WEALTHBRIDGE GUIDES:

Accounting Bodies in Singapore

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Singapore Accounting Bodies (ISCA and ACCA)

Singapore is well aware of the need of professional accountants in its organizations to boost the economy. This has to be through ensuring well utilization of resources, therefore making well-equipped accountants a necessity. For that reason, there is an agency that spearheads the significant accounting sector, known as Singapore Accountancy Commision. The commission is tirelessly working to ensure skilled accountants are produced by the help of Singapore Accounting bodies, for instance, ISCA and ACCA.

Institute of Singapore Accountants(ISCA)

ISCA is Singapore’s leading national accountancy body, established in 1963. It has the vision to be a worldwide recognized professional accountancy body, thus adding value to its members, wider community and profession.

ISCA Membership

With a membership of at least 28,000 members, ISCA is one of the best Singapore Accounting Bodies. Every professional accountant will relentlessly strive to join it. However, to become a member, there are classes that have to be undertaken. They are categorized into;

1. Associate (ISCA)

2. Fellow Chartered Accountant of Singapore (FCA Singapore)

3. Chartered Accountant of Singapore (CA Singapore)

4. Affiliate (ISCA) or Accredited Accounting Technician Singapore

Other membership classes can be categorized as below;

• Life Member

• Member in Retirement

• CA (Singapore) public accountant

In case you are yearning to be a Chartered Accountant in Singapore, you need to;

• Meet the current membership requirements in accordance with CA Qualification Framework to be confirmed as a CA in Singapore.

• Ascertain if indeed you meet the set conditions of Transitional Arrangements within the right timeframe before proceeding to Associate of ISCA application.

ACCA

This is one of the world’s most efficient professional accountancy body. ACCA is tirelessly focused on fostering and equipping professional accountants thus ensuring transparency in the society.

As a result, many organizations in Singapore trust ACCA as one of the best Singapore Accounting Body. ACCA members will easily be employed by Singapore’s leading firms, this is because their skills are urgently needed.

ACCA Members

It has at least 200,000 fully skilled members and about 486,000 Students all over the world. These members are among most sought-after and best-qualified accountants in the world. When these accountants are incorporated into Singapore economy, there will be enhanced transparency in the organizations in which they render their services.

How to Join ACCA

ACCA being among the best Singapore Accounting Bodies, no Accountant wishing to be a professional will not hesitate to join it. However, before joining, there are some requirements you need to meet. In order to finish your application, you have to submit the following.

• A copy of passport size photograph

• Proof of your qualifications, for instance copies of your certificates

• Your identity documents

Once the application program is over, you will have to take the available classes. These classes will equip you with skills to combat any accounting challenges. You will graduate not only as a skilled accountant but also as a professional who highly upholds integrity and ethics.

ACCA and ISCA being the best Singapore Accounting Bodies signed a partnership to ensure improved and enhanced service delivery. This is in a bid to foster the efficiency of Singapore’s Accountancy Sector, converting it into a world greatest accountancy center.

In this partnership, both ISCA and ACCA will join forces on cooperative initiatives that will;

• Gives students work-readiness aids and enhanced career opportunities via regional internships, scholarships, collaborations and career guidance that will lead to strategic thinking.

• Improves professional progression of aspiring accountants.

Some of the important joint initiatives are;

1. Enhancing professional progression

• They will collaborate on the important level of ACCA qualification.

• Students that clear fundamental level papers will graduate with an ACCA-ISCA Advanced Diploma in Accounting and Business.

• Contribute local knowledge in the relevant papers.

• They will give students a basis to get ACCA professional or other professional accountancy qualifications.

2. Providing Work-readiness Skills and amplified opportunities for students

• Career talks and fairs-will inform students on various careers in the accounting field.

• Collaborations-will equip students with long-lasting strategic thinking to combat any future accounting challenges.

• Offering scholarships and joint prizes to smart students.

• Internship programs-gives students accounting practical work.

Conclusion

ISCA and ACCA being best Singapore Accounting bodies have gone a long way to improving the status of accounting in this country. Now it is easier to find competent chartered accountants, who provide efficient services. As a result, transparency and integrity are taking center stage of every organization.

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