Accounting is a subject and major that is quite popular with students all over the world. Most of the time, students are introduced to the world of accounting in their secondary education. This is where they will first get to know about the principles of accounting and the basics of the subject.
Singapore is no different from a lot of countries in the world when it comes to the accounting syllabus. As a student in Singapore, you will have the opportunity to learn about accounting in secondary school. In Singapore, students have the option to study accounting as a subject for both O levels and A levels. These credentials offer a strong base for individuals aiming to advance in the accounting industry.
What are the Different Accounting Bodies in the World?
If you are passionate about accounting and aspire to build a career in the field, understanding the role of different accounting bodies is essential. These organisations are responsible for setting professional standards, providing certification and credentials, and ensuring that accountants maintain the necessary skills and ethics throughout their careers.
Globally, there are approximately 180 accounting bodies registered with the International Federation of Accountants (IFAC). This includes both national and international organisations that offer professional certifications, regulate the industry, and provide continuing education to their members.
For students and working professionals in Singapore, being a member of a recognised accounting body can be a major career advantage. It not only adds credibility to your qualification but also gives you access to networking opportunities, exclusive resources, and updated information on global accounting standards.
While the complete IFAC list is extensive, here are the top three accounting bodies that are most relevant for individuals in Singapore to consider.
ISCA – Institute of Singapore Chartered Accountants
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body in Singapore and plays a vital role in the country’s finance and business sectors. Established in 1963, ISCA is a full member of IFAC and a founding member of the ASEAN Federation of Accountants.
ISCA offers pathways for both students and professionals at various levels of their careers — from fresh graduates to senior accountants with years of experience. Becoming a Chartered Accountant of Singapore (CA Singapore) through ISCA is one of the most respected credentials in the country.
Why ISCA Matters for Singaporeans:
- Recognition: The CA Singapore designation is widely respected by employers across all industries.
- Courses and Programs: ISCA offers a range of courses, including online and face-to-face learning, covering topics such as auditing, management accounting, and financial analysis.
- Continuous Education: Members must complete a required number of Continuing Professional Education (CPE) hours each year to maintain their certification.
- Support for Professionals: ISCA provides mentoring, exam preparation resources, and networking opportunities.
A university graduate in Singapore with a degree in accountancy can enrol in the Singapore Chartered Accountant Qualification (SCAQ) program, complete the required exams, accumulate the necessary work experience, and become a Chartered Accountant of Singapore. If you are exploring your education options, you may find our guide on the Best Universities to Study Accounting in Singapore helpful before you begin this journey.
ACCA – Association of Chartered Certified Accountants
The Association of Chartered Certified Accountants (ACCA), founded in 1904 as the London Association of Accountants, is one of the world’s most respected professional accountancy bodies. From the start, ACCA has been progressive — it was the first accountancy body to admit a woman into membership, breaking barriers in a male-dominated field.
Today, ACCA is recognised in over 180 countries, producing professionals known for strong technical skills, critical thinking, and ethical standards. The qualification covers diverse areas such as financial reporting, management accounting, taxation, auditing, and business strategy, preparing members for roles in both the public and private sectors.
For Singaporean students and professionals, ACCA offers global career mobility while meeting the needs of a competitive finance hub. The pathway involves passing up to 13 exams (with exemptions for certain degrees), completing 36 months of relevant work experience, and fulfilling ethics requirements.
Flexible study options, including full-time, part-time, and online courses, make it accessible for both students and working professionals. With over 247,000 members worldwide, joining ACCA connects you to a powerful global network and provides continuous learning opportunities to keep your skills relevant in a fast-changing business environment.
CPA
CPA Australia is one of the world’s largest and most respected professional accounting bodies, with a history dating back to 1886. Today, it has more than 173,000 members working in over 100 countries and regions, including a strong presence in Singapore. The organisation is renowned for building and maintaining relationships with high-profile companies, government agencies, and industry leaders across the globe.
In Singapore, CPA Australia plays a significant role in the accounting and finance sector by offering members a qualification that is both internationally recognised and locally respected. The CPA designation signifies that a professional not only has technical expertise in areas like financial reporting, auditing, management accounting, and taxation, but also possesses strategic and leadership skills required in today’s dynamic business environment.
The CPA Program is designed to develop well-rounded professionals. It combines advanced academic content with practical experience, ensuring members gain the knowledge and abilities needed to make informed business decisions. Candidates are required to complete a series of exams covering core topics, alongside a practical experience requirement, to earn the designation.
CPA Australia also offers continuous professional development (CPD) opportunities, enabling members to stay updated on the latest accounting standards, regulations, and industry trends. In Singapore, CPA Australia works closely with employers, universities, and other professional bodies such as the Institute of Singapore Chartered Accountants (ISCA) to ensure its members remain at the forefront of the profession.
Becoming a CPA Australia member not only enhances career prospects in Singapore but also opens up opportunities to work in various international markets, making it a valuable qualification for accountants seeking global mobility and recognition.
Why These Accounting Bodies Matter in Singapore
In Singapore’s competitive finance and business environment, holding a professional certification such as CA Singapore, ACCA, or CMA can significantly improve your career prospects. Employers value these credentials because they represent a commitment to excellence, education, and ongoing professional development.
