AIA is pleased to announce the signing of a memorandum of understanding (MOU) and the reciprocal recognition of continuing professional development (CPD) with the National Federation of CPA Associations of the Republic of China (R.O.C.CPA), Taiwan.

R.O.C.CPA was founded on 25 December 1946 and are members of the International Federation of Accountants (IFAC).

Under the MOU, AIA and R.O.C.CPA have agreed to co-operate and assist each other in the areas of education, training and examinations in accountancy and related areas; to promote ethics within the profession; to accelerate the development of the accountancy profession generally, and specifically within Taiwan and the UK.

The agreement lays the foundation for progression to mutual recognition of members.

In addition, AIA and R.O.C.CPA agree to recognise CPD units based on reciprocal benefits and friendship. Both bodies agree that 10 units of CPD undertaken by a mutual member of AIA and R.O.C.CPA can be mutually recognised and members may fulfil their CPD requirements utilising verified CPD from either respective body in line with membership requirements.

The agreement was signed at a conference in Taiwan on 17 December 2014. AIA Chief Executive, Philip Turnbull, was in India at the time and sent a video message to our Taiwanese partners.

Mr Turnbull said: "The Agreement between the AIA and R.O.C.CPA recognises the importance of delivering high quality CPD and the necessity of working together to accelerate the development of the accountancy profession within the UK and Taiwan.

"The agreement further enhances our relationship and AIA looks forward to working closely with R.O.C.CPA and to developing our collaboration further."

The Vice Chairman of R.O.C.CPA, Yan-Song Li stated: "This is the first step collaboration between R.O.C.CPA and AIA. Although, it just starts with the reciprocal recognition of CPD units, I believe if progressing well, the co-operation could be extended. It is also a good beginning of building the international accounting exchange platform, which is significant for both Taiwan and the UK. We believe that it can not only provide assistance with the comprehensive upgrade of Taiwan enterprises, but also foster better service of enterprises from both parties, and furthermore, promote dynamic development of bilateral economic exchange."

The MOU will remain effective for a period of five years following which the agreement will be re-evaluated for a further period of five years.