TAKEAWAYS
The ISCA Conference 2024, which took place on November 14 and 15 at the Marina Bay Sands Convention Centre, proved to be bigger, bolder and more impactful than ever, with a healthy dose of dynamic energy and humour. Notably, it was organised along different lines, and also attracted its largest-ever audience.
Minister in the Prime Minister’s Office and Second Minister for Finance Indranee Rajah, who opened the event, emphasised the importance of accountants to the economy. “Accountants are really the unsung heroes of the corporate world,” she said. “You work behind the scenes, but your work is fundamental to the stability and growth of every company. By ensuring that every dollar is properly and accurately accounted for, accountants uphold financial integrity, transparency and trust – that is the glue that holds businesses together. That is the lubricant that keeps businesses going.”
Minister Indranee also noted that the profession has struggled of late when it comes to attracting talent. “Basically, the bottom line is, if you want students to join you, you have to show them how exciting, dynamic and purposeful your sector is, and you have to show them the things that they can look forward to,” she said. “You have to dispel the dull and boring image of the past, and really show them how transformational the work of an accountant is.”
The minister’s comments pointed to a sobering state of affairs – a drop of more than 10% in the cohort sizes for accountancy degrees at Singapore’s universities between 2018 and 2023. The Accountancy Workforce Review Committee (AWRC)’s report, which was launched by Minister Indranee in May, laid out strategies to make the industry more appealing to graduates and mid-career professionals, amid declining interest in accountancy studies and challenges for non-accounting entrants to the field. Since the report’s launch, several recommendations, such as increasing starting salaries and expanding entry pathways, have been put into practice. As a result, enrolment in the Singapore Chartered Accountant Qualification programme has more than doubled. As of September 16, about 1,967 new entrants were enrolled in the programme, up from 927 new candidates in all of 2023. This programme is the sole pathway to obtaining the Chartered Accountant (Singapore) qualification.
The annual conference has certainly gone from strength to strength. As ISCA President Teo Ser Luck noted in his welcome speech, this year’s conference has doubled in size, with approximately 1,800 members in attendance over two days.
Separately, in a nod to sustainability, the entertainment segment featured Green Drumming by Beat’abox, which created rhythm out of everyday, recycled items.
Avi Liran, a two-time TedEx speaker, delivered the keynote address on Thought Leadership. The Global Chief Delighting Officer of his motivational speaking service firm, Mr Liran encouraged the audience to “find the funny” in any given situation, to bring a sense of joy to an otherwise serious situation. This was certainly the most engaging of Mr Liran’s steps, which included letting go of what makes one anxious and speaking from the heart, all of which were in service of what he called achieving “delight mode”.
The subject of thought leadership continued on the second day of the conference, taken up by Dr Nadir Zafar, Chief Experience Officer, Human Capital Leadership Institute; and Ho Kwon Ping, Founder and Executive Chairman, Banyan Group. Keeping things light once more, Dr Zafar and Mr Ho both discussed how they made wardrobe decisions for the conference. Mr Ho made a serious point about image though, noting that he found it entirely inconsequential. “It’s cute that you all (accountants) have this ‘image deficit’ but it’s hardly important,” he stated. “What’s important is the capability for critical independent inquiry – that is at the source of thought leadership. If you are an auditor, it is your ability to look behind the books of a company and see if they are in trouble … and then advising them (appropriately).”
Returning to the theme of the conference, “Accountancy Renaissance: Leading Positive Disruptions to Set Future Foundations”, and making the profession more attractive to a new generation, Minister Indranee then introduced an important research study, Making Accountancy Education Fit for Purpose for the New Economy. Conducted in collaboration with Deloitte, Ernst & Young, KPMG, PwC (the Big Four accounting firms) and Xero, the study takes a critical look at whether current accountancy education aligns with current and emerging economic requirements and employer expectations, while also examining the future relevance of the accountancy profession.
Led by Professor Ho Yew Kee, Professor of Practice (Accounting) and Deputy Dean of Chow Yei Ching School of Graduate Studies at the City University of Hong Kong (CUHK), the study gathered insights from experts across Singapore’s five autonomous universities (National University of Singapore or NUS; Nanyang Technological University or NTU; Singapore Management University or SMU; Singapore University of Social Sciences or SUSS; and Singapore Institute of Technology or SIT); and the Centre for Evidence and Implementation.
Prof Ho himself presented key findings from the study at the conference, in a panel discussion he moderated. The panellists included Dennis Lui, Deputy Commissioner, Inland Revenue Authority of Singapore (IRAS) and CEO, Tax Academy; and Yvonne Chan, CFO, Singapore Management University (SMU). The study involved indepth interviews with 48 practitioners and 17 students, alongside a survey of more than 2,800 students, parents, practitioners and school counsellors, as well as a review of over 300 industry reports and publications. Broadly, the study found that “accountancy professionals must adapt to the changing business environment, technological advancements, broadening of the role of accountancy professionals, and enhancement of their human capital”. Reassuringly, the study also found that a majority of students (55.9% of secondary school students and 60.4% of junior college students) are open to pursuing a career in accountancy.
These were just some of the key highlights of the two-day conference, which featured parallel tracks for the public and private sectors. Topics included the new IFRS 18 standard, implications of the revised SSA 600, and international best practices. Panel sessions also discussed career development for CFOs, the impact of artificial intelligence on global sustainability, and public sector talent development.
UPDATE ON AWRC’S WORK
Redesigning rewards for accountants:
Early hands-on experience in accountancy:
Enhancements to SCAQ:
Support from ISCA:
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