ISCA rolls out $8m support fund

The fund aims to help the accountancy sector tide over the pandemic.

The Institute of Singapore Chartered Accountants (ISCA) has launched the ISCA Support Fund, worth $8m, to aid the accountancy sector amidst the COVID-19 pandemic.

According to ISCA, a national accountancy body, the support fund has three thrusts: support businesses, sustain livelihoods of accountancy professionals, and safeguard professional credentials.

With support from Enterprise Singapore’s (ESG) SG Together Enhancing Enterprise Resilience (STEER) programme, $3m will go to the acceleration of digital transformation and upskilling initiatives of small and medium-sized accounting firms as well as provide working capital to companies hit hard by the pandemic.

“Through the STEER programme, ESG will match $1 for every $2 contributed by ISCA to help strengthen and transform businesses,” ISCA said.

Another $3m will go towards reskilling and upskilling efforts for ISCA members in dealing with a post-COVID world, and $2m will go towards offsetting membership and training fees of members.

“There are long-term structural changes to the economic environment arising from COVID-19, and the profession will need to adapt and transform itself so that it is ready when recovery takes place,” ISCA President Kon Yin Tong said. “We introduced the ISCA Support Fund to meet this urgent need, so that the accountancy profession can be prepared to meet the challenges ahead and be well-positioned for the future.”

In 2020, ISCA launched a support package worth up to $3.6m, as well as other initiatives that helped the accountancy sector manage the crisis, including a job matching service for ISCA members, an online COVID-19 resource centre, a career portal, and an eLearning Space with webinars and eLearning modules.