Speeding Up MRA Renewals Approved

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State Board Report

August

The NASBA/AICPA International Qualifications Appraisal Board’s (IQAB) careful consideration of mutual recognition agreements (MRA) and renewals spans many months, but a step to hasten the process was approved at the July 21 Board of Directors meeting in Montana. In response to a recommendation from IQAB presented by its chair, Sharon Jensen (MN), the NASBA Board authorized the NASBA Chair and President to approve renewal of MRAs, leaving to the Board of Directors the authority to approve the initial MRAs.The AICPA had approved a similar resolution at their board’s last meeting.

“This may not seem like a major change, but it is a very meaningful change in terms of how quickly IQAB can get through its work and keep its agreements up-to-date,” IQAB Chair Jensen explained. “Instead of waiting to be calendared to bring a renewal issue to the NASBA Board and to the AICPA Board, we can send documents to the AICPA and NASBA Chairs and Presidents and get a prompt response anytime during the year,” Ms. Jensen pointed out.

Several agreements are up for renewal at the present time. IQAB is completing work on renewals with CPA Canada, Instituto Mexicano de Contadores Públicos and Chartered Accountants Ireland and signings are anticipated soon. Similarly, renewals of agreements with Chartered Accountants Australia/New Zealand and CPA Australia are being negotiated. The renewals are being formatted in a uniform fashion intended to clarify exactly what is required from U.S. CPAs and from the partner professional bodies to obtain international recognition.

NASBA Chair Telford Lodden (IA) congratulated IQAB on the progress they have been making this year to develop agreements that identify current procedures and also illuminate areas where gaps exist that need to be bridged.