1. The Changing Landscape of Accounting in Asia in the next 10 years
~ Singapore Perspective ~
25 November 2016
Dr SzeKee Koh
Associate Professor & Programme Director (Accountancy)

2. Changes in Regulatory Environment
How has the accounting profession changed in Singapore?
Changes in Regulatory Environment
Est. April 2013
Published, April 2010

3. Changes in Professional Accountants Qualification
How has the accounting profession changed in Singapore?
Changes in Professional Accountants Qualification
SAC’s Goals
“To transform Singapore into a leading global accountancy hub for the Asia-Pacific region by 2020.”
“Overseeing the accountancy sector’s strategic direction and ensuring the efficient and effective use of incentive programmes to develop the sector”
“Establishing a strong network between Singapore and the international accountancy community and stakeholders; and fostering thought-leadership, research and development activities for accountancy services and their related fields.”

4. Changes in Accounting Profession Business Environment
How has the accounting profession changed in Singapore?
Changes in Accounting Profession Business Environment
In 2010, the direct contribution of the Accounting sector to Singapore GDP was about 0.36%. The sector generated more than S$1.3b in annual operating receipts at a CAGR of 6% with services exports making up 24% of this figure

5. Changes in Accounting Profession Business Environment
How has the accounting profession changed in Singapore?
Changes in Accounting Profession Business Environment
SAC’s Accountancy Sector Research Centre #AEcensus2015

6. Changes in Accounting Profession Business Environment
How has the accounting profession changed in Singapore?
Changes in Accounting Profession Business Environment
Legislative amendments to the Company Act: Audit exemption for small companies
Offshore transactional Accounting & Finance roles to lower cost countries

7. Changes in Accounting Profession Business Environment
How has the accounting profession changed in Singapore?
Changes in Accounting Profession Business Environment
Technological Disruptions
Establishment of AEC

8. Moving forward … Financial Advisory for M&As
Corporate restructuring and risk management
Cyber Risk, forensic technology and Analytical services
Talent Search

9. Moving forward …

10. Compliance fees will plummet Expanding practices into AEC
Moving forward …
Compliance fees will plummet
Expanding practices into AEC

11. Singapore’s New University

12. Industry Advisory Committee (IAC)

13. Management Accounting
SIT’s Accountancy Programme …
Year 4 : Focus Areas
Year 1 Business Core
Year 2 Accounting Core
Year 3 Accounting Core
Applied Finance
Audit
Corporate Accounting
Management Accounting
Taxation

14. Real industry work experience …

15. Essential Skills for the new generation of Accountants
New generation of Accountants need to be able to adapt to the constant changing business practices and environment – “lifelong learning, unlearning and relearning”
The enhancement modules are embedded into the Programme– career development skills, writing and communication skills, art of asking questions, data analytic skills, data management skills, design thinking skills etc.

16. Essential Skills for the new generation of Accountants
Acquire near real world business transactions experience without assuming real-world risk – using real financial data for simulated business transactions
Business Strategy Simulation – career development skills, writing and communication skills, art of asking questions, data analytic skills, data management skills etc.

17. Regional Exposure to Accounting Practice (REAP)
Study trips to the region
Interactions with students from overseas institutions
Interactions with industry professionals
Exposure to social, cultural and economic nuances
Visiting Professors
Presentation seminars
Interactions with SIT student
ic nuances

18. The accounting landscape is undergoing many positive changes as Singapore gears up to become an accounting hub by 2020.
The accountant of the future will need to have an innovative, adaptable and cross-borders mindset to manage the challenges that arise as a result of technology and globalisation.
There will still be demand for accounting and finance talents but the skillsets required to stay ahead will change.