Accounting for Good


The Institute of Singapore Chartered Accountants (ISCA) and the Centre for Social Development (Asia), Department of Social Work, Faculty of Arts and Social Sciences, National University of Singapore (NUS), supported by the Charity Council and Chartered Institute of Management Accountants (CIMA), have come together to produce a series of articles that aims to explore the areas where accountants can volunteer their expertise in the charity sector in Singapore.

The 7 articles have been compiled into an electronic book, titled 'Accounting for Good'. This book may serve as a reference and resource to stakeholders in the Charity sector. This book can be downloaded here.

This first article introduces accountants to the local charity landscape, and highlights the key points such as financial accountability and common challenges faced by Charities. The upcoming articles will consider topics such as the regulatory framework of Charities, full-cost accounting, and cash and reserve practices.

This article was first published in the IS Chartered Accountant, May 2016. Re-published with permission from the Institute of Singapore Chartered Accountants (ISCA).

Please click here for the article.

Following the first article which introduced accountants to the local charity landscape, this second article discusses the regulations pertaining to Charities and Institutions of a Public Character (IPCs). These include various legislations and Code of Governance pertaining to Charities and Institutions of a Public Character (IPCs).

This article was first published in the IS Chartered Accountant, July 2016. Re-published with permission from the Institute of Singapore Chartered Accountants (ISCA).

Please click here for the article.


As a continuation of the second article on The Regulatory Framework of Charities, this third article explores accountability for Charities in formal financial reporting processes. The Charities Accounting Standard (CAS) that was specifically tailored for the sector will be thoroughly examined.

This article was first published in the IS Chartered Accountant, September 2016. Re-published with permission from the Institute of Singapore Chartered Accountants (ISCA).

Please click here for the article.


Following the third article which explored formal financial reporting process for Charities, this fourth article examines sound risk management. Effective risk management can be established through the implementation of internal controls and regular internal audits.

This article was first published in the IS Chartered Accountant, November 2016. Re-published with permission from the Institute of Singapore Chartered Accountants (ISCA).

Please click here for the article.


This fifth article considers the benefits of implementing full-cost accounting in Charities, namely achieving efficient resource allocation and attaining sustainable funding. Some of the challenges of implementing full-cost accounting will be discussed.

This article was first published in the IS Chartered Accountant, January 2017. Re-published with permission from the Institute of Singapore Chartered Accountants (ISCA).

Please click here for the article.


This penultimate article explores financial management in Charities, specifically cash flow management. Charities are encouraged to develop cash flow forecasts to counter the unpredictability that accompanies their income sources as well as to build reserves that can tide them through financial difficulties.

This article was first published in the IS Chartered Accountant, March 2017. Re-published with permission from the Institute of Singapore Chartered Accountants (ISCA).

Please click here for the article.


The final article in this series discusses reserves and investment management. Charities should, based on several factors, carefully deliberate the level of reserves to maintain and develop a reserves policy. They can also consider investments as an additional source of income to protect their reserves from inflationary pressures. We hope that this series will encourage accountants to come forward and volunteer their expertise in Charities.

This article was first published in the IS Chartered Accountant, March 2017. Re-published with permission from the Institute of Singapore Chartered Accountants (ISCA).

Please click here for the article.



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