Hong Kong Institute of CPAs and ACCA Sign New Recognition Agreement
Agreement Covers Respective Members in Hong Kong and U.K.
(HONG KONG, 22 August 2006) — The Hong Kong Institute of Certified Public Accountants and The Association of Chartered Certified Accountants (ACCA) announced today that the two bodies have signed a new agreement for recognition of their respective members to replace the Mutual Recognition Agreement that expired in June 2005.
The new recognition agreement, which is different from the last MRA, gives ACCA members substantial exemptions to the Hong Kong Institute of CPAs’ qualification programme.
The parameters in the new agreement, which allow mutual recognition of each body’s members, were developed after a year-long review by an independent assessor agreed to by both bodies. The assessor compared the qualification prerequisites of each body. The Hong Kong Institute of CPAs and ACCA recognise that their respective professional qualifications differ in learning objectives, but not in quality.
It covers students who enrolled in ACCA on or after 16 August, 2004. It is retroactive to 1 July 2005 and will be in force until 30 June 2010. The agreement applies to ACCA members who were qualified in the U.K. and Hong Kong. Transition arrangements for students who enrolled on or before 15 August 2004 have been agreed separately.
Winnie C. W. Cheung, chief executive of the Hong Kong Institute of CPAs, says, "The Institute, as the statutory licensing body, is mandated by the Professional Accountants Ordinance to develop the standard of qualification of the accounting profession in Hong Kong and this agreement will help assure the central role of the CPA as we evolve as an international financial centre."
Allen Blewitt, chief executive of ACCA commented, "This agreement will mark the beginning of a new era in ACCA’s long history in Hong Kong. We look forward to working with the Institute to continue building the profession here."
"This agreement recognizes that each body offers different routes to achieving membership," added Blewitt. "To recognize these differences, this new agreement contains the steps to be followed by ACCA and HKICPA members seeking membership in the other’s body."
According to Cheung, "In a nutshell, members of the ACCA must have a university degree, pass the final professional examination of the Institute’s qualification programme and gain practical work experience under an Institute-authorised employer or supervisor. This way, the Institute’s three-pronged foundation of university education, post-graduate study and practical experience is maintained."