USA and Hong Kong Sign Mutual Recognition Agreement for Accounting

Hong Kong Institute of Certified Public Accoun...

NEW YORK and NASHVILLE, Oct. 24, 2011 /PRNewswire-USNewswire/ — The U.S. International Qualifications Appraisal Board (U.S. IQAB) and the Hong Kong Institute of Certified Public Accountants have entered into a five-year Mutual Recognition Agreement that establishes the basis for reciprocity between the U.S. and Hong Kong accounting professions.

“The agreement we’ve signed today with the Hong Kong Institute of Certified Public Accountants will make great strides in advancing the reciprocity of CPAs in the U.S. and in Hong Kong,” said William Treacy, chair of the U.S. IQAB.  “IQAB has thoroughly evaluated the educational, examination and experience requirements of CPAs in Hong Kong and is confident they are substantially equivalent to those of the U.S. CPA.”

The agreement was signed at NASBA’s 104th Annual Meeting in Nashville.

“Our agreement with the Hong Kong Institute validates our purposeful and determined quest to be truly global in mutual recognition of high quality accounting credentials.  We look forward to our association with the Hong Kong Institute and to more effectively facilitating the professional practice of accountancy on behalf of the public interest of both the United States and Hong Kong,” said David Costello, NASBA President & CEO.

The U.S. IQAB is a joint body of the American Institute of CPAs and the National Association of State Boards of Accountancy.

“This new agreement will allow qualified accountants in the U.S. and Hong Kong to work across borders,” said Barry Melancon, AICPA president and CEO.  “Globalization is rapidly changing the way business is done across the globe and CPAs will continue to play a vital role in the financial systems in the U.S. and abroad.”

via U.S. and Hong Kong Sign Mutual Recognition Agreement for Accounting

Register your informal business

Sarah Mathebula, 32, of Diepsloot, runs a vegetable business in the informal settlement and it is her only source of income.

Mathebula, a mother of five, arrived in Diepsloot in 2001. With no education, she started selling sweets, saving every rand.

Diepsloot has an estimated population of more than 250000 and is notorious for street justice, crime, unemployment and poverty.

So for many residents like Mathebula the only way to survive is to start a business.

“I would love to get support from the government or the city authorities to expand my business and get a proper place to trade.”

Mathebula said the relationship between the many small businesses in the area and the new entrants – Somalis and Pakistani nationals – was now good.

She is one of the 400 members of the South African Chamber of Commerce and Industry, who have now been organised to achieve economic growth in the area.

Phineas Letsoalo, project coordinator of the Diepsloot Chamber of Business, said the organisation started in May last year and faced many challenges on its path.

His chamber will be part of the Sacci’s conference, gala dinner and exhibition, that will be held at the Sandton Convention Centre on Monday and Tuesday.

Sowetan, the print media partner of the conference, will give an opportunity to 50 SMMEs and entrepreneurs to attend the convention for free.

To secure a seat contact the convention secretariat on 011-676-3467 or e-mail: sacciconvention@globalconf.co.za and use the Reference SOWETAN. Offer closes today at 12pm.

“The first challenge was the political landscape. You will find that developmental projects go through a political office and often information is not accessible to entrepreneurs,” he said.

He said another big challenge was that businesses were not formalised and do not even have addresses.

This, he said, increase the risk for banks and investors who would identify business opportunity in Diepsloot.

“People do not even Iknow how to register their businesses and they use whatever land is available without going through proper channels. Corrupt officials then utilised this ignorance and solicit rent from these businesses,” he said.

Mathebula said the business community in informal settlements needed to be organised and his chamber has started to engage developmental agencies to assist entrepreneurs in Diepsloot.

via The means to survive – Sowetan LIVE.