CDAS Final Report on -Transforming Singapore into a Leading Global Accountancy Hub for Asia-Pacific

The Committee to Develop the Accountancy Sector (CDAS) submitted its final report “Transforming Singapore into a Leading Global Accountancy Hub for Asia-Pacific” to the Minister for Finance on 12 April 2010.

Please click here (PDF, 92KB) to access the CDAS Chairman’s letter to the Minister for Finance.

Background

The CDAS was formed by the Ministry of Finance in December 2008 to undertake a holistic review of the Singapore accountancy sector and profession, with the aim to position Singapore as a leading international centre for accountancy services and professionals. The CDAS, which is chaired by Mr. Bobby Chin, Chairman of the Singapore Totalisator Board and formerly managing partner of KPMG LLP Singapore, comprises leading members of the accounting profession, the business community, academia and the public sector.

The CDAS has held extensive deliberations and consultations with all stakeholders, involving more than 100 meetings and focus group sessions with more than 80 stakeholder groups and interested parties. The CDAS has benefited from diverse feedback and suggestions from a wide range of stakeholders that included undergraduates, educators, public accountants, professional accountants, national and international professional bodies, company directors, chambers of commerce, CFOs and government agencies.

Vision

The CDAS has mapped out a vision to transform the Singapore accountancy sector into a leading global accountancy hub for the Asia-Pacific region by 2020. A global accountancy hub has the following characteristics:

Profession that embraces an international outlook and high value-adding expertise;
Professionals who have strong adherence to ethics and integrity; and
Professional development environment that is vibrant with diversity of talents, skills and professional bodies with strong contributions in thought leadership, research and development.

Strategic Thrusts

This vision is anchored on three strategic thrusts:

Strategic Thrust 1: Leading Global Centre for Accountancy Talent, Education, Thought Leadership & Professional Development;
Strategic Thrust 2: Leading Centre for High Value-Adding Professional Accountancy Services; and
Strategic Thrust 3: Strong Accountancy Sector’s Infrastructure and Institutions.

Goals Set

The CDAS has set a challenging, but compelling goal for the sector to strive for over the next 10 years:

to double the accountancy sector’s contribution to Singapore’s Gross Domestic Product from the existing 0.4% to about 1% over the next decade; and
to double the exports contribution of professional accountancy services by the sector to the region from the current 22% to 50%.

Executive Summary

The CDAS final report contains 10 key recommendations, which sets out the key focus areas to raise sector-wide professional capabilities and to strengthen the international outlook for the sector.

Please click here (PDF, 237KB) to access the Executive Summary.