A milestone agreement affecting thousands of accountants and finance professionals in Singapore was signed by the Institute of Certified Public Accountants of Singapore (ICPAS) and ACCA in 2005.

The two accountancy bodies have signed a Mutual Recognition Agreement (MRA), which enables ICPAS members to be full members of ACCA and vice versa, and enjoy the benefits that both organisations can offer. Accountants working in public practice will still have to satisfy additional national requirements.

According to the MRA, only members of ICPAS who have completed the ICPAS Professional Examination and have satisfied ACCA's practical experience requirement will be eligible for admission into membership of ACCA. Only ACCA members who have completed the final part of the ACCA examinations and have satisfied the requirements on relevant practical experience, pre-admission course and proficiency in Singapore laws as prescribed by ICPAS shall be eligible for admission into membership of ICPAS.

ICPAS and ACCA already enjoy a strong and close working relationship, having worked together since 1983 through the ICPAS/ACCA Joint Professional Examination Scheme, which has helped to develop the accountancy profession in Singapore, the region and also internationally.