Brexit deal ‘cautiously’ welcomed by ACCA, but clarity is still needed

ACCA (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.'

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