Bishop Heralds More Transparent MRAs

State Board Report

March 2017

The NASBA/AICPA International Qualifications Appraisal Board is developing more transparent recognition agreements for international professionals, NASBA President Ken L. Bishop told the ACAUS (Association of Chartered Accountants in the U.S.) annual meeting on March 1 in New York City. While the forthcoming edition of the Uniform Accountancy Act will include changes that would permit unilateral recognition of international professionals, the U.S. has not given up on developing and renewing mutual recognition agreements, he assured the ACAUS gathering. “If we are very far apart in coming up with a mutual recognition agreement, then we will include in current agreements what we would like to achieve in the next agreement. The agreements will identify goals and say when we expect to achieve them,” he explained.

The United Kingdom’s anticipated departure from the European Union has impacted the outlook for mutual recognition agreements, President Bishop observed. He predicted agreements with professional bodies from two countries will be signed by NASBA’s 2017 Annual Meeting in October. Mr. Bishop and NASBA Chair Telford Lodden (IA), past chair of the NASBA/AICPA International Qualifications Appraisal Board, have been meeting with the leaders of the Chartered Accountants in Ireland and the Institute of Chartered Accountants of Scotland to clear the way for agreements with those bodies. Talks have been going on sporadically with those organizations for over a decade, but the NASBA leaders are confident.

CAI President Pat Costello, who will be retiring this year, told the ACAUS meeting that he appreciated the work that Messrs. Lodden and Bishop have done. He said there are challenges ahead, certainly with Brexit, but he maintains the accounting profession is “in the business of trust.”