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Steep analysis on Singapore based on past, current and evolv

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by

Marie Garcia

on 26 November 2013

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Transcript of Steep analysis on Singapore based on past, current and evolv

Done by :
Charishma
Glonee
An Xin
Marie
Yanti
DAC 07

Introduction
TRENDS
CHANGES/ PROGRESS IN ACCOUNTING
Technological development
Green accounting
Economic development in a globalizing society
-Significance of STEEP

-How these factors will affect Singapore’s economy and accounting sector

-How we managed to derive at the trends

-How these trends have/might affect the accounting industry.
• Health-conscious Singaporeans
• Losing of local heritage and culture
• Slowing population growth
• Xenophobia in Singapore
• 3D printing in Singapore
High attention and focus on technological trends
Environmental trends:
Green accounting
Economic trends
CHANGES/ PROGRESS IN ACCOUNTING
TECHNOLOGICAL DEVELOPMENT
CHANGES/ PROGRESS IN ACCOUNTING
GREEN ACCOUNTING
Discovery in Business
and Enterprise

Conclusion
S
T
E
E
P
- chances of expansion and new companies opening there will be more job opportunities for accountants to find jobs. -However, this would cause a decrease in salary of accountants.
-Also it will create stiff competition in the accounting sector in Singapore.



TRENDS :
TECHNOLOGICAL
TRENDS :
ECONOMIC
TRENDS :
INCREASING ENVIRONMENTAL AWARENESS
S
T
E
E
P

• Modern Technology/Advancement in Technology
• More tourist attractions in Singapore (2013-2014)
• Widening and improving trading relations
• Disposal of waste
• Open skies agreement
CURRENT FACTORS
PAST FACTORS
- Infocomm Development Authority (IDA) introduced the 5 year infocomm road map

- Cyber security

- Crucial for Singapore to continuously keep tabs on technological improvements
- Increasing environmental awareness among businesses

- Example: Charles and Keith

- Awareness does not always equate to action
- Asia Pacific’s leading global accountancy hub,

- “accounting firms need to address issues such as technology adoption” Lynn Kan, The Business Times

- accounting more efficient and productive, handwritten accounts
paperless accounting firms

BUT more can be done.

- Cloud computing storage
- Reduce communication barriers, increases communication efficiency and require lesser time

- “software-as-a-service” (SaaS), collaboration of ID and ICPAS
-Includes the environmental costs as expenses incurred from natural disasters.

-Losses made from natural resources are not included.

-Destruction of the environment are not reckoned as a loss in capital in Singapore’s current accounting system.

- "Green accounting aids companies to improve decision-making process and save costs." - The Sunday Times, Dr Andrew Rosenberg, chief scientist at Conservation International (CI)

-The STEEP analysis of Singapore provides us a preview of how Singapore has developed and is still developing.

- It shows the emerging trends that shape Singapore’s economic, technological and environmental sectors.

-The major trends that direct impact on the accounting industry and us in the future.
• Decreasing unemployment
rate
• Solar Energy (2006)
• Global warming

-Widening and improving trading relations
+
creating more tourist attractions
+
decreasing unemployment rate
=
increase in the economy of the country.

- Ministry of Trade and Industry (MTI) has forecasted this year's GDP to increase from 1.0 to 3.0 per cent, to 2.5 to 3.5 per cent in 2013.
-With scarce human resources, accountants today have a wider and deeper job scope and not merely focus on day-to-day accounting.

-They are becoming advisors to the business and decision makers that provide useful and crucial internal information to the top management.


CHANGES/ PROGRESS IN ACCOUNTING
Economic Development
CHANGES/ PROGRESS IN ACCOUNTING
Economic Development
Full transcript