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United States and Hong Kong Sign Five-Year Accounting Profession Agreement

united states and hong kong
Left to right: Michael Daggett, NASBA chairman, David Costello, NASBA president and CEO, Greg Anton, AICPA chairman, Winnie C.W. Cheung, Hong Kong Institute of CPAs chief executive, William Treacy, chair of U.S. IQAB, Barry Melancon, AICPA president and CEO and Tsai Wing Chung, Phillip, Hong Kong Institute of CPAs president. (Image courtesy of

NEW YORK and NASHVILLE -- A five-year Mutual Recognition Agreement that establishes the basis for reciprocity between the U.S. and Hong Kong accounting professions was entered into on October 24, 2011 by The U.S. International Qualifications Appraisal Board (U.S. IQAB) and the Hong Kong Institute of Certified Public Accountants.

Chair of the U.S. IQAB William Treacy said "The agreement we've signed today with the Hong Kong Institute of Certified Public Accountants will make great strides in advancing the reciprocity of CPAs in the U.S. and in Hong Kong."

The agreement was signed at NASBA's 104th Annual Meeting in Nashville.

"This new agreement will allow qualified accountants in the U.S. and Hong Kong to work across borders," said Barry Melancon, AICPA president and CEO. "Globalization is rapidly changing the way business is done across the globe and CPAs will continue to play a vital role in the financial systems in the U.S. and abroad."

Mutual Recognition Agreements facilitate the process for qualified professionals with accounting credentials to become certified and licensed in each other's countries. The agreements are subject to individual state board of accountancy acceptance.

The agreement with the Hong Kong Institute has been recommended to the boards of accountancy in all 55 U.S. jurisdictions for their adoption and implementation.

Published October 25, 2011

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