Hong Kong Institute of Certified Public Accountants
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The Hong Kong Institute of Certified Public Accountants (Chinese: 香港會計師公會) (HKICPA) is a professional body for accountants in Hong Kong.
Its main responsibilities are:
- Registration and regulation of profession accountants in Hong Kong.
- Issurance of financial reporting standards and auditing standards.
- Promotes the accountancy profession to businesses and the general public.
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[edit] History
It was set up in 1974 with the assistance of Association of Chartered Certified Accountants (ACCA) as the local statutory accountancy body in Hong Kong. Formerly named as "Hong Kong Society of Accountants", it has since renamed to the Hong Kong Institute of Certified Public Accountants on September 8, 2004.
[edit] Qualification programme
Since 2001 the institution has begun to offer the "Qualification Programme" or QP for short, as a direct route to become a member of the institution.
To become a registered student of the QP, there are three routes available:
- Holder of a recognised accountancy degree.
- Non-accountancy degree holder who has undergone a Conversion Programme.
- Sub-degree holder - a HKIAAT who has undergone a Foundation Programme or Professional Bridging Exam
QP Students will have to complete four modules, plus a final six hours examination. They will also have to meet the Practical Experience Requirement set by the institute.
The four modules are:
- Module A - Financial Reporting
- Module B - Financial Management
- Module C - Auditing and Information Management
- Module D - Taxation
Each module consists of:
- 15 weeks self-study material provided by the institute,
- four interactive workshops to attend, and
- a three hours open book examination.
The final examination will consist of material taken from all four modules.
Please note these information are for reference only - you are advised to check the official site for up-to-date information.[1]
[edit] Recognition with other institutions
[edit] Association of Chartered Certified Accountants (ACCA)
Prior to 2002, Hong Kong accountants were allowed to obtain full memberships from both Association of Chartered Certified Accountants (ACCA) and HKICPA under a joint examination scheme between the two institutions. On 1 July 2005, the institute announced recognition arrangements between the two institutions under the Agreement of Recognition Arrangement(ARA)[2]. Then on 22 August 2006, a new Agreement of Recognition Arrangement (MRA) was signed and will be in force until 30 June 2010, replacing an old MRA that expired in June 2005[3].
[edit] Institutes of Chartered Accountants
HKICPA has Mutual Recognition Agreements with the major Chartered Accountant bodies worldwide:
- Institute of Chartered Accountants in England and Wales
- Institute of Chartered Accountants of Scotland
- Institute of Chartered Accountants in Ireland
- Institute of Chartered Accountants of Australia
- Canadian Institute of Chartered Accountants
- New Zealand Institute of Chartered Accountants
- South African Institute of Chartered Accountants
- Institute of Chartered Accountants of Zimbabwe
These agreements, in general, only apply to relatively recent HKICPA members who qualified through the Qualification Programme.
[edit] Other Institutes
HKICPA also has limited recognition arrangements in place with:
[edit] Status
Incorporated by the Professional Accountants Ordinance (Chapter 50 of the Laws of Hong Kong) on 1 January 1973, the Hong Kong Institute of Certified Public Accountants (the Institute) is the only statutory licensing body of accountants in Hong Kong responsible for regulation of the accountancy profession. There is a similar organization called the HKAAT.
[edit] International links
The Institute is a member body of the following international or regional organisations :
- Asia-Oceania Tax Consultants' Association
- Confederation of Asian and Pacific Accountants
- International Accounting Standards Board
- International Federation of Accountants
- International Federation of Insolvency Practitioners
[edit] References
- ^ Information on QP from the HKICPA official site
- ^ HKICPA annoucements regarding the recognition arrangement
- ^ ACCA press release regarding the new ARA, 22 August, 2006
