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SINGAPORE : Singapore's accountancy industry will soon have its own post-university professional accountancy qualification - just like the CPA in Australia.
This will help Singapore a leading global accountancy hub in Asia Pacific by 2020.
The Pro-Tem Singapore Accountancy Council is currently developing the programme with the Institute of Certified Public Accountants of Singapore (ICPAS).
Announcing the qualification at a conference on Tuesday, Second Finance Minister Lim Hwee Hua said accountancy professionals here and in the region will have an avenue to develop their careers by obtaining credentials that are globally recognised.
She said: "The objective is to develop accounting professionals who are not just deep problem solvers in the core area of accountancy. We also want our accountancy professionals to be equipped with the skills to interact with other specialists and understand technical issues from a wide range of disciplines and functional areas."
The two bodies are also consulting with accounting bodies in the UK, Australia and the Association of Chartered Certified Accountants to develop the programme.
The certification will also be open to graduates from non-accountancy backgrounds and foreign students.
Separately, the council is also looking into niche areas for accountants here to specialise in.
"We've already formed a committee to look at the different specialisation pathways in terms of risk management, for instance, development of CFOs (Chief Financial Officers), internal audit, valuation, taxation. These will be the specialisation, so called qualifications, that we can look at," said Bobby Chin, chairman of Pro-Tem Singapore Accountancy Council.
Other areas of specialisation such as management accounting or forensic accounting may be introduced later. - CNA /ls
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