FOR IMMEDIATE RELEASE

National Accounting Body Makes Global Footprint

17 August 09, Singapore  --  Institute of Certified Public Accountants of Singapore (ICPAS) has joined 17 other accounting institutes from around the world as a charter member of the prestigious International Innovation Network (IIN).  ICPAS’s application for membership was endorsed by three prominent accountancy bodies and subsequently approved by the members at its Extraordinary General Meeting held in Dublin on 20 July 2009. This strongly signals recognition of ICPAS stature from a network of major accountancy bodies worldwide.

"This is a major milestone in ICPAS’s history. It gives us an international footprint from which we can expand our networks,” says Dr Ernest Kan, ICPAS President. “It is in line with our strategy to work towards an accounting qualification of higher stature that has global recognition and greater portability,” he added.

The International Innovation Network (IIN), formed in 2002, is an organisation of accountancy bodies from major economic jurisdictions.  Its current membership comprises 18 national accountancy bodies (inclusive of Singapore) of chartered status or equivalent, from countries in Europe, Asia Pacific and the Americas.  Members of the Global Accounting Alliance (GAA) are also the founding members of IIN.

IIN’s members operating in different professional environments in major capital markets bring with them diverse knowledge and ideas that would be useful to accountants who are operating in this complex business environment. The Network mission is to provide an international platform for collaboration through sharing of ideas, knowledge and experience for the benefit of accountancy bodies and their members. (For more information on the IIN, see Appendix below.)

“ICPAS subscribes to the International Innovation Network idea of coming together to share ideas, products and services and continually innovate to meet the needs of professional accountants. This is not just an umbrella body but a model for co-operation and collaboration. Recognising that today’s accountants are operating in a global and borderless market, there is a need for a common platform for accountancy bodies to work together ", comments Dr Kan. “That is why ICPAS joined the Network given that it is highly beneficial to our members and CPAs Singapore since we can use the ability to increase our service offering to our members,” he added.

As part of IIN, ICPAS will be an active participant in the key international initiatives of the Network and will seek out opportunities to learn and adopt innovative practices from other institutes operating in similar capital markets.

(Note to members: This Network is a platform for accountancy bodies to work together and is not a mutual recognition of each body's membership.)

Appendix