• Register
Return to: Home > News > Brexit deal ‘cautiously’ welcomed by ACCA

Brexit deal ‘cautiously’ welcomed by ACCA

ACCA (the Association of Chartered Certified Accountants) has been reviewing the recent UK-EU Trade and Cooperation Agreement (UK-EU TCA) and considers the agreement brings a broad level of certainty for businesses in the UK, Europe and globally about the status of trade in goods and services, the movement of people and tariffs

However, the global professional body says what’s missing is absolute clarity about this deal’s impact on the accountancy profession in the UK, EU and globally. It is disappointing to see barriers in the deal which effectively means the end of mutual recognition of professional qualifications, including those for accountancy.

Given this situation, it is uncertain how successful the mechanism for future mutual recognition agreements will be, but ACCA will work tirelessly to ensure its current and future MRAs are forged in the best interest of its members and the profession. ACCA also asserts that there is more work to be done on this deal, especially for financial services.

Helen Brand, chief executive of ACCA sits on the government’s Trade Advisory Group for professional advisory services and says: ‘For our members and future members, it’s welcome news that a deal has been agreed. While we anticipate opportunities ahead, there are still gaps – hence our cautious welcome.

‘A significant gap is the status of financial services’ equivalence, with further negotiations to commence with a deadline set for 31 March. The deal also reveals major EU carve-outs about the scope for UK service providers to access their EU customers.’

Helen Brand adds: ‘What the UK economy and business needs is long-term certainty, especially as the headwinds of the pandemic continue to hit confidence. Negotiations will continue, and so ACCA will keep on advocating for common global standards, open access to the profession, and shared recognition of professional accountants across international borders.

‘Now the deal has been announced we are reminding our members, operating in a regulated profession such as statutory audit, that if they want to have access to a regulated role in another country in the future they must check with the relevant competent authority.’

The ACCA Qualification will continue to be relevant to the regulatory regime for statutory audit and accountancy in the EU and the UK. The ACCA Qualification continues to be recognised nationally within UK and Ireland for Statutory Audit as well as in several European Economic Area (EEA) states. It is also recognised nationally within a number of EEA states for access to regulated accountancy bodies.’

ACCA’s Brexit Hub contains the latest advice and guidance and will be updated regularly: https://www.accaglobal.com/gb/en/campaign/brexit.html. Also, ACCA’s advice on our website about the recognition of professional qualifications after 1 January 2021 will be kept up to date as further details are confirmed.

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    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.