Acca Mutual Recognition Agreements

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Acca Mutual Recognition Agreements

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Apr,2021

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On 4 December 2014, the ACCA and ICMAP (Institute of Cost and Management Accountants of Pakistan) signed an agreement to improve existing academic recognition agreements between the two accounting bodies. This MoU is intended to enable students and members of the ACCA and ICMA of Pakistan to acquire dual qualifications and dual membership on a rapid basis. [49] The ACCA`s qualification confers the designation of the Secretary of the Qualified Society in Pakistan. The ACCA and the Institute of Local Legislative Accounting of Chartered Accountants of Pakistan (ICAP) offer partial recognition between them. Although ACCA considers recognition for legal tax purposes[2], it does not have an agreement with an accounting office in South Africa, while ICAEW, ICAS and CA Ireland have agreements with the South African Institute of Chartered Accountants. The MRA offers ACCA members increased recognition in different parts of the world with increased international mobility. The NASBA/AICPA International Qualifications Appraisal Board (IQAB) is the link between the U.S. accounting profession and that of other States Parties to the General Convention on Trade in Services (GATS). A Mutual Recognition Agreement (MRA) allows qualified professional examiners from another country to operate in the United States without having to re-tender.

Similar recognition is given to U.S. CPAs who wish to practice in the same country. The Canadian CPA profession and the Association of Chartered Certified Accountants (ACCA), which is based in the United Kingdom, are currently negotiating a new agreement defining how professionals can obtain the designation of the other professional profession. In order to enable negotiations, national bodies representing the relevant professions have agreed to withdraw from their existing Mutual Recognition Agreement (MRA). Any new agreement will facilitate continued access to the profession while ensuring that the public interest is protected by maintaining entry standards in each profession at the appropriate level. We will continue to keep all members informed of the status of our reciprocity agreements. This MRA strengthens the excellent relationship between our two bodies and has already created a pathway for many qualified members of each association to become members of the other body and enjoy the benefits of both. These include increasing international recognition and improved professional mobility. Everyone is committed to promoting the mobility of accountants on a global scale and will continue to have ways to identify with internationally trained accountants. We will continue to keep all members informed of the status of our reciprocity agreements. A list of all current mutual agreements regarding CPA Canada is available HERE and for ACCA HERE. The ACCA qualification is recognised by law by all EU Member States under the Mutual Recognition Directive.

This recognition extends to the nations of the European Economic Area and to Switzerland. For example, an ACCA holder could work as an accountant in all the Member States of the European Union, the European Economic Area and Switzerland and qualify himself as aCCA or an accountant. Access to local professional qualifications requires a separate examination. The Canadian Institute of Chartered Accountants and Certified Management Accountants of Canada (CMA Canada) has announced a joint “Chartered Professional Accountant or Designation CPA” designation, but it is not clear that this designation will interfere with the ACCA`s application for recognition in Ontario.

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