The Hong Kong Institute of Certified Public Accountants (HKICPA) failed to renew an 11-year mutual recognition agreement (MRA) with the U.S. International Qualifications Appraisal Board (IQAB) over failure to waive the requirement for one-year of local experience.
Announcement of the MRA non-renewal happened amid deteriorating China-U.S. relations, particularly after the recent U.S.-ASEAN Special Summit. The outcome of the summit in May was a pledge to establish an ASEAN-U.S. Comprehensive Strategic Partnership, a U.S. effort to upgrade ASEAN relations and curtail Chinese influence.
