Professional accounting bodies from Canada, USA and Mexico signed on November 1st, a trilateral Mutual Recognition Agreement.

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The five-year renewal of the Mutual Recognition Agreement was  signed at the National Association of State Boards of Accountancy’s  annual meeting in New York last week between the following: American  Institute of Certified Public Accountants( AICPA), National

Association  of State Boards of Accountancy ( NASBA), CPA Canada,  Instituto Mexicano de Contadores Públicos (IMCP) and Comité Mexicano para la Práctica  Internacional de la Contaduría (COMPIC)

The  AICPA and NASBA originally signed a reciprocity agreement with a  Canadian accounting body in 1991 and then made it a tripartite agreement by bringing in the Mexican accounting organization in 2002.

The agreement provides an abbreviated pathway and increased recognition of qualified professional accountants and specifies the criteria by which one body’s members are eligible to obtain the credential of the others.

Under the renewed agreement, accounting professionals of either Canada, U.  S. or Mexico will be able to take advantage of an accelerated pathway to professional credentials in those countries.

“Business is increasingly international in scope, which requires CPAs to be more global-minded than ever before,” said AICPA president and CEO Barry Melancon in a statement.

“The professional reciprocity that is embedded in this agreement will give U.S. CPAs a clear and consistent path to obtaining a credential in Canada and/or Mexico, the same is true of professional accountants from Canada and Mexico who wish to pursue practice rights in the United States. This MRA is a testament to the close relationship between the three nations’ accounting institutes, the AICPA’s longstanding collaboration with NASBA, and our common desire to help accounting credential holders gain practice privileges in other countries.”