IQAB Hears from USTR

SHARE:

State Board Report

October

The NASBA/AICPA International Qualifications Appraisal Board began their meeting on October 2, 2017 with an update from Thomas Fine, Director-Services and Investment for the Office of the US Trade Representative. Having followed the trade agreements under consideration by USTR, and changes in policy made by President Donald Trump’s administration, the IQAB members learned about agreements that have been stalled, abandoned and anticipated, and how state regulators fit into national agreements. Mr. Fine reported there are countries interested in seeing mutual recognition agreements developed for the accounting profession and he encouraged IQAB to continue with their work to bring about new agreements.

Currently negotiations are going on with Mexico and Canada on provisions of the NAFTA (North American Free Trade Agreement). These would not impact the mutual recognition agreement IQAB is renewing with CPA Canada and the Instituto Mexicano de Contadores Públicos, but Mr. Fine reported CPA firms are concerned about what impact there might be on nonimmigrant NAFTA Professional visas. These visas allow citizens of Canada and Mexico, as NAFTA professionals, to work in the United States in prearranged business activities for U.S. or foreign employers.

During the NASBA Annual Meeting on November 1, IQAB Chair Sharon A. Jensen will report on progress being made on renewing mutual recognition agreements and developing new ones. At that session, representatives from several international accounting bodies will be present to sign agreements developed by IQAB for the Boards of Accountancy to consider for adoption.