ISCA collaborated with local and global institutions to undertake research on business and accounting issues that impact the accountancy landscape.
The ISCA-NUS Enhanced Auditor’s Report Survey 2014 sought the views of various stakeholders on the proposed revisions to the auditor’s report. The findings will be useful in guiding the formulation of future ISCA initiatives to raise the level of awareness of the changes to the auditor’s report as well as address potential implementation issues.
ISCA’s annual Pre-Budget Survey and Roundtable continues to gather insights and feedback from the accounting community and business leaders on their business outlook and Singapore Budget related matters. As the voice of the profession, ISCA submitted key points to the government for consideration. The findings and feedback also provided helpful insights to policymakers, the business and accounting community, and other stakeholders.
ISCA collaborated jointly with Singapore Institute of Directors (SID) in an inaugural study of board directorships of SGX-listed entities and the corporate governance aspects of these entities. This study was a successful multi-party collaboration between ISCA, SID, National University of Singapore, Nanyang Technological University, Handshakes and Deloitte. The study, supported by SGX, offered insights regarding board structure and composition, board tenure, board remuneration, board meetings, gender diversity, multiple directorships and other aspects of the Code of Corporate Governance 2012. The findings were presented at a forum with a distinguished panel of experts to discuss pertinent board and corporate governance matters for board directors and C-Suite executives.
Faced with a tightening labour supply, raising productivity is important to Singapore businesses. To understand the impact on accounting and finance functions of businesses, ISCA collaborated with Robert Half to survey over 550 senior finance executives in Singapore and the region, namely Hong Kong, China (Shanghai) and Japan, to understand where their focus lay regarding enhancing productivity of their functional units or departments.
ISCA is committed to playing a key role in shaping and influencing the corporate reporting landscape.
Singapore is the first country in the region to establish an Integrated Reporting (<IR>) Steering Committee. The <IR> Steering Committee was set up by ISCA with the first meeting held in April 2014. The Committee brings together government agencies, industry leaders, investors and the academics to provide insight, learning, and research to promote <IR> adoption.
The Steering Committee has established five work groups. One of these work groups is Asia’s first <IR> Business Network, which has more than 10 of Singapore’s leading companies participating in peer-to-peer-learning and knowledge sharing on how to best approach <IR>. Singapore shared its experience of establishing an <IR> Steering Committee at the ASEAN Federation of Accountants conference in June 2014.
The <IR> Steering Committee members and ISCA senior management and staff, met up with Mr Paul Druckman, CEO of the International Integrated Reporting Countil (IIRC)
The commitment to <IR> yielded Asia’s first <IR> roundtable in 2013 and <IR> Forum in 2014 organised by ISCA in Singapore, which were attended by representatives from other accountancy bodies in the region.
Building upon ISCA’s initiatives to champion integrated reporting (<IR>), ISCA and NUS conducted an Integrated Reporting Survey in 2014 to understand the level of awareness of <IR> and how it is perceived among users of financial statements as an emerging form of corporate reporting in Singapore.
Going forward, the Steering Committee, work groups and members will continue to further raise awareness of <IR> as the future of better corporate reporting.