• Register
Return to: Home > News > Service Lines > North American professional bodies renew mutual recognition agreement amid NAFTA heated negotiations

North American professional bodies renew mutual recognition agreement amid NAFTA heated negotiations

The American Institute of CPAs (AICPA) has renewed a Mutual Recognition Agreement (MRA) with peers from Mexico and Canada recognizing the "close relationships between the three nations", while the North American Free Trade Agreement negotiations are still in deadlock. 

The AICPA renewed its MRA with the National Association of State Boards of Accountancy (NASBA), Mexican Committee for International Accounting Practice, Mexican Institute of Public Accountants (IMCP), and CPA Canada.

Under this five year agreement, AICPA members going to Canada or Mexico will be able to access an accelerated pathway to professional credentials there, and vice versa to the USA.

AICPA president and CEO Barry Melancon said: “Business is increasingly international in scope, which requires CPAs to be more global-minded than ever before. This MRA is a testament to the close relationship between the three nations’ accounting institutes and our common desire to help accounting credential holders gain practice privileges in other countries.”

Despite these optimistic words and positive cooperation move between accounting organisations from the three countries, at a political level relationships are not all that good. Indeed the heated NAFTA negotiations are still in deadlock. The revamp of NAFTA was a Trump campaign promise. Trump branded the trade agreement between Mexico, Canada and the USA as a “raw deal for the American workers”.

The first stage of negotiations started this summer, with Trump suggesting that the USA could withdraw from the deal instead of making a new one, leaving a few black clouds hanging over the trade agreement and adding to the uncertainty. The next round of negotiations – there will be six rounds – are expected to start before the end of the year for a final agreement to be in place in early 2018.

For more on the NAFTA's negotiations and its implication for the Americas and the accounting profession visit Integration and resilience: South of the border

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.