S$1.5million to Encourage Accounting Professionals to Train During Downturn

10 June 09, Singapore  -- Institute of Certified Public Accountants of Singapore (ICPAS) is giving back as much as S$1.5million to its members through its Continuous Professional Education (CPE) Training Assistance Package. ICPAS hopes that this will help meet members’ training needs in this economic downturn.

The scheme aims to help individuals as well as our small medium practices to manage their training costs and encourage them to send their Certified Public Accountants (CPAs) for training during this downturn. With the funding support, they can save on manpower costs and at the same time build stronger capabilities for the future.

“The importance of skills and training in economically tough times is not something that is only of interest to us in Singapore. Internationally, it is a recurring theme as

other Governments announce packages to address rising unemployment and stimulate the economy. ICPAS places a lot of emphasis on CPE notwithstanding the stage of the economy. We hope the Training Assistance Package acts as incentives for the accountants to keep learning and keep themselves up-to-date, when the temptation in tough times is to reduce that investment,” commented ICPAS President Dr Ernest Kan.

Under this Training Assistance Package, which is a funding support scheme, ICPAS members will receive CPE training credits worth 50% of their membership fees, valid in the year 2009. For every dollar spent on CPE training, members will enjoy a dollar rebate, up to a maximum of 50% of their membership fees. The redeemed credits cannot pay more than 50% of any course fee.

What’s more, core programmes such as Technical Discussion Groups and some practice-related courses will be conducted on a cost recovery basis.  Further, ICPAS has also frozen its CPE training fees for 2009.  Put together, these should significantly reduce the cost of continuing professional education for its 21,000-strong members. 

“It is critical to maintain the emphasis on training and CPE during the economic downturn in order to meet the nation’s skills needs once the economy recovers. This package will in some way, help to achieve this,” added Dr Kan.

(End)