country Managing Partner of Ernst and Young LLP, was elected as Treasurer. Dr Ernest Kan, Chief of Operations (Clients & Markets) of Deloitte Singapore, was re-elected as ICPAS President, and Mr Gerard Ee, Chairman of the National Kidney Foundation, was re-elected as Vice-President.
ICPAS President Dr Ernest Kan said, “Both Jeann and Dhinakaran are highly distinguished individuals with a wealth of experience in corporate leadership roles. And we look forward to benefiting from their insights and experience. They will add a new dimension to our Council meetings. We’re also thrilled to have Steven, our Council member since 2008, take on the role of Treasurer and Executive Committee member. With the addition of our new Council Members and Executive Committee member, the Institute is well-positioned to meet the challenges ahead and support Singapore’s growth as a global accountancy hub.”
Ms Jeann Low was appointed Group Chief Financial Officer of Singapore Telecommunications, Singapore’s largest publicly-listed company, on 1 September 2008. Before this appointment, Ms Low was Chief Financial Officer of Optus since 2006. Ms Low joined SingTel in 1998 as the Group Financial Controller. In 2004, she was promoted to EVP (Strategic Investments) where she managed the SingTel Group’s international investments and pursued opportunities for strategic investments globally. Prior to joining SingTel, she worked for several years in the London and Singapore practices of an international accounting firm and thereafter in a publicly listed electronics company in Singapore. Ms Low graduated from the National University of Singapore with an Honours Degree in Accountancy. She is currently also a member of ICPAS’ CFO Committee and Ethics Committee.
Mr R. Dhinakaran is Managing Director of leading regional fashion retailer, Jay Gee Group of Companies, which distributes several iconic international fashion and lifestyle brands, including Levi’s, Dockers, TM Lewin, New Look, Liz Claiborne, Aigner, Aldo, Giuseppe Zanotti, Osh Kosh B’Gosh, Holland& Barrett and Watches of Switzerland in the region. Mr Dhinakaran also serves on the boards of several government agencies and business associations. He holds a Master’s degree in International Business. Mr Dhinakaran also serves as a member of ICPAS’ Corporate Governance Committee and Disciplinary Committee.
Mr Steven Phan is the Country Managing Partner for Ernst & Young LLP in Singapore. He is also the Managing Partner of the ASEAN Sub-Area. Mr Phan has over 28 years of auditing and advisory experience, of which more than 9 years were spent overseas in London and Kuala Lumpur. Mr Phan has performed audit as well as financial and business consulting work for a number of government organisations. He has also assisted companies in public listings, profit forecasting and due diligence exercises.
Mr Phan currently serves as a member of ICPAS’ Executive Committee, Corporate Governance Committee and Disciplinary Committee.
To view a list of our council members, click here.
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New Member Services Office in Central Business District Last Update - 27/04/2010
| We are pleased to announce the opening of a new Member Services office in the Central Business District to better serve our members’ needs and facilitate walk-in enquiries on membership.
The new office is located at the following address (same office as SAA Global Education City Campus):
6 Raffles Quay
#23-00
Singapore 048580
Tel: (65) 6532 5312 Fax: 64389623
E-mail: membership@icpas.org.sg
Operating hours
Mondays to Fridays: 9.00 a.m. – 6.00 p.m.
Member Services Division will continue to serve our members from the new location and CPA House at the usual operating hours until further notice.
If you have any questions or concerns regarding the relocation, please contact Member Services at (65) 6532 5312.
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Lessons from the Financial Crisis Last Update - 24/03/2010
| Auditing in the Recovering Economy and the Implications of the Clarified SSAs 200, 700, 705 and 706
The Technical Group Discussion, “Lessons from the Financial Crisis: Auditing in the Recovering Economy and the Implications of the Clarified Singapore Standards on Auditing (SSAs) 200, 700, 705 and 706” held on 18 March was facilitated by Mr Henry Tan, Managing Director, Nexia TS Public Accounting Corporation. Mr Tan is also the Asia Pacific Chairman and International Board member of Nexia International.
