CHAPTER 6: TAKING FLIGHT

In an increasingly globalised business world, ISCA having a strong brand identity internationally translates into enhanced professional recognition for our members. Throughout 2022, ISCA strengthened our connections with global bodies and other professional accountancy organisations.

Engagements with professional organisations in different markets enable ISCA and our members to shore up our knowledge bank with new perspectives, ideas, and best practices. With a deeper appreciation of each market’s differences, members can explore ways to promote their services or advance their careers in a globalised environment. Through mutual understanding and greater collaboration, the accountancy bodies can collectively advocate for the profession and influence policy.

We will continue to raise our global visbility and heighten our engagement with regional and international accountancy bodies, facilitating a smooth flight for our members as they take their careers and businesses international.

 

RENEWED RECIPROCAL MEMBERSHIP AGREEMENTS

In 2022, ISCA renewed the reciprocal membership agreements with ICAEW, ICAS and CAI. These reciprocal membership agreements provide international recognition, career portability and opportunities for our members.

MOU WITH ICAEW
ISCA and ICAEW signed an MoU to drive greater collaboration between the two institutions and create greater value for their members.
ICAEW
STRENGTHENING TIES WITH PROFESSIONAL ACCOUNTANCY BODIES
Accountancy Bodies
Throughout 2022, ISCA hosted delegations from organisations including CA ANZ, ICAI, AFA and the Federation of Accounting Professions. We also met representatives from ACCA, CPA Australia, and JICPA. These meetings gave us the opportunity to exchange views and share developments affecting the accountancy profession across markets.
BUSINESS MISSION TO JAKARTA

With a strong economic growth trajectory in 2023 and robust domestic demand, Indonesia is attracting interest among the Singapore business and accounting community. As our SMP members were keen to tap Indonesia’s market potential of growth, ISCA led a delegation of 15 SMP practitioners to Jakarta, Indonesia on a three-day business study mission from 29 November to 1 December 2022.

The practitioners enjoyed the conversations with the Indonesian professionals, including an economist and subject experts from legal and corporate secretarial firms. They exchanged views about the economic climate, accounting and tax regulations, and discussed various business challenges and opportunities.

ISCA also caught up with members of the Singapore Chamber of Commerce Indonesia and the Indonesian Chamber of Commerce and Industry over a networking dinner. We also connected with the firms there to tap their knowledge on the business landscape and culture and explore potential opportunities.

Indonesia
CAW BOARD MEETING
CAW Board
ISCA CEO Ms Fann Kor, a CAW Board member, attended CAW’s meeting in London in May 2022. The CAW Board Meeting fostered discussions on topics including developments in the accountancy profession, progress of CAW initiatives, as well as matters on governance and budgeting.
WORLD CONGRESS OF ACCOUNTANTS
At the World Congress of Accountants (WCOA) 2022 in Mumbai, India, in November, ISCA representatives gained knowledge on the latest developments in the accountancy profession, built connections and shared insights with leaders in the regional and international accountancy community. In addition, our discussions with other professional accountancy bodies paved the way for more collaboration opportunities for the benefit of our respective members.
World Congress
UNCTAD CONSULTATIVE GROUP MEETING
UNCTAD

In March 2022, ISCA’s Immediate Past President Mr Kon Yin Tong spoke at the United Nations Conference on Trade and Development (UNCTAD) - Consultative Group meeting on national infrastructure for high-quality sustainability reporting.

Mr Kon’s sharing contributed towards UNCTAD’s development of a policy recommendations document that complemented UNCTAD’s sustainability/ Sustainable Development Goals reporting toolkit.

AFA IFAC SMO WORKSHOP

Ms Fua Qiu Lin, ISCA Divisional Director (Members and Stakeholders Engagement), represented ISCA at the AFA IFAC Statement of Membership Obligations (SMO) workshop held in April 2022. Ms Fua shared about the accounting standards for statutory boards in Singapore, and how ISCA supported our members in the public sector.

The AFA IFAC SMO Workshop series is a platform for AFA’s member organisations to share and learn, as well as identify opportunities for collaboration towards strengthening our collective capacity as the ASEAN accountancy profession.

AFA IFAC SMO
WEBINAR HOSTED BY IFAC AND JEJU GROUP ON REPORTING AND ASSURANCE OF SUSTAINABILITY INFORMATION
Webinar

Mr Lee Dah Khang, Member of ISCA Sustainability and Climate Change Committee, and Director of Yang Lee & Associates, spoke at the webinar, “State of Play – Reporting and Assurance of Sustainability Information”, jointly hosted by the IFAC and the Jeju Group.

The webinar provided an update on IFAC’s State of Play, a comprehensive survey of the current landscape regarding sustainability disclosure and assurance. Mr Lee gave an overview of Singapore’s sustainability reporting assurance landscape and provided an update on key developments in this area for Singapore companies.

IFAC AND WORLD BANK GLOBAL QUALITY MANAGEMENT PAO KNOWLEDGE EXCHANGE
At the IFAC and World Bank Global Quality Management PAO Knowledge Exchange, ISCA Divisional Director (Members and Stakeholders Engagement) Ms Fua Qiu Lin shared ISCA’s experience in supporting members with the adoption and implementation of quality management standards.
PAO
JEJU GROUP WEBINAR ON ISSB EXPOSURE DRAFTS
Jeju

Ms Fang Eu-Lin, Deputy Chairperson of ISCA Sustainability and Climate Change Committee, and Partner and Sustainability and Climate Change Practice Leader of PwC Singapore, participated in a Jeju Group Webinar in June 2022 regarding Exposure Drafts (EDs) on the general requirements for disclosure of sustainability-related financial information and climate-related disclosures issued by the ISSB.

Ms Fang commented on the EDs and engaged the ISSB speakers on the progress of the ISSB’s MoU with the Global Reporting Initiative (GRI) and the interoperability of the IFRS Sustainability Disclosure Standards with the GRI’s standards.

IESBA VIRTUAL PANEL DISCUSSION ON ADOPTING AND IMPLEMENTING OF NEW IESBA PUBLIC INTEREST ENTITY DEFINITION

Ms Caroline Lee, Chairperson of the ISCA Ethics Committee’s PIE Working Group, Immediate Past Deputy Chair of IESBA and Partner of KPMG Singapore, participated at the Virtual Panel Discussion “Adopting and Implementing the New IESBA Public Interest Entity (PIE) Definition”.

This virtual discussion is part of a series to assist local bodies with adopting and implementing the new PIE provisions released by IESBA. The discussion was jointly hosted by IFAC, IESBA and AFA in October 2022.

Ms Lee shared Singapore’s experience in clarifying the new definitions of PIE through engagement with the regulators and addressed commonly-asked questions on implementing the new PIE provisions.

IESBA
ISCA COUNCIL MEMBER APPOINTED AS AFA TREASURER
AFA Treasurer

Mr Lim Yeong Seng, ISCA Council Member, was appointed as Treasurer of AFA in July 2022. AFA is a regional accountancy group comprising primary members from 10 ASEAN countries and 10 associate members from other recognised accountancy bodies.

Mr Lim was a member of ISCA’s Investigation and Disciplinary Panel from 2013 to March 2022 and is a current member of ISCA’s Public Accounting Practice Committee.