These qualifications are not only about passing exams. They involve a combination of:
- Structured Courses and Programs: Covering both technical and strategic skills.
- Practical Work Experience: Applying knowledge in real-world business settings.
- Continuous Learning: Meeting annual hours of professional development to stay updated with the latest information and standards.
For students in Singapore, starting early with a recognised course or program can help you stand out in job applications. For working professionals, upgrading your skills through certifications can open doors to promotions, international roles, and leadership positions.
Whether you are just beginning your education in accounting or already have years of experience in the finance industry, becoming a member of a recognised accounting body is a strategic move. In Singapore, ISCA, ACCA, and CPA stand out as top choices that align with both local and international business standards.
Each body offers unique benefits, but all share a commitment to high professional standards, rigorous exam requirements, and practical work experience. By investing in one of these certifications, you gain not just a certificate but a lifelong career advantage in the world of accounting.
Top Accounting Professional Certifications Recognised in Singapore
Now that you have a brief idea of famous accounting bodies in Singapore, let’s look at some of the unique certifications you can consider if you want to have a successful accounting career.
Certified Public Accountant
CPA (Certified Public Accountant) is one of the best accounting certificates you can consider getting to progress in your career in accounting. You must understand the distinction between a CPA and a Chartered Certified Accountant (CA). These two are different. When you complete your studies and become a member of an accounting body such as ISCA, ACCA, CPA, or others, you are known as a CA. The CA titles are geared towards global standards such as FRS and UK GAAP (Generally Accepted Accounting Principles). On the other hand, CPA has to do with US GAAP and is obtained through examinations set by AICPA (American Institute of Certified Public Accountants).
As Singapore is a hub with many multinational companies, this certification is highly valuable, especially for American Companies with a branch in Singapore.
Certified Management Accountant
CMA (Certified Management Accountant) and CA have different accounting certifications and career opportunities. There are many ways for an accountant to get the CMA certification in Singapore. If you are a member of ACCA, you have the option to obtain CMA through its CMA program. Even though this is a United States of America certification, it is highly beneficial for accountants. You can also get the CMA certification through ISCA in Singapore. The Singapore Management University also offers this course in its program, which is conducted online.
Certified Fraud Examiner
Accounting and finance deal with financial matters, so it is not surprising that as an effective accountant, you should have skills that enable you to identify and combat financial crimes. This is where getting the CFE (Certified Fraud Examiner) comes in. This certificate not only adds value to your career as an accountant but also provides you with skills in high demand in all organisations and industries. In order for you to obtain this certification, join the ACFE (Association of Certified Fraud Examiners) and sit for their examination.
Certified Internal Auditor
To understand the CIA (Certified Internal Auditor), you must first know what an internal auditor is and what they do. Internal auditors are hired within the company to assess the company’s risk by evaluating and reporting on the company’s implementation of management policies.
Simply put, an internal auditor analyses and reviews to ensure that a company is legally compliant by law. Auditing is essential because it lends credibility to financial statements and assures shareholders that the accounts are accurate and reliable. If you’re curious about the many opportunities this field can open up, explore the full list of Career Paths Available in Accounting for Singapore professionals — you might discover specialisations you’ve never considered before.
One of the best ways to become a CIA in Singapore is through ACCA. ACCA has partnered with IIA (The Institute of Internal Auditors) and offers a three-part program that enables its members to become CIAs.
How the Accounting System in Singapore Works Across Various Fields
When you study accounting, you come across many different types of accounting. So what are they, and how are they different from each other? In this section, we will explore various types of accounting and break them down for you.
Financial Accounting
When people talk about accounting, financial accounting is what they are referring to: the collection, interpretation and analysis of financial data. Financial accounting is further split into two categories: the accrual method and the cash method. The accrual method records transactions irrespective of whether money has been received or paid. This is the more common type and is used the most. Governments worldwide require companies to use accrual accounting when they prepare their financial statements. On the other hand, the cash basis is its name, and it records financial transactions based on money received and paid. This method of accounting is commonly used by small business owners who operate on their own and have very small businesses.
Management Accounting
Management accounting is the preparation of financial statements and data based on a specific factor. Management accounts are financial statements that drill down on factors such as a specific product or location. This kind of accounting is mainly for the company’s internal use in budgeting and strategising.
Cost Accounting
Cost accounting, like its name, concerns a company’s costs. It is used internally in a company. Cost accounting is common, especially in manufacturing companies, where the costs associated with manufacturing and producing things need to be known. One way a company uses cost accounting is to identify and minimise costs to achieve greater profit margins.
Tax Accounting
Tax accounting differs from country to country as it relates to the tax rules and regulations the government sets. Tax accountants are hired for their expertise in ensuring that companies comply with tax regulations and their skill in minimising liabilities.
How Singapore Accounting Standards Differ from International Standards
Singapore Accounting Standards, formally known as Singapore Financial Reporting Standards (SFRS), are closely aligned with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). This alignment helps maintain consistency for multinational companies and promotes investor confidence, as financial statements prepared under SFRS are generally comparable to those prepared under IFRS in other jurisdictions.
