Singapore Displays Great Potential to Grow As a Heart for Accountancy Services
Accountants as a profession, play a direct role in economies by providing investors and the public the necessary confidence that a business' financial reports as well as the corporate disclosures are all accurate.
- (1888PressRelease) November 05, 2010 - In a speech delivered by the Ministry in Prime Minister's Office of Singapore, Mrs. Lim Hwee Hua indulged her spectators on the vibrancy of the accounting profession while acknowledging the reality of a more globalized world, during the Inaugural Singapore Accountancy Convention held at the Marina Bay Sands Convention Centre on November 2, 2010.
According to her, accountants as a profession, play a direct role in economies by providing investors and the public the necessary confidence that a business' financial reports as well as the corporate disclosures are all accurate.
"If there is one thing that the latest global financial crisis has taught us, it is that the investor confidence is a delicate idea and once lost, it would have a breathtakingly repugnant effect on businesses and economies."
Singapore's reputation being a trusted international business and financial center is constructed on a foundation of a flourishing financial reporting structure and accounting and auditing standards recognized internationally.
Over the years, Singapore has created such reputation zealously. Thus, what Singapore enjoys today in almost every international benchmarking on Ease of Doing Business or the competitiveness of Singapore's economy is a reflection of that hard-earned reputation.
To realize business goals in Asia and beyond, there is a compelling need to ceaselessly strengthen that reputation. In particular, the accounting profession's pivotal role in sharpening the city-state's competitive edge remains to be a stunning undertaking.
With the aim of transforming Singapore into a leading global accountancy focal point for Asia-Pacific region, its accountancy sector is on the peak of undergoing a major change. As part of that objective, the recommendations issued by the Committee to Develop the Accountancy Sector or CDAS to Pro-Tem Singapore Accountancy Council or SAC commenced their implementation.
Among these is the Talent Development for Identified Niches, which emphasizes, among others, the need to address the growing demand for accountants with specialized skills. This is especially true as many accountancy firms from across the world employ Singapore as the regional center for their Asia-Pacific endeavors.
Singapore displays much potential to grow further as a heart for accountancy services to supervise the regionalization of accounting practices. The recently-launched Singapore Institute of Accredited Tax Professionals or SIATP is evidence that the specialization gateways in risk management, business valuation, international tax, and internal audit must also exercise a development.
The positive impact of these implementations is of benefit not only to local entrepreneurs. It also applies to foreigners. Despite the lagging of global economy, Singapore continues to stand out from among the giant economies.
Its attractive business offers, accounting and auditing frameworks, strategic locations, along with its amenities including having the world's largest ports and remarkable infrastructures all work out to an entrepreneur's advantage. Accordingly, it is not a wonder why businessmen from Asia and the Pacific congregate in Singapore.
As Mrs. Lim Hwee Hua, also acting as a Second Minister for Finance and Transport, would put it, "Singapore is unyielding in making the necessary changes for an innovative economy and to become a distinctive global city."
In Singapore, a foreign or local entrepreneur may employ the services of another firm to handle the business registration.
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