The Singapore Government convened CFE in 2015 and in February 2017, the CFE Report was released with 7 Recommendations. In 2016, the Legal and Accounting Working Group was formed to develop vibrant and competitive legal and accounting sectors. The report was released in April 2017 with 15 recommendations under 4 key thrusts.
In 2008, the Ministry of Finance convened CDAS to review the accountancy sector’s potential for further growth. After 100 meetings with 80 stakeholder groups over 2 years, new strategies for a bold new vision of accountancy excellence were put together and released in the final report in April 2010.
A critical framework for the growth and development of accountancy excellence in Singapore.
The SAC Bill received its first reading in Parliament in November 2012. The Bill was passed at its second reading in January 2013. The Singapore Accountancy Commission (SAC) was established as a statutory body of the Singapore government in April 2013.