Singapore as an Accountancy Hub – A Porter's Diamond Perspective

Abstract

Using the framework of the Porter’s Diamond, we examine the Committee to Develop the Accountancy Sector (CDAS) report, which outlines the vision for Singapore to be a leading accountancy hub. The application of the Porter’s framework provides clarity on the connectivity of the strategic thrusts for strategy formulations and implementations. There are two strategic thrusts which address the levers for strategy formulation and one strategic thrust which addresses the levers for strategy implementation. The analysis shows that Singapore is strong in almost all four attributes of the Porter’s Diamond. The CDAS report is an important policy blueprint to enhance these attributes via suitable strategic levers. It is an open question if the targeted GDP share outlined in the report will be achieved, but the framework shows that Singapore has strong fundamentals in becoming the accountancy hub in the region over the long run. This paper contributes to the literature on economic growth and competitiveness by examining a case where industrial policy can be guided by a framework of competitiveness.

Keywords: Accountancy Hub; Porter Diamond; Committee to Develop the Accountancy Sector; Sector Competitiveness; Industry Policy

JEL Classification: L53, L88