Advocating for the Profession

Expedition Log: Act 7

We advocate for the profession by seeking public feedback on exposure drafts and consultation papers, and sharing the collated feedback with regulators and standard-setters. This collaborative approach not only addresses diverse perspectives within the profession but also contributes to the development of industry-wide consensus and the adoption of best practices. Furthermore, the process encourages accountancy professionals to stay informed, actively participate in shaping the profession’s future, and adapt to dynamic challenges.

We also share our views on topics impacting the profession and the business community via op-ed pieces published in the media.

In 2023, ISCA provided comment letters to the following Consultation Papers (CP), Discussion Papers (DP), Exposure Drafts (ED), Post Implementation Review (PIR) and Stakeholder Questionnaire (SQ) issued by international standard-setters such as the IASB, IAASB, IESBA and ISSB as well as those issued by our local regulators.

Accounting and Corporate Regulatory Authority (ACRA) / Intellectual Property Office of Singapore
  • Proposed Intangibles Disclosure Framework
International Auditing and Assurance Standards Board (IAASB)
  • CP: The IAASB’s Proposed Strategy and Work Plan for 2024 – 2027
  • ED: Proposed International Standard on Auditing (ISA) 500 (Revised) Audit Evidence and Proposed Conforming and Consequential Amendments to Other ISAs
  • ED: Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities
  • ED: Proposed ISA 570 (Revised 202X) Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs
  • ED: Proposed International Standard on Sustainability Assurance (ISSA) 5000 General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards
International Accounting Standards Board (IASB)
  • ED: International Tax Reform—Pillar Two Model Rules (Proposed amendments to IAS 12)
  • ED: Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7)
  • PIR: Post-Implementation Review of IFRS 9 – Impairment
  • PIR: Post-Implementation Review of IFRS 15
  • ED: Annual Improvements to IFRS Accounting Standards – Volume 11
International Ethics Standards Board for Accountants (IESBA)
  • ED: Proposed Revisions to the Code Addressing Tax Planning and Related Services
  • CP: Proposed IESBA Strategy and Work Plan, 2024 – 2027 
International Sustainability Standards Board (ISSB)
  • RFI: Consultation on Agenda Priorities
ACRA and Singapore Exchange Regulation (SGX RegCo)
  • CP: Turning Climate Ambition into Action in Singapore – Recommendations by the Sustainability Reporting Advisory Committee
Monetary Authority of Singapore (MAS)
  • CP: Guidelines on Transition Planning (Banks)