Accountancy bodies sign mutual recognition agreement

A milestone agreement affecting thousands of accountants and finance professionals in Singapore has been signed by the Institute of Certified Public Accountants of Singapore (ICPAS) and ACCA.

The two accountancy bodies have signed a Mutual Recognition Agreement (MRA), which enables ICPAS members to be full members of ACCA and vice versa, and enjoy the benefits that both organisations can offer. Accountants working in public practice will still have to satisfy additional national requirements.

According to the MRA, only members of ICPAS who have completed the ICPAS Professional Examination and have satisfied ACCA's practical experience requirement will be eligible for admission into membership of ACCA. Only ACCA members who have completed the final part of the ACCA examinations and have satisfied the requirements on relevant practical experience, pre-admission course and proficiency in Singapore laws as prescribed by ICPAS shall be eligible for admission into membership of ICPAS.

ICPAS and ACCA already enjoy a strong and close working relationship, having worked together since 1983 through the ICPAS/ACCA Joint Professional Examination Scheme, which has helped to develop the accountancy profession in Singapore, the region and also internationally. The MRA, which was signed by Tan Boen Eng, president of ICPAS, Dr Ernest Kan, vice president of ICPAS, Allen Blewitt, chief executive of ACCA, and Penelope Phoon-Cohen, head of ACCA Singapore, came into effect on 22 August 2005.

In his address at the MRA signing ceremony Tan Boen Eng said, 'This is the second MRA that ICPAS has signed with an overseas accountancy body. The MRA with ACCA is a closer step towards international recognition of ICPAS membership. ICPAS is a member of the ASEAN Federation of Accountants (AFA) and ACCA is an associate member. Both bodies have also been working closely through this international body to promote international cooperation and thus enhance the standard of the accountancy profession.'

Allen Blewitt said of the agreement: 'We are delighted to be signing the MRA with ICPAS which strengthens our already excellent relationship, and which will benefit accountants and the wider profession in the future. Both bodies share common and strong interests in the advancement of the profession of accountancy, especially in relation to the maintenance and strengthening of professional and educational standards, and we look forward to working closely with ICPAS in the future.'