APEC Accounting Services Initiative

The APEC Accounting Services Initiative aimed to enhance transparency of licencing and qualification requirements and procedures for the provision of accountancy services across APEC economies, and develop guidelines for the regulation of foreign accountants that can inform approaches to the regulation of foreign accountants. A workshop was held as part of the Initiative, to bring together accounting professional bodies, practitioners and regulators to exchange views on the regulation of foreign accountancy service providers.

The Initiative was sponsored by Australia and co-sponsored by Japan, The Philippines and the United States.

The first stage of the Initiative involved the development an inventory of current licensing and qualification requirements for the supply of accountancy services in each APEC economy. A consultant was retained to compile the inventory, in accordance with the terms of reference. A draft inventory of relevant licencing and qualification requirements was complied based on results of APEC Accounting Services Initiative questionnaire that was circulated to all APEC economies.

The draft inventory was discussed at the APEC Accounting Services Initiative Workshop held in San Francisco on 12–13 September 2011. This website contains the inventory as agreed by APEC economies.

The Non-Binding Guidelines for the Regulation of Foreign Accountancy Professionals were endorsed by the APEC Group on Services in March 2012.  The Non-Binding Guidelines are an important reference tool for APEC Economies and are intended to provide guidance on issues that APEC Economies may wish to consider when introducing or amending rules on the regulation of foreign accountancy professionals.