The SMF Partners ISCA for the Betterment of Manufacturing and Accountancy Sectors

12 October, 2022 – The Singapore Manufacturing Federation (SMF) and the Institute of Singapore Chartered Accountants (ISCA) have signed a Memorandum of Understanding (MOU) today with the intention to work together for the betterment of their members in the manufacturing and accountancy sectors. 

Under the MOU, both organisations will partner each other with the overarching aim of knowledge exchange between the members of both organisations.   Areas of collaboration include training and general awareness, internationalisation and sustainability.

Training and general awareness

The SMF and the ISCA will collaborate in sharing and making available their respective training courses to members from each organisation.  This will provide their respective members with opportunities for invaluable knowledge exchange on various topics such as digitalisation, Industry 4.0, business model reviews and knowledge of sustainability-related reporting standards. ISCA members and SMF members will also have increased speaking opportunities at SMF and ISCA events, thereby reaching out to a wider audience.

Internationalisation 

Internationalisation is one of the SMF’s key focal areas, with the SMF encouraging its members to expand overseas. As the SMF finds opportunities for SMF members to expand overseas or establish new supply chains through trade exhibitions, business missions and business matching with businesses regionally and globally, ISCA members and SMF members can work together to share expertise and on-ground practicalities on matters such as overseas tax implications and benefits when SMF members venture overseas.

Sustainability

The SMF and the ISCA will collaborate to support Singapore companies in manufacturing and manufacturing-related industries in adopting sustainability practices and reporting.

The SMF and the ISCA will collaborate to support Singapore companies in manufacturing and manufacturing-related industries in adopting sustainability practices and reporting.

Both organisations will jointly:

• identify areas and opportunities to help manufacturing companies implement sustainability practices and reporting;
• upskill members in emerging topics critical to businesses. These topics include emissions reporting, green and sustainable finance, sustainability reporting, and, financial reporting of environmental, social and governance factors; 
• exchange feedback from the business community on areas of sustainability; and
• create platforms for members from both organisations to enable cross-industry connections.

SMF President Mr Lennon Tan and ISCA President Mr Teo Ser Luck signed the MOU in the presence of SMF and ISCA members. (Please refer to Annex A for more information regarding signatories).

Sharing his thoughts on the signing of this MOU, Mr Teo Ser Luck, President of ISCA, said, “The MOU with SMF is in line with our aim to expand the profession’s network by collaborating with like-minded organisations to assist companies in their operations, development and growth. Our partnership with SMF will catalyse change in the manufacturing and manufacturing-related industries, which have the potential to create an impact towards achieving a sustainable future.”

Mr Lennon Tan, President of the SMF, said, “I am thankful that ISCA has chosen to collaborate with the SMF. This MOU is timely as the global market gradually recovers from the Covid-19 pandemic and businesses cautiously look to expand.  The knowledge exchange between the manufacturing sector and the professional accountancy sector will be a leg up for our members as accountability in financial reporting and sustainability-related reporting kicks up a notch in importance globally.  The collaboration will also see manufacturers better understand the challenges of the accounting and auditing industry even as conversely, finance professionals become even more acquainted with businesses on the ground.”

About the Institute of Singapore Chartered Accountants (ISCA)

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a world-class accountancy body of trusted professionals, contributing towards an innovative and sustainable economy. There are over 33,000 ISCA members making their stride in businesses across industries in Singapore and around the world.

Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession. 

ISCA is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.

ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.

For more information, visit www.isca.org.sg.

About the Singapore Manufacturing Federation (SMF)

Established since 1932, the SMF represents the interest of the manufacturing community in Singapore, driving its competitiveness and sustainable growth through serving industry- specific needs. Supported by 10 industry groups and its Associated Services, the SMF enhances the competitiveness of the industry by encouraging capacity development and capability building, innovation and productivity. The SMF provides opportunities for companies to collaborate, network, and to grow and expand both locally and internationally. Current membership stands at about 5,000 members comprising SMEs, MNCs and Affiliate members. For more information, please visit www.smfederation.org.sg.

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