This important clarification, which took place under third-country provisions following the UK’s exit from the EU on 31 December 2020, not only covers ICAEW’s ACA but also other UK qualifications such as those offered by ACCA and ICAS. Recognition of these professional qualifications in Cyprus is crucial as Cyprus and the Cypriot profession depend on UK qualifications, which allow students to join ICPAC and provide them with access to future employment opportunities.
ICAEW has more than 2,700 members and around 700 students in Cyprus, making the recognition of their qualification vital, not only for the ACA but also for the standing of the accountancy profession. The ACA is a highly valued qualification, as students are known to gain the highest technical knowledge as well as ethical and professional values that are shared across the world. It is regarded as a stepping stone to a global community of business leaders and professional networks.
There has been an increasing demand for the skills of ICAEW-qualified accountants in Cyprus as the country seeks to fulfil its needs as an international centre for business and to continue attracting foreign investments, which are particularly important to Cyprus.
Pieris Markou, Chair of ICPAC and CEO of Deloitte Cyprus, comments that the recognition of the ACA in Cyprus is in itself a recognition of the strong ties between Cyprus and the UK – Cyprus was the first country outside the UK authorised to train chartered accountants nearly 30 years ago. “Since the UK left the EU in December 2020, we have been working hard to achieve this recognition. It makes the profession much wealthier because it puts UK qualifications and specifically the ACA qualification on an equal regulatory footing with other international qualifications and raises the level of talent within the Cypriot economy.”
“The ACA qualification is the backbone of the profession in Cyprus as well as being the qualification of several business leaders and government officials,” adds Evgenios Evgeniou, ICAEW contact member and former CEO at PwC Cyprus. He continues: “ACAs make a significant contribution to the Cyprus economy and society. Resolving the issue of recognition post-Brexit gives the opportunity to future generations of Cypriot chartered accountants to continue having a positive impact in Cyprus, building upon a proud legacy.”
Odysseus Tavros, ICAEW Council Member for Cyprus and Deputy CEO at Globaltraining, also welcomes this “tremendous decision” and reiterates its importance. It means newly qualified chartered accountants and trainees now have the same opportunities as any other qualified accountants, including the 300-plus ACA graduates that will have their graduation ceremony in May.
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