ISCA forms taskforce to bolster financial reporting

The Institute of Singapore Chartered Accountants (ISCA) has set up a new taskforce to strengthen Singapore’s financial reporting and improve investor confidence.

The Strengthening Financial Reporting Taskforce was introduced at the ISCA Value Unlock Forum, organised with Singapore Exchange.

In a statement, the ISCA said the taskforce will be chaired by Singapore Institute of Management Group chairman Euleen Goh. The group includes leaders from business, financial institutions, academia, professional services and investor circles.

The taskforce will explore how companies can better convey financial results, key risks and long-term value creation to their audiences.

It will also look at how Singapore can retain high standards of governance, transparency and accountability as business conditions evolve.

Goh said: “Financial reporting has always been the language of business. As markets evolve, it must speak more clearly and more usefully to the stakeholders who rely on it.

“The taskforce will take a practical and holistic look at how Singapore can raise the bar so that companies communicate value and insights with the confidence and clarity that investors and the market expect.”

The ISCA said the initiative comes as Singapore continues to reinforce its capital markets and business ecosystem.

Recent national efforts, such as the Accountancy Workforce Review Committee and the Monetary Authority of Singapore’s Equities Market Review, have underlined the importance of credible financial reporting, strong professional skills and sustained investor trust.

The formation of the taskforce also coincides with ongoing discussions on lowering compliance costs for smaller entities, including the Accounting and Corporate Regulatory Authority’s review of the audit exemption framework.

The ISCA noted that, irrespective of any changes to that framework, sound financial reporting, capable finance teams and effective internal controls remain central to maintaining confidence among investors, creditors and other stakeholders.

ISCA president Lee Boon Teck said: “As Singapore’s national accountancy body, ISCA believes professionally trained finance and accounting professionals play a critical role in safeguarding trust in business and capital markets.

“This taskforce reflects our commitment to supporting Singapore’s continued standing as a trusted global financial and business hub.”

The taskforce will consult stakeholders over the coming months and is expected to deliver recommendations on how to further strengthen Singapore’s financial reporting ecosystem.

"ISCA forms taskforce to bolster financial reporting" was originally created and published by The Accountant, a GlobalData owned brand.

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