Legal & Mutual Recognition

[Badshah Mamun]

Legal & Mutual Recognition

Europe

United Kingdom and Republic of Ireland

    The ACCA or Chartered Certified Accountant qualification is fully recognised in the United Kingdom and Republic of Ireland.

        Under the Royal Charter granted by Her Majesty the Queen, ACCA works in the public interest.

        ACCA is a Designated Professional Body under the Financial Services and Markets Act, business activities.

        ACCA is a Recognised Professional Body under the Insolvency Act to issue permits to individual Chartered Certified Accountants to conduct insolvency appointments.

        ACCA is also a Recognised Qualifying Body and Recognised Supervisory Body in relation to company auditing under the Companies Act 1989.

        ACCA is a member of the Consultative Committee of Accountancy Bodies (CCAB). Members of these bodies are deemed to hold equivalent-level qualifications and advertisements for jobs often state that an organisation is looking for a CCAB-qualified individual.

        Full members of CCAB organisations including ACCA can apply for ICAEW membership subject to certain criteria.

        Only ACCA, ICAEW, ICAI, ICAS and AIA are able to authorise members to conduct audit, insolvency and investment business work in the United Kingdom and Republic of Ireland.

    Outside these countries, legal recognition by government authorities, and mutual recognition by equivalent overseas institutes, varies from country to country. Even where full legal or mutual recognition is not available, ACCA members can sometimes obtain advanced standing in terms of sitting local accountancy examinations. Additionally, in many instances, ACCA's strong global reputation may obviate the need to acquire a local designation.

    Similarly, many (although not all) universities and educational providers will recognise ACCA as equivalent to at least a Bachelor degree in accountancy, for the purpose of obtaining credit to acquire a local Masters degree or enter an advanced study program.

The Irish educational regulatory authorities - Higher Education and Training Awards Council (HETAC) has assigned ACCA Qualification to Level 9 of the Irish National Qualifications Framework (NQF) in 2008. Level 9 holds Irish postgraduate qualifications, such as postgraduate diplomas and masters degrees.

In 2011, the Professional Oversight Board published information for the first time about its concerns over self-regulation by particular institutes. Press reports highlighted comments about ACCA, which had implemented recommendations to improve its examination syllabus, but needed to pay greater attention to continuing monitoring of members who had registered as auditors some years ago.

European Union (EU), European Economic Area (EEA) & Switzerland

    The ACCA qualification is legally recognized by all member countries of the European Union under the Mutual Recognition Directive. This recognition extends to the European Economic Area nations and Switzerland. For example a holder of the ACCA or Chartered Certified Accountant qualification could practice as an accountant in all member countries of the European Union, European Economic Area and Switzerland, but could only describe him/herself as ACCA or Chartered Certified Accountant rather than local professional accountant qualification. Access to local professional qualifications is based on an aptitude test. However, it is necessary to be a citizen of one of the EEA states or Switzerland to benefit from this Directive.

   This article's tone or style may not reflect the encyclopedic tone used on Wikipedia. See Wikipedia's guide to writing better articles for suggestions. (July 2011)

Turkey

    ACCA and T?RMOB (The Union of Chambers of Certified Public Accountants of Turkey) at Turkey signed a partnership agreement in 2004 which enables T?RMOB members resident in Turkey to follow the ACCA Professional Scheme qualification and achieve ACCA membership.

Others

    The ACCA currently is recognized by the national accounting institutes with the joint scheme relationships in:

        Armenia (Association of Accountants and Auditors in Armenia);

        Georgia (Georgian Federation of Professional Accountants and Auditors).

As of 2006, there were 64,574 members and 91,379 students/affiliates in Western Europe, UK and Ireland, as well as 3,279 members and 17,273 students/affiliates in Central/Eastern Europe respectively.

Source: http://en.wikipedia.org/wiki/Association_of_Chartered_Certified_Accountants#Legal_.26_mutual_recognition

[Badshah Mamun]

North America

United States

    In June 2012, ACCA and [[IMA]] announced a strategic partnership. The two bodies joined forces to empower accountants and financial professionals to drive business performance.

