CPAs SINGAPORE AND ACCOUNTING PROFESSIONALS’ ECONOMIC OUTLOOK DIMS: ICPAS      Last Update - 07/05/2008

CPAs Singapore and accounting professionals are not so confident about the economic outlook for the rest of 2008. The economic outlook expressed by 64% of the respondents ranged from neutral to pessimistic and this lack of enthusiasm for the state of the economy echoes the general business and consumers sentiments. More than half of them (62%) are feeling less confident of the economy compared to the previous quarter. The reasons for the dim outlook are many. Amongst them, inflationary pressures, the credit market turmoil and the cost of labour are the most worrying factors weighing on the minds of CPAs Singapore and accounting professionals. Evidence of inflationary pressures is clear. 9 out of 10 respondents rank inflationary pressures as the top challenge for the economy, followed by credit market turmoil at 49%. Third on the list is the cost of labour with 39% of respondents choosing this as an impediment towards economy growth. All of the respondents think that the local economy would be affected by the credit market turmoil and probable U.S. recession, to varying degrees – 15% of them think it would be substantial, 65% of them think it would be moderate and 20% of them think the impact would be slight. The outlook for the hotels and restaurants, construction, healthcare as well as business services sectors remains strong. However, confidence slips in manufacturing, wholesale and retail trade as well as transport and storage sectors. Respondents do not expect much growth in employment either. 69% of the respondents expect no change in employment or less employment while the remaining 31% expect more employment. Commenting on the results, Dr Ernest Kan, ICPAS Vice-President said, ”The lukewarm sentiments are due to the uncertainty and worries ahead – mainly on the inflationary pressures and how badly would we be hit by the US downturn. I think the economy will slowdown undoubtedly. However, the impact on the different sectors will vary. Sectors like hotels and restaurants and construction are still expecting growth. These sectors are not as exposed to the US economy as sectors like manufacturing, wholesale and retail sectors, which are looking less upbeat. Hence the varying outlooks as reflected in the survey.” “Overall, there is less confidence about the Singapore economic conditions as it is bracing itself for a slowdown this year. On the other hand, Singapore has strong fundamentals. This coupled with the government’s support, such as its direct assistance to the needy to cope with the rising food prices, we should be able to ride through the turbulence,” added Dr Kan. The Business Confidence scoreboard is constructed from responses to a survey of CPAs Singapore and accounting professionals conducted between 12 March and 24 March 2008. “The survey offers an insight into what CPAs Singapore and accounting professionals, who are significant players in the business community are thinking. To keep our members in the forefront of the business developments, ICPAS will continue to roll out thought leadership programmes and provide the much needed knowledge to keep them ahead,” commented Dr Kan.

Business Confidence Survey 2008

ICPAS Partners Robert Half International in Global Salary Guide 2008      Last Update - 12/05/2008

The Institute of Certified Public Accountants of Singapore (ICPAS) and Robert Half are pleased to present the Singapore edition of the Global Financial Salary Guide 2008. The guide provides comprehensive data on average starting salaries for accounting and finance professionals in 18 countries: Australia, Belgium, Canada, Czech Republic, France, Germany, Hong Kong, Italy, Ireland, Japan, Luxembourg, New Zealand, Singapore, Spain, Switzerland, the Netherlands, United Kingdom and the United States. ICPAS is pleased to partner Robert Half International in the Salary Guide, which serves as a useful guide for employers and employees on the employment conditions, business confidence levels and recruitment trends. Robert Half has the largest global network of business contacts in the industry. Its Global Financial Salary Guide 2008 is one of many informational resources Robert Half offers the businesses and professionals it serves. Robert Half assists organisations with temporary, permanent and project staffing needs through more than 360 locations worldwide.

Robert Half Global Salary Guide 2008

ICPAS AND ICAEW TO OFFER ACA QUALIFICATION IN SINGAPORE   Last Update - 07/05/2008

The Institute of Certified Public Accountants of Singapore (ICPAS) and the Institute of Chartered Accountants in England and Wales (ICAEW) have signed a memorandum of understanding (MoU) to offer the ICAEW’s internationally recognised Associated Chartered Accountant (ACA) qualification in Singapore. The ACA, regarded worldwide as a leading financial business qualification, provides relevant and non-accounting graduates a pathway to the accounting profession. It also allows mid-year career switch for those considering accountancy as a career. More importantly, the offering of this qualification will help to address the short supply of accountants in Singapore. This agreement between the two accountancy bodies will for the first time enable ICAEW’s ACA students to study for the qualification in Singapore. The two organisations will share information and experiences, and work together to produce qualified accountants that will play an important role in the future growth of the local economy and the development of the accountancy profession internationally. As part of the strategic partnership between the two institutes, ICPAS will start ACA training from September 2008. Commenting on the MOU, Mr Tan Boen Eng, President of ICPAS said: ”As part of ICPAS strategy to enhance the talent pool in Singapore, ICPAS is pleased to be able to offer this pathway to the accountancy profession.” “We believe the ACA will provide an all-rounded training and prepare our students for the more demanding role of accounting professionals today.” Raymond Madden, Executive Director Learning and Professional Development of the ICAEW, said at the signing of the MOU in Singapore: “Singapore is becoming an increasingly important international financial centre and thus the need for highly skilled accountancy professionals with knowledge of international practices is growing. “The ACA is a challenging qualification that requires a combination of work experience and exams, producing key skills for the region’s future business growth.”

ICPAS JOINS FORCES WITH CHINESE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND TAPS ON OPPORTUNITIES IN CHINA   Last Update - 07/05/2008

The Institute of Certified Public Accountants of Singapore (ICPAS) signed an Agreement of Cooperation (AOC) with the Chinese Institute of Certified Public Accountants (CICPA) this morning in Beijing, People’s Republic of China. The signing of the AOC is for the advancement of the accounting profession, especially in relation to the maintenance and strengthening of professional and educational standards, towards the recognition of each other, as well as internationalisation of the profession. Commenting on the AOC, Mr Tan Boen Eng, President of ICPAS said, “The close relationship between ICPAS and CICPA goes as far back as 1980s. It has been a valuable relationship. We recognise that the common and strong interest both bodies shared in development of the accounting profession, should not only be maintained but enhanced.” The two national accountancy bodies will cooperate in areas like training and professional development activities. Continuing Professional Education, run jointly or individually by either ICPAS or CICPA will be mutually recognised. This gives the accounting professional more options in terms of scope. “China is now an economy super powerhouse. Being a big country with economy power, there are certainly many things one can learn from China’s success story. CICPA has played a significant role in the accounting world. As such, ICPAS looks forward to working closely with CICPA to map out concrete steps to see that this agreement bears fruits,” added Mr Tan.