2014 - April
- The Next Phase of Evolution for Corporate Reporting
24 Apr 2014 Category: Media Releases
Singapore, 24 April 2014 (Thursday) – The Singapore Accountancy Commission (SAC) organised an Integrated Reporting <IR> forum on 22 April 2014. The Institute of Singapore Chartered Accountants (ISCA) was SAC’s strategic partner for the forum.
2. The forum was well attended by more than 120 participants from the accountancy and corporate reporting sectors in Singapore. These included professional accountancy bodies and industry organisations, regulators, business corporates, investors associations, investment firms, universities, public accounting entities and government agencies.
3. In his welcome address, Mr. Michael Lim, Chairman of the Singapore Accountancy Commission, outlined three macro-level strategic drivers to position Singapore into the hub of <IR> for South East Asia. The strategies are:
(a) to promote Integrated Reporting in Singapore and regionally;
(b) to be an influential and authoritative thought leader in Integrated Reporting; and
(c) to be a leading Integrated Reporting knowledge and resource centre.
4. Dr Ernest Kan, Chairman of the ISCA <IR> Steering Committee, shared with the audience the recent establishment of an <IR> Steering Committee and the various workgroups tasked to champion research and thought leadership, promotion and adoption of <IR>, creation of a business network to support <IR> adopters, stakeholder engagement, as well as recognition of early adopters of <IR>.
5. Mr. Paul Druckman, Chief Executive Officer of the International Integrated Reporting Council (IIRC), delivered the keynote address at the forum. He encouraged Singapore businesses to adopt the framework, which was released in December 2013, and provided evidence of early adoption from different jurisdictions and sectors around the world. These businesses are benefiting from more cohesive and concise reporting, as well as integrated thinking which is driving internal behavioural change, the breakdown of silos and greater efficiency in the reporting process.
6. The forum also featured presentations by academics from National University of Singapore (Dr Vincent Chen) and Nanyang Technological University (Professor Gillian Yeo) on their respective research relating to <IR>. Dr Chen’s presentation laid out guidelines on how the risks and opportunities of a company should be disclosed within an Integrated Report. It also included a benchmark analysis that shows the extent of disclosure of risks and opportunities in the annual reports of the STI 30 firms. Professor Yeo presented her findings on the association between <IR> and Corporate Valuation and addressed whether equity investors value Integrated Reporting. This research revealed a positive correlation between <IR> and corporate valuations.
7. The forum also featured a panel discussion consisting of business leaders representing the various stakeholder groups – investors, preparers, business corporates, the national professional accountancy body, and the international body of the Integrated Reporting framework. The panel session was moderated by Mr Uantchern Loh, Chief Executive of SAC. The panel had an engaging and robust discussion on the challenges and drivers of promoting and implementing <IR>, as well as the future priorities of the IIRC.
8. Commenting on the forum, Mr. Michael Lim, Chairman of the SAC said, “The SAC has laid out three macro-level strategic drivers to position Singapore into the hub of <IR> for South East Asia. The SAC, together with key stakeholders in Singapore with an interest in <IR>, in particular, the ISCA <IR> Steering Committee, can play a strategic role in the promotion of <IR> in Singapore and the region. The emergence and evolution of <IR> as the new norm for corporate reporting, coupled with SAC’s ongoing efforts to transform the accountancy sector would contribute and complement Singapore’s vision to become the leading Global-Asia financial and business hub.”
9. Dr. Ernest Kan, Chairman of the ISCA <IR> Steering Committee, said, “It is clear from Tuesday’s forum that <IR> is a national agenda where developments in the corporate reporting landscape can have potential impact on local and regional businesses. Michael Lim, the Chair of SAC, has highlighted three macro-level strategic thrusts contained in their <IR> roadmap. ISCA, as the national accountancy body, will continue to be SAC's strategic collaborator to advance this national agenda of positioning Singapore as the hub of <IR> for South East Asia. This is certainly possible with the integrated collaboration of all the key stakeholders being represented on the ISCA <IR> Steering Committee.”
10. Mr. Paul Druckman, CEO of the IIRC said, “Integrated Reporting will bring practical benefits to businesses, as well as increasing their attractiveness to international capital and a long-term investor base. I am delighted by the collaborative and inclusive approach, led by SAC and ISCA, to bring about this transformative change in corporate reporting, grounded in evidence and best practice, which will do so much to enhance Singapore’s reputation as a global financial and business centre”.
Established in April 2013 as a statutory body of the Singapore Government, the Singapore Accountancy Commission (SAC) is the lead agency in spearheading the development of the accountancy sector in Singapore.
The SAC’s Vision is for Singapore to be the Leading Global Accountancy Hub. This will be achieved through developing for Singapore a vibrant accountancy sector that enables the economy to grow, businesses to thrive and talent to flourish. In fulfilling this mission, the SAC seeks to uphold the values of being relevant, insightful, collaborative and advocative.
For more information, please visit www.sac.gov.sg
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community.
Established in 1963, ISCA shapes the regional accountancy landscape through advocating the interests of the profession. Possessing a Global Mindset, with Asian Insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards Singapore’s transformation into a global accountancy hub. Our stakeholders include government and industry bodies, employers, educators, and the public.
ISCA is the Administrator of the Singapore Qualification Programme (Singapore QP) and the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation.
It aims to raise the international profile of the Singapore QP, a post-university professional accountancy qualification programme and promote it as the educational pathway of choice for professional accountants seeking to achieve the CA (Singapore) designation, a prestigious title that is expected attain global recognition and portability.
There are about 28,000 ISCA members making their stride in businesses across industries in Singapore and around the world.
For more information, please visit www.isca.org.sg.
The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. Together, this coalition shares the view that communication about businesses’ value creation should be the next step in the evolution of corporate reporting. A link to the International Integrated Reporting Framework can be found here.
For media queries, please contact:
Director, Community Building, Singapore Accountancy Commission
DID: 6325 0516
Deputy Director, Corporate Communications, Institute of Singapore Chartered Accountants
DID: 6597 5502
Senior Communications Manager
International Integrated Reporting Council
DID: +44 (0) 207 504 2570