Hong Kong

Hong Kong, US to End Mutual Accounting Recognition Agreement, Signaling Further US-China Decoupling

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Hong Kong, US to End Mutual Accounting Recognition Agreement, Signaling Further US-China Decoupling
The logo of Hong Kong Exchanges & Clearing Ltd. (HKEX) is seen at the financial Central district in Hong Kong, China, on Sept. 14, 2020. Tyrone Siu/Reuters
Kathleen Li
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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.
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Kathleen Li
Kathleen Li
Author
Kathleen Li has contributed to The Epoch Times since 2009 and focuses on China-related topics. She is an engineer, chartered in civil and structural engineering in Australia.
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