Companies in Qatar will stand to gain from the mutual recognition agreement (MRA) between US and Philippine accountancy institutions once it is established, an official of the Philippine Business Council-Qatar (PBC-Q) has said.
“The MRA means it validates the credentials of Filipino CPAs hired by companies in Qatar, and that they have the qualifications of an international certification body. These CPAs are already holding responsible positions in many Qatar-based companies,” said PBC-Q chairman Greg Loayon yesterday.
The formal presentation of the MRA, Loayon told Gulf Times, will be held during the Philippine Institute of Public Accountants’ (Picpa) ‘2016 Picpa International (US-RP) MRA Convention’ from September 5 to 9 in Las Vegas.
The MRA is a formal understanding between the Philippine’s Board of Accountancy (PBOA) and Picpa, and the US International Qualifications Appraisal Board (US-IQAB) and National Association of State Boards of Accountancy (Nasba), Picpa Qatar’s official website said.
It explained that the MRA allows “qualified accounting professionals to practice the accounting profession in the US without having to completely pass all written accounting examinations and vice versa”.
“Once the agreement is signed by both parties, Philippine-licensed CPAs can practice as a recognised accounting professional in the US by passing the state’s Business Law and Taxation Examination only (combined and counted as one),” it said.
It added that once established, the Philippines “will be the seventh country to gain global recognition in the practice of accountancy… This is ultimately advancing our accounting profession into the global practice without territorial boundaries.”
Picpa Qatar will be sending around 20 of its members to the Las Vegas conference, said Loayon, who will be speaking at the event. He will be joined by Picpa Qatar Chapter incoming president Emma Vitor, who was invited to sit in the board of the MRA committee.
“A mutual recognition agreement with the US bolsters the qualifications of Filipino CPAs, and gives companies in Qatar the assurance that these accountants managing their businesses are equally qualified with CPAs in the US,” pointed out Loayon, who added that there are more than 500 Picpa Qatar Chapter members.
Unlike Qatar-based licensed Filipino engineers and architects, who are now required by the state to take a qualifying exam, Loayon said the Qatar government recognises the qualification for accountants duly certified by international accountancy bodies.
In February, Filipino engineers and architects working in Qatar have been given one year by the government to comply with the requirement to take a qualifying exam after accreditation issues of professionals working in the country was put under the spotlight.
Since the old curriculum lacks two years, Philippine ambassador Wilfredo Santos earlier said “authorities are not recognising the full equivalency of our diplomas”.
Only recently, the Philippine government implemented the K to 12 programme under the “Enhanced Basic Education Act of 2013”, which now adds grades 11 and 12 to the school curriculum.
Philippine Business Council-Qatar chairman Greg Loayon.
