CA (Singapore) Transitional Arrangements
The Singapore Accountancy Commission is pleased to release the transitional arrangements which will apply for stakeholders in the accountancy community who will be impacted by the introduction of the Chartered Accountant of Singapore [CA (Singapore)] professional designation under the Singapore Accountancy Commission Act 2013 as well as the forthcoming launch of the Singapore Qualification Programme (Singapore QP) in June 2013.
The Pro-Tem Singapore Accountancy Council (“Pro-Tem SAC”), the predecessor to the Singapore Accountancy Commission, established the Singapore QP Transitional Panel (“Transitional Panel”) to review, deliberate and make recommendations on the transitional arrangements which need to be put in place for the various stakeholders. The stakeholders that fell under the scope of the review were:
- Accountancy students and graduates from the 3 local autonomous universities (Nanyang Technological University, Singapore Management University, National University of Singapore), as well as SIM University;
- Members of the Institute of Singapore Chartered Accountants (ISCA);
- Students and graduates of the ISCA Professional Examination;
- Holders of professional qualifications recognised by ISCA as well as members and students of professional accountancy bodies with mutual recognition agreements with ISCA; and
- Public Accountants.
The Pro-Tem SAC’s recommendations were borne from extensive consultation with these stakeholders. The Ministry of Finance has accepted all the recommendations submitted by the Pro-Tem SAC which have been set out as Arrangements 1-18 in this brochure.
The 18 transitional arrangements establish what affected stakeholders need to fufil in order to qualify as a CA (Singapore) within the specified timelines. A comprehensive list of Frequently Asked Questions has also been included to provide greater clarity on how the transitional arrangements will apply to the various stakeholders.
It is to be noted that there is a difference between the CA (Singapore) designation conferred on stakeholders under the transition arrangements as compared to candidates who complete the Singapore QP. The distinction between the two groups would be through one's eligibility for reciprocal recognition with other professional accountancy qualifications.
To date, the SAC has signed Letters of Intent (LOI) with professional accountancy bodies such as ICAEW, CPA Australia and ACCA, with a view towards establishing reciprocity membership agreements (RMAs) at an appropriate time in the near future. It is envisaged that only Candidates who acquire the CA (Singapore) designation through successful completion of the Singapore QP would come under the scope of the RMAs.