The move is in line with the Industry Transformation Map for Professional Services.
The Singapore Accountancy Commission (SAC), the Institute of Singapore Chartered Accountants (ISCA) and the Infocomm Media Development Authority (IMDA) have launched the Accountancy Industry Digital Plan (IDP) as part of an effort to accelerate the digitisation of small and medium-sized practices (SMPs).
The IDP will focus on enhancing digital skills and knowledge, promoting the adoption of technology, and developing accounting technology and innovations. It also 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.
Furthermore, initiatives to support SMPs’ digitalisation efforts were also launched, such as the SMP Centre, a one-stop portal with information to support SMPs on their digitalisation journey; and the Accounting Technology & Innovation Centre, which will be set up to develop new accounting technologies and business models.
The Accountancy IDP was developed to support the goals of the Accountancy Roadmap which was launched in June 2018 and is aligned with the Industry Transformation Map (ITM) for Professional Services.
SMPs make up 98% of the accountancy industry. The plan is also a part of IMDA’s SMEs Go Digital Programme.
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