S'pore looking to double export of accountancy services in 10 years
By Desmond Wong | Posted: 13 April 2010 1722 hrs
By Desmond Wong | Posted: 13 April 2010 1722 hrs
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SINGAPORE: Singapore is looking to double its export of
accountancy services to the region over the next 10 years from 22 per
cent now to 50 per cent.
This is one aim of the Committee to Develop the Accountancy Sector (CDAS) which released its recommendations on Tuesday to the government.
Singapore is already a key financial centre and now also wants to be a centre for accountancy excellence.
Apart from exporting accountancy services, the committee tasked with developing the accounting sector is also recommending that Singapore raises the sector's contribution to GDP from 0.4 per cent to one per cent within a decade.
Bobby Chin, chairman, CDAS, said: "We need Singapore to provide more value added services not just to Singapore but also to the region. That means our local accounting firms need to upscale to be able to provide services for the region.
“We need talent to come into Singapore to supplement the type of services we can actually offer."
The committee has recommended that S$10 million be set aside to develop the sector.
The market for accounting services in Asia Pacific is estimated to be worth US$38.3 billion by 2013.
To spur this development, CDAS also recommends that Singapore establishes a post-university programme for accountants and improves training for key industry players like chief financial officers.
Mr Chin said: "Students coming into Singapore wanting to become trained and qualified accountants under the Singapore branded post-university examination can thereafter use their trained expertise to move into the region to provide the relevant services."
The CDAS was commissioned in 2008 by the Ministry of Finance to enhance the development of Singapore's accountancy sector.
- CNA/jy
This is one aim of the Committee to Develop the Accountancy Sector (CDAS) which released its recommendations on Tuesday to the government.
Singapore is already a key financial centre and now also wants to be a centre for accountancy excellence.
Apart from exporting accountancy services, the committee tasked with developing the accounting sector is also recommending that Singapore raises the sector's contribution to GDP from 0.4 per cent to one per cent within a decade.
Bobby Chin, chairman, CDAS, said: "We need Singapore to provide more value added services not just to Singapore but also to the region. That means our local accounting firms need to upscale to be able to provide services for the region.
“We need talent to come into Singapore to supplement the type of services we can actually offer."
The committee has recommended that S$10 million be set aside to develop the sector.
The market for accounting services in Asia Pacific is estimated to be worth US$38.3 billion by 2013.
To spur this development, CDAS also recommends that Singapore establishes a post-university programme for accountants and improves training for key industry players like chief financial officers.
Mr Chin said: "Students coming into Singapore wanting to become trained and qualified accountants under the Singapore branded post-university examination can thereafter use their trained expertise to move into the region to provide the relevant services."
The CDAS was commissioned in 2008 by the Ministry of Finance to enhance the development of Singapore's accountancy sector.
- CNA/jy
- wong chee tat :)
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