Accounting

Deloitte’s Lee Boon Teck succeeds Teo Ser Luck as president of Singapore’s national accounting body

New president says focus now is to ensure that every member can see and feel the difference Isca makes

Accounting requires judgment, context and interpretation; this is why automation in the sector is progressing more gradually, the writer says.

Why only accountants can save accountants from AI

Those in the field must develop the skills and confidence to work effectively with artificial intelligence

Singapore-listed companies are making progress on climate scenario analysis, but key gaps remain, a study finds.
ESG INSIGHTS

Issue 190: Scenario gap in climate disclosures; sustainable finance and energy security

This week in ESG: Review finds progress in Singapore-listed companies’ climate reporting; sustainable finance critical to energy resilience for Singapore

Teo, who has been president of Singapore’s national accounting body since April 2022, is in the final stretch of his four-year tenure and will step down in April due to term limits.

No heir apparent: Isca president Teo Ser Luck says successor must earn the role, not be groomed

Election process is designed to be a ‘more democratic’ system where members ‘have a voice’, he adds

Banks in the US, Britain and Europe have been pushing for the ability to take more risks, aimed at ensuring they maintain adequate capital levels, are now hindering growth.

Global accounting body IASB consults on new model for assessing bank risks

The model will attempt to replace a transaction-driven view of how banks manage interest rate risks

The model would be optional and would sit alongside existing rules, rather than replace them.

How banks handle interest rate swings may soon be clearer to investors

Newly proposed rules by International Accounting Standards Board centre on new Risk Mitigation Accounting model

Additional focus areas include tariff-related issues such as impairment risks, cost and expenditure assumptions, and customer creditworthiness.

Acra wants boards to scrutinise the numbers ahead of FY2025 reporting

This call to action comes amid the global economic uncertainties from trade and tariff-related risks

The Big 4 accounting firms continued to account for about 70% of the sector's total revenue in 2024.

Big 4 accounting firms drive nearly half of sector’s total revenue growth in 2024: survey

The sector continues to hire, and expects to grow its workforce by opening up more than 1,500 positions

Second Minister for Finance Indranee Rajah says enrolments in the Singapore Chartered Accountants Qualification have more than trebled since 2022.

New accountancy pathways for ITE graduates; free AI training for accountants: Indranee

National accountancy body also launches climate and social-impact reporting guidelines

For accountants willing to embrace new skills, adapt to emerging technologies, and bring human insight to increasingly data-driven environments, the future is not one of reduced relevance, but greater impact.
 STRATEGY SPOTLIGHT

Future-proofing accountants in an AI-driven world

Far from replacing accountants, artificial intelligence is creating opportunities for the profession to evolve into more strategic, analytical, and trusted advisory roles