THE Institute of Singapore Chartered Accountants (ISCA) plays a key role in promoting effective financial reporting in the accountancy profession. It collaborates with key stakeholders on various initiatives to enhance the quality of financial reporting.
This year, the body is working with the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore CFO Institute to organise outreach forums on enhancing the quality of financial reporting for CFOs who are integral to communicating quality financial information to investors. It is also collaborating with ASC to facilitate the smooth transition from SFRS to the new accounting framework under IFRS.
In addition to promoting effective financial reporting, sustainability reporting is also an area of priority for ISCA. The institute has set up a Corporate Reporting Committee to focus on issues in implementing sustainability reporting. Its initiatives to educate preparers include an upcoming joint forum with the Singapore Exchange on sustainability reporting and a quality framework to provide guidance on its effective implementation.
"As the national accountancy body, we provide technical support to our members, and communicate timely insights and views on accounting issues to the wider accounting community," said Gerard Ee, president of ISCA.
"To keep the profession updated on latest developments, the institute constantly identifies emerging accounting issues and proactively addresses implementation challenges relating to new accounting developments. ISCA's various committees and working groups have a wide representation that includes preparers, practitioners, and regulators. This allows us to hear from the ground, ensuring that our initiatives continue to be relevant and impactful," he said.