On or about 7 Feb 2021, the Institute of Singapore Chartered Accountants (ISCA) has set up the ISCA Support Fund, worth $8 million, to help the accountancy profession and small and medium practices (SMPs) and small- and medium-sized accounting firms build resilience and emerge stronger in the post-COVID-19 environment.
With the support of Enterprise Singapore’s (ESG) SG Together Enhancing Enterprise Resilience (STEER) program, the fund will allocate $3 million to accelerate the digital transformation and upskilling efforts of SMPs and provide working capital for transformation efforts to companies affected by the pandemic.
Through the STEER program, ESG will match $1 for every $2 contributed by the ISCA to help strengthen and transform businesses. Another S$3 million will go towards re-skilling and up-skilling ISCA members, and $2 million will go towards supporting members in financial hardship by offsetting their membership and training fees.
The ISCA Support Fund aims to help accounting firms and accountancy professionals make deeper and more strategic shifts so that they can emerge stronger and seize the opportunities arising in the New Normal.
The ISCA Support Fund has three strategic thrusts – Support Businesses, Sustain Livelihoods of Accountancy Professionals and Safeguard Professional Credentials.
The ISCA Support Fund has 3 strategic thrusts — support businesses, sustain livelihoods of accountancy professionals and safeguard professional credentials.
Source: ISCA,7 February 2021, accessed 9 February 2021.