    As of December 2006, there was no mutual recognition between ACCA and AICPA/NASBA, but a MRA was under negotiation. However, it has effectively been put on hold pending a decision by the UK regulatory body, the Professional Oversight Board. It should also be noted that even if ACCA gained statutory recognition, it would still be up to the individual states to grant reciprocity within their state.

    Effective December 2009, Colorado State Board of Accountancy no longer accepts Chartered Accountants[clarification needed][citation needed], including ACCA members, as meeting the educational requirements to sit for the US Uniform Certified Public Accountant Examination.

    There are currently around 2,900 members and students in the US.

    In AICPA International FAQs section, the designation from the ACCA is not generally recognized by the states in the U.S., so ACCA members are required to complete all of the regular requirements to become a U.S. Certified Public Accountant (CPA). Information on becoming a CPA in the U.S.

    Moreover, only full member of any one of Global Accounting Alliance (GAA) is eligible to join AICPA International Associate. CIMA member will be eligible to join AICPA International Associate Member once the new strategic alliance is approved by the respective governing councils.

ACCA failed to gain recognition in America whereas HKICPA signed Mutual Recognition Agreement with AICPA. The mutual recognition agreement was signed between the Hong Kong Institute of Certified Public Accountants and the U.S. International Qualifications Appraisal Board representing the National Association of State Boards of Accountancy and the American Institute of Certified Public Accountants. The agreement covers the period from 24 October 2011 to 23 October 2016.

Canada

    ACCA announced a Mutual Recognition Agreement with CGA Canada effective from 1 January 2007; renewed in 2011 for a further 5 years period until December 2017.

    As of 2006, Canadian Institute of Chartered Accountants, World Education Services and the Odette School of Business at the University of Windsor indicated that the evaluation recognized ACCA as having the Canadian equivalence of a Bachelor's Degree (four years) in Accounting.

    The Canadian branch of ACCA is pursuing recognition for statutory audit purposes in the province of Ontario under the province's Public Accounting Act of 2004.

    Since Canadian Institute of Chartered Accountants (CICA) and Certified Management Accountants in Canada (CMA Canada) has just announced to create a new joint qualification ?Chartered Professional Accountant or CPA Designation?, whether the effect of this new Chartered designation will impinge on ACCA's application for recognition in Ontario is still uncertain at the moment.

    There is a drive for consolidation of accounting profession in Canada incorporating CICA, CMA Canada and CGA. The proposal is to use ?Chartered Professional Accountant? or CPA across the board. However a 10 years transitional period for tagging is mandatory where CGA members must use CPA-CGA designation instead of just CPA designation. For that reason, CGA withdrew from the negotiation process. If all accounting institutes in Canada merged altogether to form a new Chartered Professional Accountants institute, then ACCA may be compelled to bail out from North America.

As of 2006, ACCA had 1,100 members and over 400 students in Canada, the largest concentration of which live in Ontario.

Source: http://en.wikipedia.org/wiki/Association_of_Chartered_Certified_Accountants#North_America

[Badshah Mamun]

Oceania

Australia

ACCA has an office in Sydney, and holds its exams in major cities in Australia including Sydney, Melbourne, Perth, Adelaide and Brisbane.

The Institute of Chartered Accountants in Australia (ICAA), CPA Australia and Institute of Public Accountants recognise the ACCA qualification as sufficient to obtain a skill assessment as an Accountant for the purposes of immigration to Australia.

The Tax Practitioners Board accredited ACCA as a recognised tax agent association and as a recognised BAS agent association on 12 May 2010.

Subject to passing exams in Australian tax and law, ACCA members may obtain the equivalent level of membership from the Institute of Public Accountants. On the same basis, ACCA members can obtain direct entry to the CA Program of the ICAA.

