MOF announces details of new professional accountancy designation

SINGAPORE - Singapore's Ministry of Finance (MOF) announced on Monday that it has accepted the Pro-Tem Singapore Accountancy Council's recommendations on the transitional arrangements relating to the Chartered Accountant of Singapore (CA Singapore) professional accountancy designation.

In a press release, MOF said that the current Certified Public Accountant of Singapore (CPA Singapore) designation will be replaced with CA Singapore, and Institute of Certified Public Accountants (ICPAS) will confer the new designation.

Candidates who successfully complete the Singapore Qualification Programme nd have acquired the relevant working experience will be conferred the CA Singapore designation.

This change will raise the capabilities of the accountancy profession and pave the way for further mutual recognition with leading international jurisdictions, as well as open up overseas practising opportunities for Chartered Accountants of Singapore.

The transitional arrangements for three main groups of stakeholders are highlighted below:

All existing CPA Singapore holders will be automatically converted to the CA Singapore designation in July 2013.

Students who have matriculated in 2012 or earlier will be given until Dec 31, 2016 to complete their studies and the ICPAS examination to be eligible to be automatically converted to the CA Singapore designation.

Students who are unable to meet the Dec 31, 2016 deadline will be required to complete the Singapore QP to qualify for the CA Singapore designation.

Singaporeans who are accepted into the accountancy degree programmes and are serving their full-time National Service will be given up till Dec 31, 2018 to complete the ICPAS examination.

Holders of recognised professional qualifications, including full members of Association of Chartered Certified Accountants (ACCA) and CPA Australia have until Dec 31, 2016 to complete the ICPAS examination to be eligible for the CA Singapore designation.