“We need a strong accounting sector” — Lawrence Wong talks about strengthening Singapore’s position in business & finance

SINGAPORE: Lawrence Wong has recently shared what steps Singapore must take to secure its position in business and finance. The Deputy Prime Minister of Singapore and Minister for Finance took to Facebook on Tuesday (June 27) to share an Accounting and Corporate Regulatory Authority (ACRA) milestone.

“Accounting and Corporate Regulatory Authority (ACRA) may be a relatively small statutory board,” he began in his post. “But it has a long and illustrious history, tracing its roots back to the 1850s! We marked a key milestone and new chapter in ACRA’s history today with the opening of its new office, and also the merger of various roles (previously undertaken by the Singapore Accountancy Commission and the Accounting Standards Council) under the revamped ACRA.”

Mr Wong also discusses the impact of ACRA’s work. “ACRA’s work ensures that Singapore remains a trusted and attractive place for businesses to thrive and flourish,” he said. He also included what Singapore needs to achieve this goal, citing the need for a strong accounting sector.

“To achieve this, we need a strong accounting sector,” wrote Mr Wong. “That’s why we are working with stakeholders to look at ways to enhance the attractiveness of the accountancy profession.” He then ended his post with a call for a collective effort to strengthen Singapore’s position. “Together we can strengthen Singapore’s position as a leading business and financial centre, reliable and trusted by all!” he said.

The ACRA, in a similar Facebook post, also shared the milestone saying, “Since 1st April 2023, the Accounting and Corporate Regulatory Authority (ACRA), the Singapore Accountancy Commission (SAC) and the Accounting Standards Council (ASC) have been working together as OneACRA!”

The post also shared that Mr Wong, their Guest of Honour, joined them in the official launch of their office.