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It defines equivalencies for Australian and U.S. qualifications, confirms examination exemptions for those who already completed the respective programs, and establishes additional testing for local laws, standards, and practices.",{"@graph":14,"@context":77},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & 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the parties?","Question",{"text":63,"@type":64},"It eliminates impediments to reciprocity by linking U.S. and partner jurisdictions’ accounting professions and recommending adoption of shared principles for recognizing CA and CPA qualifications.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"How does the agreement address education requirements for reciprocity?",{"text":68,"@type":64},"It specifies education equivalencies for Australian CAs and U.S. CPAs, including recognized degrees, conversion courses, and the Professional Year Programme or CA Program details where applicable.",{"name":70,"@type":61,"acceptedAnswer":71},"Are applicants required to take the other jurisdiction’s examinations?",{"text":72,"@type":64},"Applicants who completed the relevant CA Program or the U.S. Uniform CPA Examination should not be required to complete the other jurisdiction’s examinations for the professional designation.",{"name":74,"@type":61,"acceptedAnswer":75},"What examination or testing is required for reciprocity applicants?",{"text":76,"@type":64},"All reciprocity applicants must pass an examination (or examinations) designed to confirm satisfactory knowledge of relevant local and national legislation, standards, and practices in the jurisdiction they are entering.","https://schema.org",{"og:url":32,"og:type":79,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":81,"canonical":32},"index,follow",{"doc_id":83,"site_id":7},180086,1788339341,{"code":4,"msg":86,"data":87},"success",[88,92,96,100,105,110,115,119,124,127,131],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":89,"show_sort_weight":90,"slug":91},"Story & 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Appraisal Board  \nRepresenting  \nThe National Association of StateBoards of Accountancy  \nNASBA  \nMUTUAL RECOGNITIONAGREEMENT  \nRecommended by  \nThe American Institute ofCertified Public Accountants  \nand  \nAICPA  \n# Mutual Recognition Agreement\n\nIntroduction  \nThe National Association of State Boards of Accountancy(NASBA)and the American Institute ofCertified Public Accountants(AICPA)have jointly established the United States InternationalQualifications Appraisal Board(U.S.IQAB)to eliminate impediments to reciprocity by serving as thelink between the accounting profession in the United States and the accounting profession in countriesseeking mutual recognition of accounting qualifications.  \nThe U.S.IQAB and the Institute of Chartered Accountants in Australia(ICAA)have achievedconsensus on principles of reciprocity to be recommended to the ICAA and to the individual U.S.State Boards of Accountancy.The recommendations which follow have been approved by the Boardsof Directors of NASBA,the AICPA,and the ICAA.  \nThe ICAA is empowered to issue the Chartered Accountant(CA)designation to qualified applicantsThe United States has 55 jurisdictions,and their State Boards of Accountancy or their equivalents ineach jurisdiction are legislatively empowered to grant the Certified Public Accountant(CPA)designation and license to practice accountancy,subject to the laws and regulations in eachjurisdiction.To promote reciprocity,the U.S.IQAB and the ICAA recommend the adoption of thefollowing principles for the mutual recognition of the CA and the CPA designations.  \n# Basis of Recognition\n\nEducation,examination,and experience are the principal elements considered in granting the CA andCPA designations..In Australia,qualifications as a Chartered Accountant include the candidate'scompletion of(A)an approved tertiary degree in commerce,economics,or business studies with anaccounting major;or a recognized non-accounting degree plus completion of one of the following:1.an accredited graduate “conversion”course to enable non-accounting graduates to gain adequatecoverage of the required subjects or 2.additional accredited university subjects as specified by theICAA;(B)the CA Program(the part-time postgraduate courses administered by the ICAA)which iscompleted while working under the supervision of a Chartered Accountant;and(C)three years ofsupervised experience with a Chartered Accountant in an accredited organization.In the UnitedStates,the educational and experience requirements vary among jurisdictions,with all jurisdictionsrequiring the successful completion of the Uniform CPA Examination.  \nThe U.S.IQAB has reviewed the educational requirements,the required body of knowledge and therequired standards of professional practice with respect to the granting ofthe CA designation inAustralia.The ICAA has reviewed the educational requirements,the required body of knowledge andthe required standards of professional practice with respect to the granting of the CPA designation in theUnited States.The following paragraphs set forth the equivalency in each of the three areas ofeducation,examinations,and experience.  \nEducation  \nThe Parties agree that Australian CAs who hold a three-year baccalaureate degree with an approvedmajor in accounting or a three-year baccalaureate non-accounting degree with completion of anapproved graduate conversion course in accounting,either qualification having been obtained at auniversity accredited by the ICAA,plus completion of the Professional Year Programme (PY),or theCA Program(after 2000),shall be considered to have satisfied an education requirement equivalent tothe 150-hour education requirement as defined in the Uniform Accountancy Act,Article 5,Rules 5-1and 5-2,Fourth Edition.The Parties further agree that CPAs who have successfully completed abaccalaureate degree at an accredited institution combined with a concentrat","cbCaiq3CwAM14c4Y","https://ap.wps.com/l/cbCaiq3CwAM14c4Y","pdf",1915246,"English","# Introduction\n# Basis of Recognition\n## Education\n# Examinations\n# Experience","[{\"question\":\"What is the purpose of the Mutual Recognition Agreement between the parties?\",\"answer\":\"It eliminates impediments to reciprocity by linking U.S. and partner jurisdictions’ accounting professions and recommending adoption of shared principles for recognizing CA and CPA qualifications.\"},{\"question\":\"How does the agreement address education requirements for reciprocity?\",\"answer\":\"It specifies education equivalencies for Australian CAs and U.S. CPAs, including recognized degrees, conversion courses, and the Professional Year Programme or CA Program details where applicable.\"},{\"question\":\"Are applicants required to take the other jurisdiction’s examinations?\",\"answer\":\"Applicants who completed the relevant CA Program or the U.S. Uniform CPA Examination should not be required to complete the other jurisdiction’s examinations for the professional designation.\"},{\"question\":\"What examination or testing is required for reciprocity applicants?\",\"answer\":\"All reciprocity applicants must pass an examination (or examinations) designed to confirm satisfactory knowledge of relevant local and national legislation, standards, and practices in the jurisdiction they are entering.\"}]","Mutual Recognition Agreement - Mutual Recognition | PDF",13]