Untitled - Confederation of Asian and Pacific Accountants

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MEMBERS UPDATES FRANCE New International Body to Represent CNCC and CSOEC September 2006 - The two French member bodies of CAPA, Compagnie Nationale des Commissaires aux Comptes (CNCC) for representing both the French Profession on an international level. and Conseil Supérieur de l’Odre des Experts-Comptables (CSOEC) have created a new international body responsible This new body is called la Délégation Internationale pour l’ Auditet la Comptablilité (DIPAC). HONG KONG Hong Kong Institute of CPAs and the CIMA Strengthen Ties HONG KONG, 29 September 2006 — The Hong Kong Institute of CPAs announced that it has signed a mutual examination paper exemptions (MEPE) agreement with Chartered Institute of Management Accountants (CIMA) following an extensive mutual review. overseas bodies. Now, all overseas recognitions are benchmarked against the competency framework and standards underlying the Institute’s QP. The three QP elements of a university degree, professional knowledge and practical experience are the necessary components for membership in the Hong Kong Institute of CPAs.” The agreement, effective as of 1 July 2006 and in force until 30 June 2011, provides mutual exemptions of examination papers (MEPE) for a member of one body to become a member of the other. The Hong Kong Institute of CPAs ended its recognition agreements with a number of overseas accounting bodies in June 2005 in order to align other qualifications against the competency “We continue to unify the standards of membership admission into the Hong Kong Institute of CPAs,” says Winnie Cheung, framework and standard it has set for qualification as CPA in Hong Kong. chief executive and registrar of the Institute. “Before, membership of the Hong Kong Institute of CPAs was automatic for some (Extracted from Hong Kong Institute of CPAs Website) Hong Kong Institute of CPAs and ACCA Sign New Recognition Agreement Agreement Covers Respective Members in Hong Kong and U.K. HONG KONG, 22 August 2006 — The Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants (ACCA) announced that the two bodies have signed a new agreement for recognition of their respective The parameters in the new agreement, which allow mutual recognition of each body’s members, were developed after a year-long review by an independent assessor agreed to by both bodies. The assessor compared the qualification prerequisites of each body. The Hong Kong Institute of CPAs and ACCA recognise that their respective professional qualifications differ in learning objectives, but not in quality. members to replace the Mutual Recognition Agreement that expired in June 2005. It covers students who enrolled in ACCA on or after 16 August, 2004. It is retroactive to 1 July 2005 and will be in force until The new recognition agreement, which is different from the last MRA, gives ACCA members substantial exemptions to the Hong Kong Institute of CPAs’ qualification programme. 30 June 2010. The agreement applies to ACCA members who were qualified in the U.K. and Hong Kong. Transition arrangements for students who enrolled on or before 15 August 2004 have been agreed separately. 12
MEMBERS UPDATES HONG KONG Winnie C. W. Cheung, chief executive of the Hong Kong Institute of CPAs, says, “The Institute, as the statutory licensing body, is mandated by the Professional Accountants Ordinance to develop the standard of qualification of the accounting profession in Hong Kong and this agreement will help assure the central role of the CPA as we evolve as an international financial centre.” Allen Blewitt, chief executive of ACCA commented, “This agreement will mark the beginning of a new era in ACCA’s long history in Hong Kong. We look forward to working with the Institute to continue building the profession here.” to achieving membership,” added Blewitt. “To recognize these differences, this new agreement contains the steps to be followed by ACCA and HKICPA members seeking membership in the other’s body.” According to Cheung, “In a nutshell, members of the ACCA must have a university degree, pass the final professional examination of the Institute’s qualification programme and gain practical work experience under an Institute-authorised employer or supervisor. This way, the Institute’s three-pronged foundation of university education, post-graduate study and practical experience is maintained.” “This agreement recognizes that each body offers different routes (Extracted from Hong Kong Institute of CPAs Website) Shortage of Accountants Found, even as Supply Grows Positive Career Prospects Tempt Many Students, Survey from the Hong Kong Institute of CPAs Shows HONG KONG, 20 September 2006 — The demand for accountants is exceeding the supply in Hong Kong and will continue to do so if economic growth remains high, a recent market survey by the Hong Kong Institute of Certified Public Accountants shows. The study indicates that the supply of and demand for accountants is growing, but demand is growing at a faster pace, resulting in a net shortage of accountants. Based on the most recently available data from 2004, demand for accountants is estimated at 6,544 jobs in 2005, with supply from local institutions estimated at a maximum of 5,007, leaving a shortage of 1,537 accountants, or 23 percent. Winnie C.W. Cheung, chief executive of the Hong Kong Institute of CPAs, says demand is notoriously fickle and could change within months, while the study accurately reflects the supply of accountants about to enter the market. “Many firms and companies are dealing with this talent crunch by recruiting overseas. Fortunately, the Institute’s recognition agreements with overseas accounting bodies allow Hong Kong firms to recruit from some of the best trained professional accountants from around the world.” “The very high demand for the skills of accountants is in part due to our healthy economy, but as we have seen before, that could change quickly,” adds Paul M.P. Chan, President of the Institute. “Right now, demand is outstripping supply and the CPA qualification is valuable – not only in Hong Kong but around the world. Unfortunately, it is also resulting in long working hours for these professionals.” Growing supply The number of places offered at Hong Kong’s educational institutions for accounting studies has increased about 20 percent in the last two years – from roughly 4,700 in 2004-05 to 5,600 in 2006-2007 academic year, and academics polled say this will continue for the 2007-08 academic year. Academics polled (86%) say that demand for accounting graduates is increasing, and the majority of accountants polled (74 percent) expect demand fromChina for Hong Kong accountants to increase over the next five years. 13
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Page 9 and 10: MEMBERS UPDATES AUSTRALIA transitio
Page 11: MEMBERS UPDATES CANADA THE PUBLICAT
Page 15 and 16: MEMBERS UPDATES MALAYSIA MIA Prepar
Page 17 and 18: IFAC NEWS iFAC Board Focuses on Sup
Page 19 and 20: IFAC NEWS United Nations Adopts IFA
Page 21 and 22: NEW APPOINTMENTS PAKISTAN ELECTION

Untitled - Confederation of Asian and Pacific Accountants

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