ACCA (the Association of Chartered Certified Accountants), the Institute of Certified Public Accountants of Singapore (ICPAS) and the Singapore Accountancy Commission (SAC) signed a Letter of Intent (LOI) today to explore routes to reciprocal membership between the members of ACCA and ICPAS, a designated entity appointed under the Singapore Accountancy Commission Act to confer the new professional designation Chartered Accountant of Singapore, on behalf of SAC.
The letter is the first step towards potential reciprocity for members of ACCA and ICPAS. A reciprocity agreement would mean that members of one body would more easily be able to become members of the other, subject to members meeting the conditions of the agreement.
Uantchern Loh, Chief Executive, SAC said: “The SAC is pleased to expand its relationship with ACCA, a global accountancy body with a long and rich history. The collaboration is aligned to SAC’s objective of working with local and international communities to drive accountancy excellence in Singapore through talent development, professional qualification, research and thought leadership.”
Helen Brand, Chief Executive, ACCA said: “ACCA shares the strategic vision with SAC and ICPAS of advancing the accountancy profession in Singapore as it aspires towards becoming a leading global accountancy hub for the Asia Pacific region. This letter of intent underscores our commitment to work closely with the SAC and ICPAS to uplift the profession; and expresses our keen interest to enter into a Reciprocal Membership Agreement (RMA) with ICPAS, under SAC’s oversight.”
Lee Fook Chiew, Chief Executive Officer, ICPAS, said,“We are pleased to collaborate with a global accountancy body like ACCA to explore avenues for reciprocity. The letter of intent brings opportunities for the Chartered Accountant of Singapore designation to gain greater recognition globally, which will spell enhanced career portability and development for our members. This arrangement is also in line with ICPAS’ vision to be a globally recognised professional accountancy body, bringing value to our members, the profession and the wider community.”
Leong Soo Yee, Head, ACCA Singapore, said: “The ACCA Qualification today enjoys worldwide recognition and is globally relevant because of our proven reputation for quality and excellence. All ACCA members go through a comprehensive process of training which includes 36 months of practical experience, prior to qualifying. The presence of ACCA members in the local accounting profession adds to the diversity and vibrancy of the profession and the accountancy services sector”.
ACCA is the world’s largest and fastest-growing global professional accountancy body with 154,000 members and 432,000 students in 170 countries. The ACCA syllabus has been recognised by the United Nations as a global benchmark for the education of accountants and finance professionals all over the world.