The Singapore Accountancy Commission (SAC) is determined to transform the country into the hub of Integrated Reporting (IR) in South-East Asia, The Accountant has learned.
According to SAC chief executive Uantchern Loh, the International Integrated Reporting Council (IIRC) chairman Mervyn King supports the idea of Singapore becoming the hub of IR in South-East Asia.
Loh told The Accountant that SAC is investing resources to promote and help companies adopt IR, not only in Singapore, but in South-East Asia.
Loh said that SAC is firmly committed to investing in IR as Singaporean companies are already showing interest in advanced non-financial reporting models.
"It’s quite exciting for us. DBS, a local listed bank, is already in the IR pilot programme; and there are other companies interested, including the Singapore Exchange, which is keen on adopting IR as a listed company itself," Loh said.
Loh said SAC has an important role to play in championing IR in the region and added:
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
"We are going to invest quite significantly in IR and we are building an IR team in Singapore as we speak. We’ve already started research projects and we are also looking at creating an index for listed companies in Singapore to measure their performance against the principles of IR."
SAC promotes the accounting profession in the country and aims to transform Singapore into Asia’s accounting hub by 2020.
Singapore Accountancy Commission