DIVING DEEPER THROUGH PARTNERSHIPS AND COLLABORATION

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In 1521, Spanish explorer Ferdinand Magellan tried measuring the depth of the Pacific Ocean with a weighted line, but did not find the bottom. He was only able to prove that the ocean was far deeper than 731.52m. In the 18th century, French scientist Pierre Laplace was able to approximately measure the average depth of Atlantic Ocean to be 3,962.4m based on tidal motions – which was proven accurate by echo-sounding measurement techniques.
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A successful diving expedition requires the collaboration of different parties. Every member, from the boat captain to the diving medical practitioner, has an important role to play in helping divers reach new depths. Similarly, ISCA’s partnerships with other organisations and engagement with our international counterparts help advance the development of the accountancy profession.

In 2020, our partnerships with local government bodies not only provided more avenues for members to serve the community, they also validated the expertise and professional standing of ISCA members by having them serve as financial experts in officially appointed positions. In the same year, we continued to strengthen our ties with our regional and international counterparts, which in turn raised the profile of the Institute and our members.

A virtual event, organised by IFAC and AFA in April 2020, allowed AFA members to discuss the impact of Covid-19 and how professional accountancy organisations responded to the changes brought about by the pandemic. At the event, ISCA shared how the Institute quickly redirected its resources towards supporting members in various areas, such as providing training, technical resources related to Covid-19, career support, and financial assistance for members facing financial hardship. ISCA also shared the Institute’s business continuity plan, which included an elevated set of safe management measures. The meeting was especially useful for AFA members with limited resources in developing a comprehensive response plan to support their local accountancy profession during Covid-19.

IFAC

ISCA was invited by the Myanmar Institute of Certified Public Accountants (MICPA) to be its ASEAN sponsor in their IFAC Associate Membership application. This reflected the close working relationship and trust shared between the two associations, and highlighted ISCA's role in positively influencing and shaping the development of the profession in ASEAN. This was made possible by our capacity building programmes that we have organised in ASEAN in the recent years.

ISCA was invited by then-IFAC President Dr In-Ki Joo to form Jeju Group with the Japanese Institute of Certified Public Accountants (JICPA) and Korean Institute of Certified Public Accountants (KICPA). The Group is a coalition of advanced professional accountancy organisations from Asia Pacific with the vision of fostering a stronger accountancy profession in the region. Its mission is to develop a future-ready accountancy profession in Asia Pacific through technical capacity building and knowledge sharing. During the year, the Group had organised two webinars featuring prominent expert speakers fielded by each member body. For example, Ms Fang Eu Lin, a partner at PwC and a member of the ISCA Corporate Reporting Committee, spoke alongside expert speakers from reputable organisations IFRS Foundation and IFAC at the webinar titled “IFRS Foundation’s Consultation Paper on Sustainability Reporting and Professional Accountancy Organisations (PAO) approach to Sustainability”. The webinars attracted a good turnout of participants from Asia Pacific and Central Asia, spanning national and international standard setters, regulators, development agencies, professional accountancy organisations and regional accountancy groups.

ISCA’s growing international stature as one of the leading experts on international accounting standards was reflected in the appointment of ISCA Financial Reporting Committee Chairman Mr Reinhard Klemmer for a three-year term to the SME Implementation Group (SMEIG) in July 2020. SMEIG is an advisory body to IASB, supporting the adoption and implementation of the International IFRS for SMEs.

 

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In September 2020, ISCA became one of four new shared services partners to the charity sector, assisting charity organisations in the areas of accounting and financial management. As part of the partnership, ISCA members can volunteer to provide guidance and conduct training sessions on finance and the relevant accounting standards to the charities. The other new shared services partners are Law Society Pro Bono Services, the Institute of Internal Auditors Singapore, and Shared Services for Charities. The organisations will help to strengthen charities' regulatory compliance and effectiveness, at low or no cost.

This was announced by Mr Edwin Tong, Minister for Culture, Community and Youth and Second Minister for Law at the virtual Charity Governance Conference on 23 September 2020.

ISCA and the Family Justice Courts (FJC) have collaborated to identify and form a Panel of Financial Experts (POFE), as part of a memorandum of understanding (MOU) signed in December. Comprising ISCA members who are public accountants or ISCA Financial Forensic Professional credential holders with relevant experience, the panel members will provide financial valuation reports to assist the divorcing parties to better understand their financial situation and to assist the Court in providing an equitable and objective valuation of the matrimonial assets under contest, thereby allowing justice to be administered more effectively and efficiently.

The pilot programme will commence in the first quarter of 2021, when the FJC will work with the financial experts on valuation reports for a handful of cases on a pro bono basis. FJC and ISCA will review the pilot to determine if the initiative should be implemented on a long-term basis, and the fees payable.

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