The Hong Kong Institute of Certified Public Accountants (HKICPA) has renewed its mutual recognition agreement (MRA) with the Association of Chartered Certified Accountants (ACCA).

The partnership has supported the career development of accounting professionals in Hong Kong since 2000.

It aims to foster the growth of the accounting sector by providing enhanced professional mobility and development opportunities.

The new MRA, which is set for a three-year term, allows HKICPA members who have completed the Qualification Programme (QP) and gained at least three years of practical experience to acquire ACCA membership.

Conversely, ACCA members who have passed their professional examinations in the UK or Hong Kong, including specific advanced modules, and have three years of practical experience, can apply for HKICPA membership after passing the Capstone of the QP.

The updated agreement simplifies the process for ACCA members to obtain the CPA designation from the HKICPA.

It extends eligibility to non-degree holder ACCA members with a qualification equivalent to a higher diploma or associate degree under the Hong Kong Qualification Framework, provided they meet the relevant conditions.

The HKICPA anticipates that the enhanced MRA will attract more talented individuals from diverse backgrounds to the accounting profession in Hong Kong and to pursue the CPA designation.

HKICPA president Edward Au said: “The MRA provides simplified pathways for members of both organizations to obtain professional qualifications from each other, thereby enhancing their career mobility. Furthermore, the synergies created by the co-operations between HKICPA and ACCA enable us to provide advanced support to the development of the accounting profession in Hong Kong, benefiting businesses as well as Hong Kong economy as a whole. HKICPA will continue to work hand in hand with other professional accounting organisations to attract talent from diverse academic backgrounds, build a stronger talent pool, and drive the continuous advancement of the accounting profession.”

ACCA Hong Kong chairman Stanley Ho said: “With over 120 years of global legacy and a proud 75-year heritage rooted in Hong Kong, ACCA has consistently demonstrated leadership in redefining the accountant through times of change. In response to the evolving needs and expectations of society, ACCA will introduce a redesigned qualification in 2027. We look forward to working closely with HKICPA to drive sustainable growth for the profession and the wider community.”

As a founding member of the Global Accounting Alliance (GAA), the HKICPA focuses on maintaining the international recognition of its membership and to engaging in exchanges with international accounting professions.