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Don Wee on Accountancy Functions (Consolidation) Bill

09:43 Min

Talent shortage in the accountancy sector is an urgent issue that must be addressed to meet projected demand to support the growth of Singapore businesses and the economy. Making the point in Parliament on Wednesday (Nov 9), MP Don Wee welcomed the merger of the accountancy-related units in the Accounting and Corporate Regulatory Authority, Singapore Accountancy Commission and Accounting Standards Council secretariat into a strengthened accountancy function under one entity for better regulation, standard setting and sector development. He suggested that it look into three key areas - enhancing the Singapore Chartered Accountant Qualification to have multiple entry pathways and cater to a wider range of career pathways; tightening policy on preparers of financial statements to uphold financial reporting quality and maintain Singapore’s reputation as a global financial centre and business hub; and boosting sustainability skillsets as the accountancy profession plays a critical role in supporting Singapore’s transition towards a green economy.

Talent shortage in the accountancy sector is an urgent issue that must be addressed to meet projected demand to support the growth of Singapore businesses and the economy. Making the point in Parliament on Wednesday (Nov 9), MP Don Wee welcomed the merger of the accountancy-related units in the Accounting and Corporate Regulatory Authority, Singapore Accountancy Commission and Accounting Standards Council secretariat into a strengthened accountancy function under one entity for better regulation, standard setting and sector development. He suggested that it look into three key areas - enhancing the Singapore Chartered Accountant Qualification to have multiple entry pathways and cater to a wider range of career pathways; tightening policy on preparers of financial statements to uphold financial reporting quality and maintain Singapore’s reputation as a global financial centre and business hub; and boosting sustainability skillsets as the accountancy profession plays a critical role in supporting Singapore’s transition towards a green economy.

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