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SERVICES: SECTOR BY SECTOR

Accountancy services

While accounting and auditing services constitute the core activities of accountancy firms, a wide range of additional services may also be offered, most notably merger audits, insolvency services, tax advice, investment services and management consulting. The internal expertise developed by the profession in regard to information technology has resulted in accountancy firms becoming among the world's largest suppliers of such consultancy services.

Demand for accountancy services results from both mandatory legal requirements, such as financial reporting, as well as clients seeking advice on various issues, for example taxation. Although individuals are also consumers of accountancy services, the majority of work involves services to enterprises.

Background    back to top

Market access negotiations were conducted on accountancy under the Uruguay Round. A Ministerial Decision on Professional Services on 4 April 1995 established the Working Party on Professional Services (WPPS) and gave priority to work on the accountancy sector. In May 1997, the Guidelines for Mutual Recognition Agreements or Arrangements in the Accountancy Sector were adopted, followed in December 1998 by the Disciplines on Domestic Regulation in the Accountancy Sector. In April 1999, the WPPS was replaced by the Working Party on Domestic Regulation.

Current commitments and exemptions    back to top

> All commitments and MFN exemptions. Search for accountancy services in the commitments for services by country.

For consolidated information on countries' commitments and exemptions on accountancy services go to the services database.

Current negotiations   back to top

Accountancy is included in the new services negotiations, which began in January 2000. The principles of trade in accountancy services are contained, as for all services, in the General Agreement on Trade in Services (GATS — see Article VI)

• Proposals on accountancy services
• Proposals for accountancy is also mentioned in professional services and business services

Additional information    back to top

Some useful links    back to top

International Federation of Accountants

International Accounting Standards Board

Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)

Association of Chartered Certified Accountants

Journal of Accountancy