Singapore has launched a new Accountancy Industry Digital Plan (IDP) today to facilitate the digital transformation of the island country’s accountancy Small and Medium-sized Practices (SMPs).

It will help the SMPs, which make up 98% of the accountancy industry, adopt technology for greater productivity and competitiveness.

Ms Indranee Rajah, Minister, Prime Minister’s Office, Second Minister for Finance and Second Minister for Education, delievers a keynote speech at the Accountancy IDP launch ceremony.

The Accountancy IDP was developed by the Singapore Accountancy Commission (SAC), the Institute of Singapore Chartered Accountants (ISCA) and the Infocomm Media Development Authority (IMDA). It is part of IMDA’s SMEs Go Digital Programme to help SMPs to embark on their digital transformation journey.

“The digital transformation of the accountancy sector and the development of accountancy talent for the future will provide the competitive edge we need to develop Singapore into a leading global accountancy hub,” said Mr Evan Law, Chief Executive, Singapore Accountancy Commission.

The IDP will focus on three strategies: enhancing digital skills and knowledge; promoting the adoption of technology; and developing accounting technology and innovations.

The Accountancy IDP comprises a Digital Roadmap to provide guidance to SMPs on the digital solutions to adopt, and employee training to undergo, at each stage of their digital development.

To support the digital development of SMPs, new initiatives launched today include the SMP Centre, a one-stop portal with information to support SMPs on their digitalization journey; and the Accounting Technology & Innovation Centre which will be set up to develop new accountancy technologies and business models.

The Accountancy IDP was developed to support the goals of the Accountancy Roadmap which was launched in June 2018 to develop Singapore into a leading global accountancy hub.

Mr Lee Fook Chiew, ISCA’s Chief Executive Officer, said: “To thrive in this rapidly changing business landscape, accounting firms need to leverage new technologies to drive productivity and innovation. The Accountancy IDP provides a structured roadmap to guide and support SMPs in every step of their journey towards digitalisation.”