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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

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