 | This article contains content that is written like an advertisement .(December 2021) |
 | |
| Abbreviation | ISCA |
|---|---|
| Formation | 24 June 1963 |
| Headquarters | Singapore |
Membership |  33,000 |
President | Teo Ser Luck |
Vice Presidents | Mohammad Shariq Sayeed Barmaky Yiong Yim Ming |
Chief Executive Officer | Fann Kor |
| Website | www |
Formerly called |
|
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. It was established in 1963 and has over 33,000 members.
Currently, the Singapore Public Accountants Oversight Committee (PAOC) of the Accounting and Corporate Regulatory Authority, [1] established under the Accountants Act to determine, prescribe and review the requirements to be satisfied by people seeking to be registered as public accountants in Singapore, will not register any person as a public accountant unless the person is a member of ISCA. [2]
The Singapore Government has plans to develop Singapore into a global accountancy hub, as outlined in recommendations by the Committee to Develop the Accountancy Sector (CDAS). With the Ministry of Finance having approved CDAS' recommendations, plans are underway for ISCA to transform into a global professional accountancy body. ISCA shall also be administering a post-graduate accountancy qualification programme that shall connote global recognition, international portability and an “Asian market value factor”. As the accountancy sector continues to develop, ISCA shall provide the support that will propel Singapore's growth as a global accountancy hub.[ citation needed ]
ISCA is a member body of the following international or regional organisations:
An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant, or Registered Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
The International Accounting Standards Committee (IASC) was founded in June 1973 in London at the initiative of Sir Henry Benson, former president of the Institute of Chartered Accountants in England and Wales. The IASC was created by national accountancy bodies from a number of countries with a view to harmonizing the international diversity of company reporting practices. Between its founding in 1973 and its dissolution in 2001, it developed a set of International Accounting Standards (IAS) that gradually acquired a degree of acceptance in countries around the world. Although the IASC came to include some organizations representing preparers and users of financial statements, it largely remained an initiative of the accountancy profession. On 1 April 2001, it was replaced by the International Accounting Standards Board (IASB), an independent standard-setting body. The IASB adopted the extant corpus of IAS which it continued to develop as International Financial Reporting Standards.
The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of Chartered Accountants (CAs).
Chartered accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognised professional designation; the certified public accountant designation is generally equivalent to it. Women were able to become chartered accountants only following the Sex Disqualification (Removal) Act 1919 after which, in 1920, Mary Harris Smith was recognised by the Institute of Chartered Accountants in England and Wales and became the first woman chartered accountant in the world.
Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It has 240,952 members and 541,930 future members worldwide. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development.
Institute of Chartered Accountants of India (ICAI) is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India.
Myanmar Institute of Certified Public Accountants is a professional body of Certified Public Accountants in Myanmar. It was first formed in 2003 in association and permission of the Ministry of Home Affairs of Myanmar. The function of the body is to communicate with international accountancy bodies and to distribute information to its members. MICPA was founded under the Myanmar Accountancy Council (MAC), a policymaking body of accountants and auditors.
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and professional practice.
The Institute of Cost Accountants of India (ICMAI), which was previously known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of Ministry of Corporate Affairs of the Government of India. It has as its prime responsibility to contribute to the cost and management accounting profession at the global level.
The International Accounting Education Standards Board (IAESB) is an independent organisation within the fold of the International Federation of Accountants (IFAC). The board develops guidance to improve standards of education in accountancy. The two main areas of focus are the key elements of accreditation and the requirements of accountants for continuing professional education. The board also sponsors studies or papers about accounting education that promote discussion and debate on accounting education and development issues.
British qualified accountants are full voting members of United Kingdom professional bodies that evaluate individual experience and test competencies for accountants.
Malaysian Institute of Accountants (MIA) is the umbrella body for the accountancy profession in Malaysia. It was established under the Accountants Act, 1967 to regulate and develop the accountancy profession in this country. MIA operates under the purview of the Ministry of Finance through the Accountant General's Department.
IFACnet, the KnowledgeNet for Professional Accountants, was the global, multilingual search engine developed by the International Federation of Accountants (IFAC) and its members to provide professional accountants worldwide with one-stop access to good practice guidance, articles, management tools and other resources. This enterprise search engine was launched on October 2, 2006, by INDEZ. Originally marketed to professional accountants in business, IFACnet was expanded in March 2007 to provide resources and information relevant to small and medium accounting practices. In 2014, IFACnet was expanded and replaced by IFAC Knowledge Gateway, providing thought leadership and resources from IFAC and across the accountancy profession.
Kamlesh Shivji Vikamsey is an Indian Chartered Accountant and a Past President of Institute of Chartered Accountants of India (ICAI) and a Past President of The Confederation of Asian and Pacific Accountants (CAPA). He is an expert on governance and oversight; and has served in his personal capacity on several international organizations like UNDP, IMF, UNICEF, ITU and WMO in Audit and Oversight Committees.
The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. The organization supports the development, adoption, and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. It supports four independent standard-setting boards, which establish international standards on ethics, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to professional accountants in small and medium business accounting practices.
The Public Interest Oversight Board (PIOB) is an international body that oversees the International Federation of Accountants (IFAC) and seeks to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, and ethics.
The International Ethics Standards Board for Accountants (IESBA) develops and promotes the International Code of Ethics for Professional Accountants. The IESBA also supports debate on issues related to accounting ethics and auditor independence.
The National Board of Accountants and Auditors (NBAA) is an accounting professional and regulatory body operating under the Ministry of Finance and Economic Affairs, the sole body to certify accountants in Tanzania. It began operating on 15 January 1973.
The Singapore Accountancy Commission (SAC) was a statutory body under the Ministry of Finance of the Government of Singapore. Launched on April 1, 2013, the SAC works for the advancement of Singapore’s accounting sector and provides for the registration of Chartered Accountants of Singapore.