However, ACCA has not procured a mutual recognition agreement with any accountancy body in Australia, unlike CIMA and CIPFA which are recognized via MRAs with CPA Australia.

New Zealand

    ACCA has one representative in Auckland and holds its exams there.

New Zealand Institute of Chartered Accountants has removed its exemptions altogether for ACCA members following the re-negotiation of mutual recognition agreement with various accounting bodies including CIPFA and CPA Australia in December 2010.

Source: http://en.wikipedia.org/wiki/Association_of_Chartered_Certified_Accountants#Oceania

[Badshah Mamun]

Caribbean, Central & South America

The ACCA is an affiliate of the Institute of Chartered Accountants of the Caribbean.[12] The ACCA qualification is legally recognized by the national accounting institutes with the joint scheme relationships in:

    Barbados (Institute of Chartered Accountants of Barbados);

    Bahamas (Bahamas Institute of Chartered Accountants);

    Belize (Institute of Chartered Accountants of Belize);

    Dominica (Recognized by Companies Act 1994 in the Commonwealth of Dominica);

    Guyana (Institute of Chartered Accountants of Guyana);

    Jamaica (Institute of Chartered Accountants of Jamaica);

    Trinidad and Tobago (Institute of Chartered Accountants of Trinidad and Tobago);

    Saint Lucia (Institute of Chartered Accountants of Saint Lucia);

The ACCA qualification is legally recognized in the French Guiana (Part of France and hence subject to European Union regulations).

Source: http://en.wikipedia.org/wiki/Association_of_Chartered_Certified_Accountants#Caribbean.2C_Central_.26_South_America

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Africa

South Africa

    The ACCA Professional Scheme has been registered at Level 8 (equivalent to master degree level).

    ACCA hasn?t procured mutual recognition agreement with any accountancy body in South Africa while Institute of Chartered Accountants in England and Wales, ICA in Scotland, ICA in Ireland have MRA with South African Institute of Chartered Accountants.

Zimbabwe

    ACCA Zimbabwe is one of the constituent bodies of the Public Accountants and Auditors Board (PAAB). The PAAB is a statutory body established in 1996, to oversee the regulation of the profession and maintain a register of persons entitled to work or practise as public accountants or public auditors in Zimbabwe. Only members in good standing of ACCA and Institute of Chartered Accountants of Zimbabwe can register as auditors.

Others

    The ACCA qualification currently is legally recognized by the national accounting institutes with the joint scheme relationships in:
        Ghana (Institute of Chartered Accountants of Ghana);

        Botswana (Botswana Institute of Accountants);

        Egypt (The Egyptian Society of Accountants & Auditors);

        Ethiopia (The Ethiopian Professional Association of Accountants and Auditors);

        Lesotho (Lesotho Institute of Accountants);

        Malawi (The Society of Accountants in Malawi);

        Mauritius (The National Equivalence Council of Mauritius);

        Nigeria (Institute of Chartered Accountants of Nigeria);

        Sierra Leone (Institute of Chartered Accountants of Sierra Leone);

        Swaziland (Swaziland Institute of Accountants);

        Zambia (Zambia Institute of Chartered Accountants);

        Tanzania (National Board of Accountants and Auditors).

Source: http://en.wikipedia.org/wiki/Association_of_Chartered_Certified_Accountants#Africa

[Badshah Mamun]

Asia

China

Hong Kong SAR

    A new Agreement of Recognition Arrangement (ARA) between ACCA and HKICPA (Local statutory accountancy body) was put in place on 22 August 2006, backdated to 1 July 2005. This was less flexible as compared to the previous rule.

This replaced the old Mutual Recognition Agreement (MRA) that was terminated by HKICPA on 30 June 2005. It was a disaster for ACCA members when they had to go through so called "8 unfair terms" e.g.holding a degree recognized by HKICPA (ACCA degree offered by OUB was failed in the test), worked under HKICPA authorized employers, attend workshop, passed Final Professional Examination (FPE) etc.

On the contrary, HKICPA members could join in ACCA without any further requirement.

