• Register
Return to: Home > News > Regulation > Singaporean profession expects costly implementation of integrated reporting

Singaporean profession expects costly implementation of integrated reporting

The Singaporean profession perceives cost as the dominant challenge of adopting Integrated Reporting (<IR>), a joint survey conducted by the Institute of Singapore Chartered Accountants (ISCA) and the National University of Singapore (NUS) revealed.

Some 63% of respondents of the survey, ISCA-NUS Integrated Reporting Survey 2014, said that the preparation costs are a concerning challenge and more than half of them expected an increase in those costs of at least 50% in the next years.

Surveyed professionals were concerned that the benefits from adopting <IR> may not outweigh those costs.

Other challenges mentioned by respondents were the lack of a proper information system to produce <IR> reports (55%) and the fear of divulging sensitive information (42%).

Findings of the survey also showed that respondents preferred a market-driven approach to the adoption of <IR> as opposed to a regulatory-driven one.

The survey suggested that <IR> is still "at an infant state in Singapore with low level of knowledge amongst the respondents," which is why ISCA should have a significant role to further educate market participants on <IR>.

ISCA and NUS surveyed 135 professionals, 63% of them were financial preparers and 19% auditors.

The survey findings were revealed at July's Singapore Accountancy Convention 2014 organised by ISCA.

Related links:

ISCA

NUS

Survey: ISCA-NUS Integrated Reporting Survey 2014

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.