2. 70s
Steven Lim FCPA
Chair and independent director, Baker Technology Limited
Independent non-executive director, HC Surgical Specialists Limited
Former president of CPA Australia Singapore
Singapore
Accounting is becoming more complex, says Steven Lim, but the focus on professional integrity remains fundamental.
What first drew you to accounting?
First there was a shortage of accountants in the 1970s, so I thought there would be no difficulty in securing a job upon graduation.
Second, I came from a big family and, being the youngest, I thought it might be prudent to pursue a course that was different from [those undertaken by] my elder siblings, thereby ensuring that the family has diversified skills.
Third, my father was in the business of importing consumer goods from Japan and Taiwan and selling them to businesses in Indonesia and Malaysia. He outsourced the accounting function to a firm and that, to some extent, influenced me to pursue accounting.
How has your view of the profession changed over time?
Things are certainly getting more complex. When I started my career at Price Waterhouse in the 1980s, all processes were manual and there was no mention of sustainability or diversity. Of course, that has all changed.
When I first started, annual reports of listed companies were probably fewer than 100 pages. Now, they can be a few volumes and much of that is due to the number of disclosure requirements that have been enhanced. Certainly, additional disclosure is very helpful. In my view, the profession has progressed from good to great.
What is the biggest challenge facing accountants right now?
The focus is on environmental, social and governance (ESG) competencies and data-driven decision-making regarding sustainability. Accountants will need to build skills in areas like data analytics and sustainability. These skills are sought after by all business entities as climate-related disclosure requirements took effect for some companies from the 2025 financial year in Singapore.
What is one skill or mindset that is timeless in accounting?
It is very important for individuals to always exercise their ethical discretion very carefully. Integrity cannot be compromised.
What legacy do you hope to leave in the profession?
Having been in the finance industry for three decades, I hope that I have forged higher standards and changed mindsets about the ways of doing business.
