Budget 2026 proves that AI won’t replace accountants, says ISCA

The Institute of Singapore Chartered Accountants (ISCA) has welcomed Budget 2026’s strong emphasis on artificial intelligence and enterprise upgrading. It seems the organisation sees these measures as signals that the accountancy profession remains integral to business resilience rather than threatened by technology.

However, this sentiment is not held by industry professionals. Recent ground engagements conducted jointly by ISCA and the Association of Small & Medium Enterprises (ASME) revealed that 98% of ISCA members expect their industries to be disrupted by global political and trade developments, while 57% identified job displacement as their top AI-related concern.

Firstly, to address these, the ISCA has set its sights on equipping accountants with practical AI capabilities. The profession is among the first non-technology sectors to build applied AI skills under the expanded TechSkills Accelerator, reflecting the growing importance of role-based AI competencies in professional work. To support this shift, ISCA partnered the Infocomm Media Development Authority (IMDA) to develop an AI Fluency Programme for accountancy professionals. ISCA has previously set aside $1 million for the initiative under its AI for Accountancy Industry fund.

“For accountants, AI isn’t about replacing judgement,” said Song Yeow Chung, Co-Chair of ISCA’s AI for Accountancy Industry Taskforce. “It’s about freeing up time from routine tasks so we can focus on deeper analysis, better advice and value for our stakeholders.”

Even with new technologies, the ISCA believes that accountants will continue to be relevant. After all, the crux of their work is to help firms make sound investment decisions, manage risks, and work on compliance. These tasks will only continue to be relevant, especially as government measures with Budget 2026 encourage businesses to expand overseas, necessitating deliberate investments and introducing a slew of new reporting standards; and as geopolitical instability continues to drive economic anxieties.

Even companies not planning to expand will still feel geopolitical and reporting pressures. In the case of the latter, in 2026, the ISCA will develop implementation guidelines and reference materials to help SGX-listed companies navigate revised climate reporting timelines, while exploring simpler baseline approaches for smaller firms that find sustainability reporting complex and resource-intensive. It will also host its Budget and Tax Conference 2026 on 18 March, offering insights into key tax changes and their impact on companies and individuals.

“Budget 2026 reflects the realities businesses and professionals face today. The strong push on AI, workforce upgrading, enterprise competitiveness and internationalisation will help companies stay resilient,” said Teo Ser Luck, the ISCA President. “As the national accountancy body, ISCA will continue working with Government and industry to turn these measures into practical initiatives that strengthen the profession and support the businesses.”