It has surpassed $2b for the first time.
Despite Singapore's slower than expected growth in the business environment in recent years, the Accounting Entities (AE) saw healthy growth in revenue, productivity, job creation, employment outlook, professionally qualified workforce, diversity of services, and volume of work performed overseas.
According to the AEcensus2016 by the Singapore Accountancy Commission, the AE segment's total market revenue surpassed $2b for the first time to reach $2.062b in 2015, a big $169m jump over 2014. The big 4 AEs generated 66% of the revenue at $1.367b with the remaining 685 AEs generating an estimated $695m in 2015.
The study revealed that audit and assurance continued to be the primary sources of revenue with 51% of the estimated total market revenue being generated from these services.
Meanwhile, the sector employed a workforce of more than 17,800 in 2015, a 2.4% increase over 2014. More than 400 jobs were created amidst the challenging business and employment conditions.
SAC chief executive Evan Law said the survey has revealed heartening findings on how the sector is progressively renewing itself to develop new growth opportunities.
"More AEs are delivering a wider diversity of services, looking beyond Singapore shores for work, embracing technology, and developing their workforce with deeper skills – initiatives that reflect the recommendations of the Committee of the Future Economy. The Singapore Accountancy Commission will use the findings to develop new growth strategies and roadmaps, and work closely with our stakeholders to develop Singapore into a leading global accountancy hub,” he said.
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