Mr Tan shared with more than 35 participants on the implications of the Clarified SSAs 200, 700, 705 and 706”, highlighting the key requirements of the relevant SSAs, case studies and anecdotes from his own practising experience. Mr Tan emphasised the importance of maintaining an attitude of professional skepticism and readiness to make a stand in situations where the auditor’s position could be compromised.
The session ended with an interactive Q&A segment. Mr Tan shared insights on many practical problems faced by practitioners in light of the recovering economy. As Singapore’s economy recovers from the global financial crisis, there are several lessons to be learned. Auditing during these times can never be more challenging, noted Mr Tan. He added that companies need to work towards strengthening their corporate governance practices and internal controls.
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Singapore Accountancy Academy is now SAA Global Education Pte Ltd Last Update - 10/03/2010
| Singapore Accountancy Academy has a new name - SAA Global Education Pte Ltd. To conform to regulations under the Private Education Act, the school was corporatised on 21 February. SAA Global Education will continue to be the training arm of ICPAS, offering undergraduate degree programmes, postgraduate business degrees and professional qualifications like ACCA, CAT and ACA. A separate division, ICPAS CPE, will cater to the Continuing Professional Education needs of ICPAS members.
SAA Global Education will sport a new corporate identity, with new corporate colours. Based on the idea of the Mobius Strip, the logo signifies infinite learning and global education. Bearing colours of green and blue, it is also a symbol of vibrancy, continuity and confidence. The new name resonates with the Academy’s aspiration to be a leading accountancy education provider globally, attracting and developing talent for the accountancy profession on an international level. It is also aligned with ICPAS’ mission to develop the accountancy profession so as to contribute to building Singapore as a key player in the global economy.
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ICPAS Sponsors World Expo 2010 Forum on Volunteerism Last Update - 09/02/2010
| As part of its commitment to fostering corporate social responsibility, ICPAS sponsored a forum on volunteerism in January. The forum “Volunteerism As a Way of Life is held in celebration of the World Expo 2010 in Shanghai, happening from May to October this year. Some 70,000 volunteers will be needed for the World Expo.
Organised by MediaCorp and the Expo 2010 committee, the forum aimed to encourage volunteerism at the personal and corporate levels. ICPAS President Dr Ernest Kan was one of the panelists at the forum, which discussed issues such as enhancing the volunteer experience and encouraging people to volunteer.
Dr Kan spoke on ICPAS’ commitment to corporate social responsibility, including the Institute’s recent collaboration with People’s Association to encourage ICPAS members to volunteer with PA’s grassroots organisations. ICPAS signed a Memorandum of Understanding with PA in January, aimed at having more CPAs Singapore volunteer their time and expertise in aid of the community, with opportunities to serve as treasurers or assistant treasurers in grassroots organisations.
Other panelists included Professor Zhou Hanmin, Vice Chairman of the 2010 Shanghai World Expo Executive Committee, Ms Claire Chiang, Senior Vice President of Banyan Tree Holdings, Mr Laurence Lien, CEO of National Volunteer & Philanthropy Centre, MediaCorp artiste Pierre Png, Ms Li Yin from Shanghai University and Mr Zhang Ning, founder of Charyou Organisation.
Panelists gave their views on the value of volunteerism. The discussion also touched on the role organisations play in fostering volunteerism.
The made-for-television forum on volunteerism is slated to air on Channel NewsAsia on February 15.
For a detailed report, look out for the February 2010 issue of Singapore Accountant.
First Episode, Channel NewsAsia, CNA - Singapore & CNA - International
15 February 2010, Monday, 9.30pm
Encore Telecast:
• Tuesday 12.30pm
• Wednesday, 4.30pm
• Thursday, 6.00pm
Note: Telecast details are subject to change.
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