Remaking Singapore Case Study Solution
Singapore’s competitive advantage
First thing that comes to mind when Singapore’s name is taken, is its transformation from a third world country into a developed nation. It had limited resources, immigrant population to accommodate without foreign countries’ help.Today it has a flourishing economy. Singapore has several competitive advantages to other countries.
Geographic location
Singapore’s geographic location has played a very important part in its transformation to a first world developed economy. It had very little at the time of independence, therefore, leaders of Singapore used what they had to their advantage. It was a city with harbor which was located right between the trade route of east and west. It was an excellent harbor which had the convenience of trading and exchange of information.
Quality leadership
Singapore’s early success has to be credited to its first Prime Minister Lee Ku an Yew. When it had nothing, it had a leader like him who brought Singapore from grounds to one of the highly developed country. He used globalization to bring development to the country not just in materialistic terms, but also in attributes. Singapore has a strong economy based on honesty and pragmatism.
Do or Die approach
Since Singapore lack in natural resources, it had little to no choice at all. It has faced challenges since its independence, so they have learned to deal with challenges in a pragmatic way. IT knows about the forces that that impact the economy, analyzes its signals, and act quickly to mitigate adversities.
Collaborative approach towards talent.
Singapore has the required workforce for every task. It can easily devise strategies that can be implemented to have a sustainable economic and financial system. It welcomes the talent from throughout the world and believes in organizational and governmental cooperation.
Recommendation
As per the CDAS reports vision, Singapore has the potential to become Asia Pacific’s leading accountancy hub by 2020 (Tan Boon Seng). The recommendation it proposes to achieve the mission are mentioned in Exhibit 2.Singapore should stick to its current practices when it comes to running the system honestly. Just a little more focus has to be paid on diversification in international trade.
Conclusion
Singapore has remained stable since the time of its independence. Although, there were certain period of recessions and downfalls, but Singapore managed to come out from them even better than before. Government of Singapore has sustained its economic and financial system quite well.
Exhibit 1: Map of Southeaster Asia region
| Exhibit 2 |
| The ten recommendations are arranged into the following three strategic thrusts3 :
Strategic Thrust I: Strengthen Accountancy Education and Research R 1. Establish the Singapore Qualification Program (SQP) for accountants R 2. Establish specialization pathways through value enhancement in specializations like Internal Audit, Risk Management, Business Valuation, Taxation and professional development for Chief Financial Officers (CFOs) through certifications, qualifications and competency frameworks R 3. Establish the Accountancy Service Research Centre (ASRC) to enhance applied accounting research, focusing on issues relating to technical standards and accountancy services Strategic Thrust II: Focus on High Value Services R 4. Promote Centre of Excellence in Internal Audit, Risk Management, Business Valuation, Taxation and professional development for CFOs through fiscal incentives such as grants and tax concessions R 5. De-regulate in the ownership of public accountancy firm to reduce entry barrier R 6. Upgrade the capability of Small and Medium-sized Practices (SMP) through providing incentives for technology investment, training and business collaboration R 7. Reduce low value added accounting services like lower the statutory audit exemption threshold for private firms Strategic Thrust III: Strengthen the Accountancy Infrastructures and Institutions R 8. Encourage the national accountancy body, the Institute of Singapore Chartered Accountants (ISCA) to reposition with a global outlook R9. Establish the Accountancy Sector Development Fund (ASDF) to incentivise efforts in raising productivity, building capability and encouraging regionalization R 10. Establish, via legislation, the Singapore Accountancy Council4 (SAC) with formal oversight over the administration of SQP, ASDF, ASRC and specialization pathways
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