Singapore, a small island country, occupies little over 700 square kilometres in a strategic location in Asia.
What was once a port found by the British in the 19th century is now a vital trade route in the world.
Singapore has shown rapid economic growth over the past years.
While Japan is known for its rapid growth rate, Singapore has awed the rest of the world by showing remarkable economic progress.
Businesses and accountancy firms have boomed over the past decade and are a reason why this little country is one of the Four Asian Tigers.
The formation of the government by the People’s Party Action has seen a sudden increase in the commercial development of the country.
The government took several steps to promote businesses, both small and large.
Formation of the Singapore Accountancy Commission
In April 2013, the Singapore Accountancy Commission was formed.
The objective of this commission was to make Singapore a leading accountancy hub in the Asia-Pacific by 2020.
There are several targets that the Singapore Accountancy Commission (SAC) and the Committee to Develop the Accountancy Sector (CDAS), the committee that formulated the SAC, have.
One of the aims is to foster effective leadership and professionalism in the sector of commerce and to achieve this purpose several institutes and centres of education have been started.
Each institute and centre targets different fields relating to accounting such as auditing, research and development, corporate finance and brands.
The Asia Pacific Business Valuation Institute intends to inculcate vital leadership skills within the workers and at the same time ensure that such skills lead to the expansion of the financial sector.
We are an organisation of such talented and well-practised professionals that aims to provide professional annual compilation services to Singapore businesses.
In a rapidly changing world and volatile economies, it is necessary continually to evaluate risks and research on market trends.
Roles of Accounting Services Research Centre
The annual compilation services research centre does exactly this and makes insightful judgments that many auditors and stakeholders can benefit.
Such information is useful for policymakers, who intend to see Singapore as Asia-Pacific’s leading accountancy hub, as well.
Internal auditing is a recognized and dependable means to assess a company’s reliability and the management’s control over their assets and resources.
The ACEIA, short for Asia Centre of Excellence of Internal Audit, trains internal auditors so they can perform their duties to utmost perfection.
There is no doubt that Singapore is on its way to becoming an even bigger trade player in the international market.
Recent initiatives taken by the Ministry of Finance will help pave the way for future development.
New businesses, small and medium enterprises can thrive and expand to bigger businesses if they ensure they follow proper rules and regulations about their account books.
Should you need assistance or would like to find out more about annual compilation services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.