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Hong Kong Ends Mutual Accounting Recognition Accord With US

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Hong Kong’s accountant body said it failed to reach an accord to prolong an 11-year mutual recognition agreement with the US amid a dispute over local qualifications.

The accord will expire at the end of this year, the Hong Kong Institute of Certified Public Accountants said in a statement. The agreement was last renewed in 2020 and allows certified accountants in the Asian financial hub and the US to practice in each other’s markets.