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| SEP / OCT 2023 |
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acra.gov.sg |
ACRA releases the Annual Report FY2022/23, themed,
'Enabling Businesses, Fostering a Trusted Environment' |
ACRA's annual report for FY2022/23 provides insights
into the organisation's strategy and future plans to
create a dynamic and trusted business environment
that fosters innovation and growth.
One of the key highlights of the report is ACRA's
transformation from being an information provider to
a business enabler that delivers value to businesses,
and fosters a well-regulated and trusted business
environment. We are achieving this transformation
through the strategic use of technology, data-driven
decision-making, and a more customer-centric approach. |
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The report also covers how ACRA has strengthened regulations to ensure that Singapore's
corporate regulatory regime is robust, resilient against money laundering and terrorism financing,
and supports our growth as a global hub for businesses and investors.
In addition, ACRA has embarked on advancing Sustainability Reporting (SR) to support Singapore's
transition to a green economy. Reliable SR is essential for a more sustainable future, and ACRA is
committed to playing a key role in this area.
We invite you to find out more about ACRA's initiatives.
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| Unlock business value with the new Intangibles Disclosure Framework |
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Intangible Assets (IA), such as brand value, patents or
registered designs, can significantly increase the value
of a business, making it more attractive to potential
investors. For instance, a strong brand can help a
company to attract more customers. This highlights
the importance of understanding the value of IA for
a business' financial health. However, IA can be
challenging to value accurately.
To address this, ACRA and the Intellectual Property
Office of Singapore (IPOS) introduced the Intangibles
Disclosure Framework (IDF). It was launched at
the IP Week @ SG 2023 on 4 September 2023 by
Second Minister for Finance, Ms Indranee Rajah. |
The IDF is among the first in the world that provides a systematic and consistent way to disclose
and communicate IA. It comprises four pillars to guide businesses on IA disclosure: strategy,
identification, measurement, and management. Improved IA disclosures can lead to better
investment decisions, improved risk management, and increased competitiveness, allowing
businesses to maximise their economic potential.
The IDF is part of the Singapore IP Strategy 2030 which aims to develop Singapore into a global
hub for Intangible Assets and Intellectual Property.
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ASEAN Audit Regulators Group and the Financial Statements
Surveillance Group held combined workshop |
In September this year, the ASEAN Audit Regulators
Group (AARG) and Financial Statements Surveillance
Group (FSSG) came together for a combined workshop,
hosted by ACRA. As collaboration amongst audit and
financial reporting regulators can improve audit and
financial reporting quality, the combined AARG and
FSSG workshop was held to generate more discussion
and sharing of ideas.
In his welcome address, Mr Ong Khiaw Hong, Chief
Executive, ACRA, highlighted how technology can
help regulators to ensure compliance with accounting
and auditing standards, promote good corporate
governance, and protect the interests of investors |
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and other stakeholders. He said, "The use of advanced technology such as machine learning and
artificial intelligence has enabled us to better monitor and detect the risks of non-compliance in our
regulatory work, taking on a more proactive role, instead of employing only reactive methods in our
existing process."
With the rising importance of climate change and its impact, we invited a speaker to share about sustainability reporting and its related financial reporting implications.
More than 70 delegates from AARG and FSSG member countries including Singapore, Indonesia,
Malaysia, Philippines, Thailand, as well as guest countries, Cambodia and Hong Kong, attended
this workshop. |
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Raising global recognition of the Singapore Chartered
Accountant Qualification: ISCA and CPA Australia sign Mutual
Recognition Agreement |
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In today's globalised economy, businesses frequently
transfer their senior finance and accounting staff
members to helm key positions across regions.
Mutual Recognition Agreements (MRAs) between
countries allow accountants to have their qualifications
recognised in other countries. They facilitate the
movement of talent across borders, promote
consistency in the quality of the accounting profession,
and reduce the costs of obtaining new qualifications.
In September this year, the Institute of Singapore
Chartered Accountants (ISCA) and CPA Australia
signed an MRA, allowing ISCA members to be
members of CPA Australia, and vice versa. |
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agreement was reached after ISCA, CPA Australia and ACRA assessed the equivalence between
the Singapore Chartered Accountant (CA) Qualification and the CPA Program, as well as
membership requirements of ISCA and CPA Australia.
To date, the Singapore CA Qualification is mutually recognised with CA programmes offered by worldrenowned
professional bodies in Australia, England, Ireland, New Zealand, Scotland and Wales.
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Navigate tax and compliance rules with ease: GoBusiness
launches Regulatory Requirements Guides |
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Staying abreast of regulations can be challenging
while growing a profitable business. Fortunately,
the GoBusiness website now offers the Regulatory
Requirements Guides to help businesses in Singapore
to easily navigate tax and compliance rules.
The guides provide clear steps to comply with
regulations from ACRA, the Ministry of Manpower
(MOM), the Central Provident Fund Board (CPF) and
the Inland Revenue Authority of Singapore (IRAS).
Ensure your business stays on the right side of the law
by keeping updated with the latest regulations at the
following link:
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ACRA's
e-Newsletter for professional stakeholders
This e-newsletter is intended for general information only and should not be treated as a substitute for specific professional
advice for any particular situation. While we endeavour to ensure the contents are correct to the best of our knowledge and
belief at the time of writing, we do not warrant their accuracy or completeness nor accept any responsibility for any loss or
damage arising from any reliance on them.
Copyright © 2023 Accounting and Corporate Regulatory Authority. All Rights Reserved.
SUBSCRIBE | www.acra.gov.sg |
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