Accounting Education in Sri Lanka: Lessons from the Singaporean Experience by - Hema Wijewardena and Senarath Yapa

a. Accounting Education in Sri Lanka: Lessons from the Singaporean Experience by - Hema Wijewardena and Senarath Yapa Dr. Eema mjewardemismêMâSen^ Australia. BeisttCkWerM'AccountaM Formerly, he was Professor of Commerce at the University ofSriJayavmfenepura. Senarath JaÛmtrenâdae^Mmdtîn^^mâtM pnlversuyoflPMBngpHg, Australia, Formerly, He ms aS^ istorical analyses of pared with Sri Lanka, Singapore has counting education was no exception. education in many de made a much greater progress in the The British system of accounting edu veloping countries re field of education and training of ac cation was imposed on Singapore dur veal that their account countants. More importantly, Singa ing the colonial period through several H ing education systems pore has successfully moved away from' channels such as (1) the export of Brit have been heavily influenced by a the old British system in providing ish accounting personnel, (2) the ex number of developed countries in the education to prospective accountants. port of British accounting qualifica West (Wilkinson, 1965; Perera, 1975; Moreover, Singapore which was eco tions, (3) .the establishment of exami Chandler and Holzer, 1984; Wallace, nomically inferior to Sri Lanka during nation centres in Singapore for British 1990). It is also seen that accounting the early years of post-independence professional accounting bodies, (4) the. practice, which is a product of the edu achieved a remarkably higher economic involvement of British experts in the cation and training given to account development in recent decades and has planning, directing, organising, teach ants, has been imposed in almost all emerged as a newly industrialised ing and providing assistance in one developing countries by developed country (NIC). In 1994, Singapore form or another in the development of countries initially through colonialism recorded a per capita income as high as academic institutions in Singapore, and and then through the operations of 23,660 US dollars being second only to (5) the British influence upon the busi transnational corporations, profes Japan in the entire Asian region ness, education and administrative sional accounting institutes, and the whereas it was only 640 US dollars in environments in the early days of Sin Sri Lanka (World Bank 1995). It has special conditions in economic aid u gapore (Foo, 1988). agreements, rather than in response also been revealed that Singapore's to the societal needs of those develop accounting education and practice has Prior to 1956, Singapore did not ing countries (Hove, 1986; Briston, been a significant contributor to its have any programme of studies lead 1978). This is particularly true for Sri miraculous economic achievements. ing to a local qualification in account Lanka and Singapore. Both these coun Therefore, it seems important to ex ing. The only accounting education tries were under British rule for nearly amine the development of accounting available was through the examina one hundred and fifty years. Even af education in these two countries and tions conducted by professional ac ter the independence, the British in see whether Sri Lanka can learn from counting bodies overseas, such as the fluence on accounting education and :the Singaporean experience. Our pa Association of Certified Accountants practice continued to thrive in these per is an attempt in this direction. of the United Kingdom (ACCA), the two countries through the above chan Institute of Cost and Works Account nels. Thus, Sri Lanka and Singapore Accounting Education in ants of the United Kingdom (ICWA), \inherited their accounting education Singapore and the Australian Society of Account almost entirely from the British sys ants (ASA). Similarly, foreign profes tem. Consequently, at the initial stage sional accounting qualification was the of its development, the accounting Historically, except for the brief only avenue through which a person education system of Sri Lanka was Japanese occupation in the 1940s, Sin could expect an accounting job particu very similar to that of Singapore. gapore was a British colony for nearly one and a half centuries until its inde larly in the public sector. The first local pendence in 1959. Consequently, its., accounting programme leading, to a. The current state of accounting edu general education from the primary to Bachelor of Commerce with specialisa- cation in these two countries, however, the university level was inherited from ' tion in accounting was launched by the: is significantly different. When com the British education system, and ac Nanyang University in 1956^ In the 24 Economic Review April/May 1998 foUowingyear,theDepartmentofCom-* cal Institute, the country's accounting graduates also receive various degrees merce at the Singapore Polytechnic education system achieved its highest of exemption from examinations of sev was established by the colonial gov growth. The School of Accountancy of eral foreign professional accounting ernment to offer, among other courses, the National University of Singapore bodies. a full-time course leading to the Col was physically relocated at the lege Diploma in Accounting (Fong and Nanyang Technological Insitute in Since the inception of the profes Foo, 1992). In 1958, the Department of 1987 and the School of Accountancy sional accounting body, initially as the Commerce at the Singapore Polytech was renamed the School of Account Singapore Society of Accountants (SSA) nic was replaced by the Department of ancy and Business in 1990. In 1991, in 1963 and later as the Institute of Accountancy with the objective of of the Nanyang Technological Institute Certified Public Accountants of Singa fering both full-time and part-time became a full-fledged university and is- pore (ICPAS) in 1987, it has been main courses .leading to a Professional Di now named the Nanyang Technologi taining a close relationship with the ploma in Accounting (Tan Teck Meng cal University (NTU). The School of university's School of Accountancy. et. al.1994). This diploma was recog Accountancy and Business of this uni This liaison is evidenced by the fact nised in 1963 as an adequate qualifica versity has gained a reputation today that the Institute (or Society prior to tion for admission to the membership as the leading centre for undergradu 1987) was consulted through each stage of the Singapore Society of Account ate and postgraduate accounting edu of the transition of the School from the ants (SSA), which was the professional cation in Southeast Asia. In addition Singapore Polytechnic to the National accounting body established by the to its Bachelor of Accountancy degree, University of Singapore, and subse government for the purposes of regis programme, it also offers a professional quently to the Nanyang Technological tering professional accountants and postgraduate programme leading to a Institute in 1987 and the present regulating the practice of the profes Master of Business Administration in Nanyang Technological University. A sion of accountancy in Singapore. Dur Accounting. Both these accounting representative of the School of Account ing the 1965-66 academic year, the degrees are recognised by the Institute ancy and Business is appointed by the Department of Accountancy at the Sin of Certified Public Accountants of Sin Minister of Finance as a statutory gapore Polytechnic was renamed the gapore (ICPAS) for admission to its member of the Council of the ICPAS. School of Accountancy and the account provisional membership, subject to Through various committees, the ancy programme was upgraded from a approved practical experience. The School of Accountancy and Business diploma to a university degree to sig Bachelor of Accountancy programme also maintains-close rapport with the nify the transformation of this poly of NTU at various stages as mentioned professional accounting body as well technic to a university college. As a- above has produced nearly 10,000 ac as the business community and profes result of negotiations between this col counting graduates. By the end of1992, sional organisations to ensure the con lege and the University of Singapore, 7442 of these graduates had become tinuing relevance of its degree pro the latter agreed to award its account professional accountants by obtaining grammes. ing degree to students of the Singapore the ICPAS membership. In addition to Polytechnic. In 1969, the. amalgama the undergraduate degree in account Accounting Education in tion of the School of Accountancy with ing, the School of Accountancy and Sri Lanka the Department of Business Adminis Business at NTU also offers two post tration of the University of Singapore graduate research degrees leading to During the colonial period, the whole represented yet another milestone in the Master of Accountancy (M. Acc) and gamutof business activity in Sri Lanka the historical development of account the Doctor of Philosophy (PhD) in Ac was directed towards the plantation ing education in Singapore (Sunday counting. sector which was introduced to the Times, 1968). With the merger, the economyby the British (Ramanathan, School of Accountancy was also relo The Bachelor of Accounting degree 1952). In order to facilitate the invest cated at the University of Singapore. awarded by'the Nanyang Technologi ment of British capital, the manage- cal University is based on a 3-year full- mentofplantations through joint stock As a further development, the Bach

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