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.
See full Press Release.
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