[1][5] The formation of the SAC is one of the recommendations made in the Final Report by the committee to Develop the Accountancy Sector (CDAS) in 2010.

[6] The CDAS was formed by the Ministry of Finance in December 2008 to undertake a review of the Singapore accountancy sector and profession.

[7] The CDAS, chaired by Bobby Chin, chairman of the Singapore Totalisator Board and formerly managing partner of KPMG LLP Singapore, comprised members of the accounting profession, the business community, academia and the public sector.

[7] The CDAS Final Report contained 10 recommendations,[8] which were accepted by the Ministry of Finance.

[9] After the Final Report, the CDAS was dissolved and the Pro-Tem Singapore Accountancy Council (PSAC) was formed to implement the accepted recommendations.