Common use of Specific Regulations Clause in Contracts

Specific Regulations. With the introduction of Singapore Accountancy Commission Act 2013, the transitional arrangements announced on 1 April 2013 for three main groups of stakeholders are highlighted as below: i) Existing ISCA (formerly ICPAS) members who were previously designated as CPA Singapore: All former CPA Singapore holders were automatically converted to the CA (Singapore) designation in July 2013. This timing coincides with the enrolment of the first batch of Singapore QP candidates. ii) Students who are either enrolled to commence or are currently in the midst of taking accountancy degree programmes at four local universities: Students who have matriculated in 2012 or earlier will be given until 31 December 2016 to complete their degree and the ISCA PAC and until 31 December 2019 to satisfy the relevant work experience in order to qualify for the CA (Singapore) designation. Students who are unable to meet the 31 December 2016 deadline will be required to complete the Singapore QP to qualify for the CA (Singapore) designation. An exception is granted for male Singaporeans who have been accepted into the accountancy degree programmes and are currently serving their full-time National Service. They will be given an additional 2 years until 31 December 2018 to complete their degrees and the ISCA PAC and until 31 December 2021 to satisfy the relevant work experience, so as to ensure that they are not disadvantaged as compared to their female peers. iii) Holders of recognised professional qualifications, including full members of Association of Chartered Certified Accountants (ACCA) and CPA Australia: This group of stakeholders will have until 31 December 2016 to complete the ISCA PAC, satisfy the proficiency in local law and taxation and relevant work experience in order to qualify for the CA (Singapore) designation. iv) ISCA associates who are graduates of ISCA PE candidates, but have yet to fulfill certain criteria such as relevant work experience and successful completion of ,the PAC will have until 31 March 2014 to complete the PAC and until 31 December 2016 to satisfy the relevant work experience in order to qualify for the CA (Singapore) designation. ISCA PE will cease receiving new candidate applications with effect from 1st April 2014. All ISCA PE candidates will have until 31 December 2018 to complete their ISCA PE and the ISCA PAC, as well as to satisfy the relevant work experience in order to qualify for the CA (Singapore) designation.