The Jet Age represents a rapid and profound change in military and commercial aviation, with the development of turbine engine-powered aircraft making travel faster, easier and more efficient. Air travel has become more accessible, the world more navigable, and the global economy more dynamic.
In a changing world shaped by technological advancements, ISCA strives to share insights on latest issues and trends with the accountancy profession.
The Institute frequently publishes reports and thought leadership articles that shed light on trends and issues facing the profession. At the same time, it frequently collaborates with the private sector and government agencies on a range of research initiatives and events on topics of interest to our members to deal with these challenges.
ISCA’s Pre-Budget Roundtable brings together business luminaries and industry leaders from the accountancy profession, trade associations and chambers, and academia to discuss and provide recommendations on the annual Singapore Budget. It serves as a platform for the accounting profession and the business community to highlight issues of concern and to communicate their wishlist for the Singapore Budget to the Ministry of Finance.
The theme of the ISCA Pre-Budget Roundtable 2017, held for the eighth year running on 11 January 2017, was “Advancing Our Future: Adapt. Innovate. Change.” Chaired by Mr Liang Eng Hwa, Chairman of the Government Parliamentary Committee for Finance, Trade & Industry, and ISCA President Dr Gerard Ee, the roundtable brought together leaders of trade bodies, accounting firms and C-suite executives. The roundtable also provided a platform to gather the views and insights of industry players on how Singapore can advance its future. ISCA also conducted a post-Budget focus group discussion in February 2017 to provide feedback to the Ministry of Finance for consideration during the Committee of Supply debates.
ISCA collaborated with ICAEW on the publication Our Future Together: Future of Professional Learning & Entrepreneurship, a project between the two partners to provide insights on trends impacting the future of accountancy.
The publication launch event was held on 4 April 2017 at the Marina Bay Sands Expo and Convention Centre. Ms Indranee Rajah, Senior Minister of State for Law and Finance, delivered the keynote address and shared her perspectives on the future of learning and entrepreneurship. The publication and launch event were aligned with ISCA’s strategic priorities to advance the accountancy profession as well as to promote dialogue and understanding among our members.
On 16 May 2017, ISCA organised a discussion on blockchain technology with IBM Blockchain Lab & IBM Bluemix Garage ASEAN Practice Lead Mr Alan Lim at the “Digital Disruptors – Movers and Shakers Within the Finance and Accountancy Ecosystem” seminar organised by IE Singapore.
The joint ISCA-IBM publication Blockchain: Re-imagining Multi-Party Transactions for Businesses, which focuses on how blockchain can be applied to businesses especially in highly regulated industries like financial services, was launched at the event. The publication described some of the key concepts in blockchain for businesses, potential use cases, and considerations for adopting the technology.
Examining Technology’s Impact on the Profession
ISCA raised awareness on digital trends and their impact on businesses and the accounting profession with its two-part article series in the IS Chartered Accountant journal. The articles, “Data Analytics and Accounting” and “Data Analytics: A Boon for Auditors”, were co-authored with Mr James Larmer, PwC’s Southeast Asia Data & Analytics Leader.
On 24 June 2017, the Institute also submitted an op-ed in The Straits Times titled “Why Robots Won’t Steal Accountants’ Jobs” to dispel fears that technological advancements will make accountants obsolete.
An article about PayNow and cashless payments in Singapore was also published in the October issue of theIS Chartered Accountant journal.
In August 2017, ISCA took the lead in voicing the profession’s views on technology-related issues by submitting a comment letter on the government’s draft Cybersecurity Bill.
Venturing Beyond Borders: Managing Risks Effectively details the internationalisation story of four Singapore companies and how they approached risks when expanding into overseas markets.
The publication was launched on 27 October 2017 at a half-day event supported by IE Singapore, during which an engaging discussion on the opportunities, challenges and risks of internationalisation—particularly in ASEAN—was facilitated.
The publication and launch event are part of ISCA’s efforts to encourage local enterprises to internationalise, and raise awareness about the importance of risk management during the internationalisation journey.