    However, ACCA qualification is highly recognized by the Hong Kong employment market due to international and historical influences. Most HKICPA members qualified through HKSA-ACCA joint scheme which was operated for more than 20 years. HKSA (Hong Kong Society of Accountants) was the old name of HKICPA.

As of the end of 2005, there were 16,609 members in Hong Kong SAR.

Macau SAR

    The ACCA currently is legally recognized with the joint scheme relationships by Macau Society of Certified Practising Accountants (Local statutory accountancy body) in Macau.

Singapore

    ACCA and national accountancy body, Institute of Certified Public Accountants of Singapore (ICPAS), have operated a Joint Scheme of Examinations since 1983. The Joint Scheme is based on ACCA's examinations and allows students to sit papers in Singapore law and tax. All students who successfully complete the Joint Scheme examinations satisfy the examination requirements of both ACCA and ICPAS and are eligible to apply for membership of both bodies. ACCA's student numbers in Singapore for the Joint Scheme have topped 11,000.

    A blog has been set up to assist those preparing for the Singapore variant law paper.

    Singapore government recognizes ACCA qualification to meet her migration skills assessment to immigrate in Singapore.

As of the end of 2005, there were 5,161 members in Singapore.

Taiwan

    According to the rules 6(iii) & 9 of accountancy examiniation published by Taiwan government, ACCA members are entitled to obtain advanced standing in the examinations to become a Certified Public Accountant in Taiwan.

Malaysia

    On the 13th August 2007 ACCA and the Malaysian Institute of Certified Public Accountants (MICPA) signed a mutual recognition agreement (MRA), providing a route for members of both accountancy bodies to join the other body and to enjoy the benefits which both respected designations have to offer.

    The ACCA or Chartered Certified Accountant qualification currently is recognized by the Malaysian Institute of Accountants (MIA). Only MIA members will be considered as accountants in Malaysia under the Accountants Act, 1967.

    ACCA is statutorily recognised in Part II of the First Schedule of the Accountants Act, 1967.

As of December 2005, there were 7,417 members in Malaysia.

Pakistan

    The ACCA qualification is legally recognised as Qualified Company Secretary in Pakistan, and there is partial recognition between ACCA and the local statutory accounting body (Institute of Chartered Accountants of Pakistan).

    ACCA in Pakistan has seen tremendous growth during the last five years with thousands of students enrolling every year into ACCA programs. Various local colleges and universities are also now offering ACCA programs in all major cities of the country.

    Higher Education Commission (HEC) of Pakistan recognise ACCA member as equal to Masters in Commerce (M.Com)
    Also ICAP awards exemption to ACCA affiliates. ICAP reduced the exemptions to ACCA affiliates/members. Previously, ACCA affiliates or members were given exemptions up to Module D. Now ACCA affiliates/members can get maximum of seven exemptions.

Others

    The ACCA currently is legally recognized by the national accounting institutes with the joint scheme relationships in:

        Vietnam (The Ministry of Finance of the Socialist Republic of Vietnam);

        Brunei (Brunei Institute of Certified Public Accountants);

        Cambodia (The Ministry of Economy and Finance Kampuchea Institute of Certified Public Accountants and Auditors);

        Laos (The Ministry of Finance of the Lao People's Democratic Republic).

        Bangladesh (The Institute of Cost and Management Accountants of Bangladesh)

        The United States Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions for the first time in its history in 2011. The CPA Examination next year will be offered in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates in direct competition with ACCA Middle East branches.

        AICPA has formed a strategic alliance with CIMA to offer a new global accounting designation. This comes out as a result of the launch of Uniform CPA examinations worldwide. AICPA has changed its path moving away from a national based institute offering qualification for CPAs in public practice into an international accounting institute covering both CPAs in public practice and management accountant in conglomerates (something like ACCA does for decades).


Source: http://en.wikipedia.org/wiki/Association_of_Chartered_Certified_Accountants#Asia