accounting news

Here’s the latest news, for my fellow accounting friends:

SINGAPORE’S accountancy industry is facing a major shake-up after the Government accepted all the recommendations of a committee set up to look at transforming the sector.

The Second Minister for Finance and Transport, Mrs Lim Hwee Hua, disclosed the Government response at yesterday’s launch of Singapore’s first accreditation body for tax professionals.

The wide-ranging recommendations were proposed as part of the plan to more than double the accountancy sector’s contribution to gross domestic product, from 0.4 per cent in 2008 to 1 per cent over the next decade.

Number-crunching is a fast-growing market, with the Asia-Pacific accountancy services market valued at US$30.8 billion (S$43 billion) in 2008 and forecast to reach US$38.3 billion by 2013.

Now that the Finance Ministry has accepted the broad recommendations, the next step will be to decide on the members of the pro tem council – likely by July – to spearhead the implementation.

Many of the proposals will be rolled out in parallel and will take the better part of the next few years, said Mrs Lim.

Source: The Straits Times, May 7  2010

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