However, while the core principles of SFRS mirror IFRS, there are distinct differences that arise due to Singapore’s unique legal framework, economic priorities, and business environment. These differences ensure that the standards remain practical and relevant for companies operating in Singapore.
Governance and Oversight
In Singapore, the Accounting Standards Council (ASC) is the statutory body responsible for developing, reviewing, and issuing accounting standards. While the ASC adopts IFRS as the basis, it has the authority to:
- Introduce modifications for local relevance.
- Provide additional implementation guidance.
- Issue standards for specific entities not fully covered by IFRS.
When IFRS introduces a new standard with a tight implementation deadline, the ASC may adjust the effective date to allow Singapore companies more preparation time, especially small and medium enterprises (SMEs) that may need additional resources for compliance.
SFRS for Small Entities
One of the most significant differences between SFRS and IFRS is the SFRS for Small Entities, which is designed to simplify reporting requirements for smaller businesses. This is not an exact equivalent of IFRS for SMEs, but is adapted to Singapore’s needs.
- Under SFRS for Small Entities:
- Disclosure requirements are reduced.
- Measurement principles are simplified.
- Some complex topics in full IFRS, such as certain financial instrument disclosures, are excluded.
A small local trading company with modest revenue might not need to prepare elaborate disclosures about derivative instruments, as these are less likely to be relevant to its operations.
Industry-Specific Guidance
Singapore occasionally issues industry-specific accounting guidance that may not exist in IFRS. This ensures local regulatory requirements are met, especially in highly regulated sectors.
Real estate development in Singapore often involves long-term projects sold under progressive payment schemes. The ASC may provide additional clarification on revenue recognition that aligns with Singapore’s property laws, even if IFRS guidance is more general.
Differences in Terminology and References
Although the principles are similar, the terminology used in SFRS may be tailored to Singapore’s legal and business context.
- IFRS refers broadly to “companies” or “entities,” while SFRS may incorporate references aligned with Singapore Companies Act requirements.
- Certain references to taxes or corporate structures are adapted to fit local laws.
Provisions relating to Goods and Services Tax (GST) in Singapore may require specific disclosures that differ from IFRS treatment for Value-Added Tax (VAT) in other countries.
Transition and Effective Dates
IFRS standards become effective internationally according to IASB timelines. Singapore may:
- Delay adoption for further industry feedback.
- Implement changes in phases to reduce compliance pressure.
When IFRS 16 (Leases) was introduced, Singapore adopted it under SFRS(I) 16 but provided extensive guidance and preparatory resources for businesses, recognising the significant shift from operating lease reporting to on-balance sheet recognition.
Alignment with Regional Economic Needs
While IFRS is designed for global application, Singapore modifies certain standards to support its role as a regional financial hub. This includes clarity on cross-border transactions, foreign currency translation, and consolidation requirements for multinational subsidiaries headquartered in Singapore.
A Singapore parent company with subsidiaries in Malaysia and Indonesia might receive additional localised guidance on foreign currency conversion to maintain compliance with both SFRS and regional trade practices.
Singapore Accounting Standards are not a wholesale replacement for IFRS but rather a carefully adapted version that serves both global comparability and local practicality. The ASC ensures that while the principles remain consistent with international expectations, Singaporean businesses—especially SMEs—can comply without excessive burden.
Curious about how these standards connect to the core building blocks of finance? Dive into our guide and Unlock the Basics of Accounting — this dedicated page will walk you through essential concepts in a way that’s simple, practical, and perfect for anyone who wants to master accounting from the ground up.
By understanding these differences, accountants and businesses can produce financial reports that are transparent, compliant, and relevant to both domestic stakeholders and international investors. In a world where cross-border trade and investment are increasingly common, this balance between global alignment and local adaptation is one of the strengths of the Singapore accounting system.
Tips for Mastering Accounting
Accounting is not a complex subject, but it can be challenging. Students often struggle with their accounting subjects because they do not have the proper understanding of the topics taught.
Many people have the misconception that accounting is all about numbers. Although this is partly true, a huge chunk of accounting is based on theories and principles that students must know and understand. Many accounting subjects are theory-based, especially when studying for professional-level papers.
You must understand every principle and know how it applies to real-life situations. Just knowing the theory and accounting definition is not sufficient.
You must also read and practise as many questions as you can get your hands on in preparation for your examination. This will provide you with a clearer grasp of the kinds of questions that will be posed.
If you are looking to obtain accounting certificates or are sitting for your accounting examination, you should consider hiring a tutor. Hiring a tutor has been shown to help students not only score better but also understand the subject effectively and efficiently.
Superprof is one of the best places to head to, and it will provide you with qualified, verified, and experienced tutors. Our website is user-friendly, so you will be able to easily navigate it to find the perfect tutor for you. On top of getting one of the best tutors around, you also get to choose when and how you would like to have your classes. You can easily arrange them to fit your busy schedule.
Our tutors provide online and face-to-face classes. This is based on your preference. Superprof is known for its quality and flexibility, so you can rest assured that you will get the best tutor for your needs.
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