Hong Kong Ends Mutual Accounting Recognition Accord With U.S.

Hong Kong will end an 11-year mutual recognition agreement with the U.S. on professional accountants’ certification because of a dispute over requirements for local experience.

The accord between the Hong Kong Institute of Certified Public Accountants (HKICPA) and the U.S. International Qualifications Appraisal Board (IQAB) will expire at the end of this year, after which accountants with U.S. certificates will have to pass complete qualification tests in Hong Kong before they can practice there, the accountant body said Wednesday on its website.