The Institute of Company Accountants Singapore (IComA) was registered under the Societies Act (Cap 11) in year 1979 as a Branch of The Institute of Company Accountants incorporated in England in year 1928. It was reconstituted as an independent professional institution in year 2000.
The Institute of Company Accountants, Singapore (IComA) is a professional body for accountants. It is a great pleasure to welcome you to our website, and we invite you to look around and explore. For accounting professionals, IComA is set up to look into your needs and interests. It also serves as a platform for you to participate, contribute and learn from the various talks/activities organized. It is also an avenue for you to network, interact and relate your work experience with your peers. For accounting students, we hope this gives you the impetus to progress and develop your chosen career. This is where you will also pick up invaluable tips and learn from those already in the profession.
For employers/organizations, IComA believes in working with you to promote to enhance the accounting professionals’ skills and position in the context of modern management. We look forward to your views and feedback, and if you have queries about the Institute please e-mail us and we will reply as soon as possible.
Currently we are the professional partner of the Accounting and Corporate Authority (ACRA) and actively participated in the regular dialogue sessions on various issues faced by the accounting profession. ACRA had launched its official Facebook page @ http://www.facebook.com/sg.acra where you can get the latest news and updates on ACRA.
Some of our members are concurrently members of The Institute of Chartered Chartered Accountants in England and Wales; The Association of Chartered Certified Accountants; The Association of International Accountants; The Institute of Certified Public Accountants in Ireland; The Institute of Public Accountants; The Institute of Certified Management Accountants and others.
A MODERN PROFESSION
Although accounting activities may be traced back at least as far as the Pharaohs, double-entry and book keeping has probably been in use for over seven hundred years, professional accountancy is scarcely more than a century old – and its evolution has been directed to meeting the needs of public practice and auditing, not of commerce.
Only in very recent years has it become appreciated that the functions and responsibilities of the accountant in the industry and commerce are fundamentally different from those of the accountant in practice. Accountant is concerned with the future rather than the past, with economics rather than with law, and with management rather than with auditing; above all, accountant is intimately involved in the affairs and fortunes of one business rather than in certain limited aspects of many. Accountant must therefore be a specialist, trained in business for business, devising systems for recording, analyzing and presenting the information which management requires if it is to reach rational decisions.
Now that the contributions to efficiency and productivity are more widely recognized, accountant is often found as an important member of the management team. Commercial accountancy is a most attractive profession, open to all who are prepared to develop their accounting skills and their knowledge and experience of business administration and so to qualify them for a challenging and rewarding career. Organization in Singapore which exists solely to further the interests of accountants employed in whose responsibilities are not limited to any one particular facet of accountancy but who are qualified for financial management in its widest sense.
A PROFESSIONAL ORGANISATION & RECOGNITIONS
The Institute is the only organization in Singapore which exists solely to further the interests of accountants employed in industry and commerce whose responsibilities are not limited to any one particular facet of accountancy but who are qualified to assume responsibility for financial management in its widest sense.
Being a Member of The Institute of Company Accountants Singapore is:
- Qualified Secretary under Section 171(1)(1AA)(b) of the Companies Act (Cap. 50);
- Prescribed Person under Section 6 of the Companies (Filing of Documents) Regulations 2005;
- Prescribed Person under the Business Registration Act (Cap. 32);
- Prescribed Person under the Limited Liability Partnerships Regulations 2005;
- Prescribed Person under the Limited Partnerships Regulations 2009;
- Qualified Individual (QI) under the ACRA (Amendment) Act 2014 and the ACRA (Filing Agents and Qualified Individuals) Regulations 2015;
- Qualified Company Secretary under the Variable Capital Companies Act 2018 (Act 44 of 2018); and
- Prescribed accounting body under the Moneylenders Act by the Ministry of Law.