Feb 27, 2018 · 2 min read
The Institute of Chartered Accountants of Scotland (ICAS), a professional body for accountants which is headquartered in the United Kingdom (UK), the American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, and the National Association of State Boards of Accountancy (NASBA), a forum for the 55 U.S. Boards of Accountancy which license more than 650,000 U.S. CPAs, have signed an agreement which will provide a streamlined process for accounting professionals to practice in the other country.
The Mutual Recognition Agreement (MRA) provides a clear route for ICAS members to achieve the U.S. CPA and licensure, and U.S. Certified Public Accountants to attain the CA designation and be on the pathway to UK audit signing rights.
Leadership of the three organizations took part in a signing ceremony for the MRA in New York City.
Anton Colella, ICAS CEO commented: “This is an historic agreement. It’s the first of its kind between a UK Chartered Accountancy body and American accountancy bodies, and comes at a pivotal point for the UK.”
“It not only creates new opportunities in the world of transatlantic trade, but also reinforces the high standing in which we hold our American colleagues, and the expertise they value in us.”
“We welcome the mutual recognition that is at the heart of this agreement,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA. “It will give U.S. CPAs a clear and accelerated path to obtaining a credential in the United Kingdom. And the same is true of ICAS members with an interest in practicing in the United States. Agreements like this come to fruition through the dedication of the respective accounting bodies, the diligence of member volunteers who serve on the International Qualifications Appraisal Board, and the commitment of NASBA and the state boards it represents. Together, we are building increased international recognition for U.S. CPAs in every corner of the world.”
“It is remarkable that is has taken decades to reach this historic agreement positively impacting the accounting professions of the United States and Scotland. I applaud the tremendous effort and perseverance of the staff and volunteers of the respective organizations to finalize this crucial agreement,” said Ken L. Bishop, President and CEO of NASBA. “We appreciate the participation and support of the UK’s FRC in this endeavor. The relationships developed during this process will serve us well as we work together on future agreements.”
UK International Trade Secretary, Dr Liam Fox, commented: “This is a really welcome initiative, which my department supports, and shows the huge benefits which greater UK-U.S. co-operation can bring to our businesses.”
“Mutual recognition of qualifications can help boost trade in services, making it easier for our world-leading professionals to operate in other countries. Through our UK-U.S. Trade and Investment Working Group we are looking at how we can support our services industries to work and trade across the Atlantic, building on our £50bn of annual services exports to the USA.”
Eligibility
Eligible CAs and CPAs need only pass one exam, in addition to satisfying other requirements:
For CAs to take advantage of this agreement, they must be an ICAS member in good standing and have completed:
A baccalaureate (undergraduate) degree;
The ICAS CA Qualification Program;
Two years post-qualification relevant practical work experience.
To apply, a U.S. CPA must be a licensed CPA in good standing with a State Board and have completed:
Media Contacts:
Hannah Downie, ICAS Senior Digital Editor and Media Manager
0131 347 0126/07799 583 409
hdownie@icas.com
Jay Hyde
Senior Director – Public Affairs, Advocacy Communications and Media American Institute of CPAs
202-434-9266
Jay.hyde@aicpa-cima.com
Thomas G. Kenny
Director, Communications
NASBA
615-880-4237
tkenny@nasba.org
FAQs
Career advancement: The CPA designation is widely recognized in the UK and can help open doors to new career opportunities and advancement. Many employers actively seek out CPA-qualified candidates and are willing to pay a premium for their skills and knowledge.
Is ICAS accepted in the US? ›
U.S. Customs officials routinely accept ICAS Assessment Reports in support of applications for TN Visas, but you should seek confirmation from appropriate officials before submitting an application for assessment.
What is the equivalent of a CPA in the UK? ›
Association of Chartered Certified Accountants (ACCA)
Can US accountants work in the UK? ›
The Mutual Recognition Agreement (MRA) provides a clear route for ICAS members to achieve the U.S. CPA and licensure, and U.S. Certified Public Accountants to attain the CA designation and be on the pathway to UK audit signing rights.
Is us CPA harder than ACCA? ›
There are various factors to consider when it comes to understanding the difficulty levels of ACCA vs CPA. Both examinations are challenging and need hard work and diligence to clear. While the average pass rate for ACCA is around 55%, for CPA, the percentage is around 40-50%.
Is ICAS better than ACCA? ›
They are both CCAB qualification and internationally recognised. Personally, ACCA appeals to me as more global and flexible than ICAS. ICAS and ICAEW represent CA's in Scotland and England respectively.
Which is better ICAS or WES? ›
But, WES supersedes ICAS. If you are planning to study overseas, it is a must to seek guidance from World Education Services. Education credential Assessments charge the same fees for both of them. The only notable difference is that world education services (WES) work faster.
How long does it take to complete ICAS? ›
It generally takes 3 years to qualify. The training involves a combination of work experience and exams. To be eligible for ICAS membership, you need to: Get a training contract with an ICAS authorised employer.
Which country is best for CPA? ›
Australia and Canada. Both countries have a rigorous education system and stringent qualifying processes for CPAs. They have strong regulatory bodies (CPA Australia, CPA Canada) that ensure high standards of practice. They are also active contributors to international accounting standards and practices.
Which state has easiest CPA requirements? ›
What State Is Best for the CPA License? If you want to take the CPA exam as early as possible with fewer requirements, Alaska is a good state to get your CPA license in because it allows candidates to sit while completing an undergraduate degree if within 18 hours of meeting bachelor's degree requirements.
Self-employment in the United States does not fulfill the "supervised work" requirement. However, foreign CPAs may work in private industry, public accounting, or government accounting to fulfill the "supervised work" requirement, as long as they are doing accounting work under the supervision of a U.S.-licensed CPA.
Is a CPA higher than an MBA? ›
Is a CPA better than an MBA? An MBA will be a better choice if you are interested in working in business or industry. A CPA is better suited for those interested specifically in accounting and finance. However, there are many areas where the two overlap, and many professionals have both a CPA and an MBA credentials.
What is an accountant called in the UK? ›
Chartered accountants (CAs) work in every type of organisation – either as employees or through an accountancy practice or specialist firm. Their role is to advise, examine financial reports or accounts (known as auditing) and provide information about financial records.
Are CPAs in demand in UK? ›
The UK's robust economy and diverse industries create a high demand for skilled accountants. Industries such as finance, banking, consulting, and manufacturing require accounting expertise. Multinational companies and financial institutions contribute to the need for qualified accountants.
Is US CPA valid in Europe? ›
The US CPA qualification is recognised worldwide and can open doors to opportunities in Europe, Asia and North America. If you are an accounting professional looking to boost your career or just curious to learn about the course, we suggest you check out our Certified Public Accountant (CPA) course to learn more.
What is the salary of US CPA in UK? ›
CPA Salaries in London, United Kingdom
The average salary for CPA is £27,989 per year in the London, United Kingdom. The average additional cash compensation for a CPA in the London, United Kingdom is £1,493, with a range from £639 - £3,489.
Is ACCA better than US CPA? ›
ACCA has a more extensive global reach compared to CPA, which is primarily recognized within the United States. If you aspire to work internationally, ACCA's global recognition may offer you greater mobility. However, if your career goals are U.S.-centric, CPA might align better with your objectives.
Is CPA in demand in UK? ›
There is an increasing number of job opportunities in the accounting sector. Thus, even when CPAs leave the company, they are still high in demand, with myriads of job opportunities waiting in other companies.
