The Ministry of Finance of Singapore announced its approval of a plan to phase out the Certified Public Accountant of Singapore designation in favor of the new “Charted Accountant of Singapore,” starting in July of this year.

The new designation will be administrated by the island city-state’s Institute of CPAs, which also plans to change its name later this year.

Current holders of the CPA Singapore credential will be switched over to the new designation in July 2013. Students will have until the end of 2016 to earn the CPA Singapore designation and be eligible for automatic conversion; after that, they will be required to complete Singapore Qualification Programme and acquire relevant working experience to qualify for the CA Singapore.