EC poised to welcome in foreign accountants

EC poised to welcome in foreign accountants

The European Commission has released its detailed offer for improving the access of non-European Union accountants into the EU market, as part of the ongoing Doha Development Round at the World Trade Organisation.

Link: EU threatens reciprocal controls on US firms

If its trading partners offer concessions in return, Brussels says it is prepared to allow ‘foreign accountants to review and compile financial statements and other accounting information for European clients’.

In its detailed paper, the Commission said it is prepared to negotiate away restrictions on the employment of non-EU accountants in Austria, Germany, the Netherlands, Britain and Sweden requiring them to have university degrees, professional qualifications and three years experience. It will also release non-EU accountants from having to take a special professional examination in Austria.

The commission is also explicitly renouncing the right of its member states to impose a ‘condition of nationality’ on employment as an accountant.

Releasing the proposal, EU trade commissioner Pascal Lamy said: ‘The offer that is being tabled is tailored to ensure that public services within the EU are fully safeguarded, and that we keep our ability to set the rules that service providers will have to respect.’

The focus will now switch to Geneva, where bilateral horsetrading over the next two years will reveal whether the EU will secure enough concessions to make these openings in the European accounting market.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource