• Register
Return to: Home > News > Singaporean and Scottish professions make first step to reciprocal membership

Singaporean and Scottish professions make first step to reciprocal membership

The Singapore Accountancy Commission (SAC), the Institute of Singapore Chartered Accountants (ISCA) and the Institute of Chartered Accountants of Scotland (ICAS) have signed an Expression of Intent (EoI) in an effort to strengthen relationships between the three organisations.

The EoI aims at exploring potential reciprocity for members of ICAS and ISCA, meaning that members of one body could become members of the other if the members meet the requirement conditions of the agreement.

The signing of this EoI is the latest step in Singapore's effort to become the accountancy hub of the Asia-Pacific region by 2020. The Singaporean profession has set itself this objective in 2013 and for that purpose the SAC was formed in April of that year.

Since then, Singapore's accountants have moved from a Certified Public Accountant to a Chartered Accountant designation. The country has vowed to be IFRS compliant by 2018 and have embraced Integrated Reporting (<IR>) of which they want to be the champion in Asia.

Earlier this year the SAC has also signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of England and Wales (ICAEW) whereby both institutes agree to partial mutual credit recognition of their respective qualifications.

Interviewed by The Accountant last October, SAC chief executive Uantchern Loh said that even though his organisation was in contact with other global professional bodies it was somewhat of a challenge to get full recognition.

"Our first exam will be held in December 2013 and our first graduates won't finish the programme before 2015. So even if we sign a memorandum now, no matter with which country, we have no graduates to show them," he explained.

Related articles:

Man on a mission to create an Asian hub

Singapore aligns qualification with ICAEW

Related links:

ICAS

SAC

ISCA


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.