Hong Kong Institute of Certified Public Accountants
|Hong Kong Institute of Certified Public Accountants (HKICPA)
Logo of HKICPA
|Predecessor||Hong Kong Society of Accountants|
|Formation||January 1, 1973|
|Legal status||Statutory body corporate established under Professional Accountants Ordinance|
|Headquarters||Wanchai, Hong Kong|
|Member's designations||CPA, CPA(Practising), FCPA, FCPA(Practising)|
|Chief executive and registrar||Raphael Ding|
|IFAC member since||October 7, 1977|
Its main responsibilities are:
- Registration and regulation of profession accountants in Hong Kong.
- Issuance of financial reporting standards and auditing standards.
- Promotes the accountancy profession to businesses and the general public.
- 1 History
- 2 Qualification programme
- 3 Recognition with other institutions
- 4 Status
- 5 International links
- 6 See also
- 7 References
- 8 External links
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The Hong Kong Institute of Certified Public Accountants is the only body authorized by law to register and grant practising certificates to certified public accountants in Hong Kong. The Institute has more than 30,000 members and more than 13,000 registered students. Members of the Institute are entitled to the description "certified public accountant" and to the designation CPA.
The Hong Kong Institute of CPAs evolved from the Hong Kong Society of Accountants, which was established on 1 January 1973.
The Institute operates under the Professional Accountants Ordinance and works in the public interest. The Institute has wide-ranging responsibilities, including assuring the quality of entry into the profession through its postgraduate CPA qualification programme and promulgating financial reporting, auditing and ethical standards in Hong Kong. The Institute has responsibility for regulating and promoting efficient accounting practices in Hong Kong to safeguard its leadership as an international financial centre.
Since 2001 the "Qualification Programme" (QP) has been the direct route to become a member of the institution. In September 2010, QP was enhanced to accommodate recent changes and developments in the accounting industry and practice.
To become a registered student of the QP, there are three routes available:
- Holder of a recognised accountancy degree
- Non-accountancy degree holder who has undergone a Conversion Programme
- Sub-degree holder - a HKIAAT who has undergone a Foundation Programme or Professional Bridging Exam
QP Students will have to complete four modules, plus a six-hour Final Examination (consisting of two 3-hour papers). They will also have to meet the Practical Experience Requirements set by the Institute.
The four modules are:
- Module A - Financial Reporting
- Module B - Corporate Financing (former name, Financial Management)
- Module C - Business Assurance (former name, Auditing and Information Management)
- Module D - Taxation
Each module consists of:
- 15 weeks learning self-study material provided by the Institute,
- two full-day interactive workshops, and
- a three-hour open book examination.
The comprehensive Final Examination will consist of material taken from all four modules.
Recognition with other institutions
Association of Chartered Certified Accountants (ACCA)
Prior to 2002, Hong Kong accountants were allowed to obtain full memberships from both Association of Chartered Certified Accountants (ACCA) and HKICPA under a joint examination scheme between the two institutions. A mutual recognition agreement was then announced between the two institutions; this has been renewed from 2010 until 2015.
Institutes of Chartered Accountants
HKICPA has Mutual Recognition Agreements with the major Chartered Accountant bodies worldwide:
- American Institute of Certified Public Accountants since October 2011
- Institute of Chartered Accountants in England and Wales
- Institute of Chartered Accountants of Scotland
- Institute of Chartered Accountants in Ireland
- Institute of Chartered Accountants of Australia
- Canadian Institute of Chartered Accountants
- New Zealand Institute of Chartered Accountants
- South African Institute of Chartered Accountants
- Institute of Chartered Accountants of Zimbabwe
These agreements, in general, only apply to relatively recent HKICPA members who qualified through the Qualification Programme.
Other overseas bodies or British qualified accountants
HKICPA also has recognition arrangements in place with:
- Association of International Accountants
- Chartered Institute of Management Accountants
- CPA Australia
Incorporated by the Professional Accountants Ordinance (Chapter 50 of the Laws of Hong Kong) on 1 January 1973, the Hong Kong Institute of Certified Public Accountants (the Institute) is the only statutory licensing body of accountants in Hong Kong responsible for regulation of the accountancy profession. There is an associate organization called the HKAAT.
The Institute is a member body of the following international or regional organisations :
- Asia Oceania Tax Consultants' Association
- Confederation of Asian and Pacific Accountants
- International Accounting Standards Board
- International Federation of Accountants
- International Federation of Insolvency Practitioners
- Qualification Programme (QP) on the HKICPA official site]
- HKICPA announcement regarding the recognition arrangement, 2005
- Agreement for Recognition Arrangements between ACCA and HKICPA, ACCA, 2010