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288 International Trade in Services Table 8.8. Initiatives to Improve the Environment for Accounting Firms (continued) Initiatives to facilitate trade • Facilitate links between colleges of accounting in neighboring and regional markets • Facilitation activities include the following: º Exchanging specialists with counterpart organizations º Holding regional forums on professional trends º Commissioning stakeholders to undertake regional studies º Holding consultations on negotiating requests Priority practice areas of accounting firms Determine the priorities and restrictions and lower restrictions • With practitioners, identify export markets of interest • Determine nationality and residency restrictions in those markets • Determine other barriers inhibiting trade (use of brand names, marketing, advertising, price setting, form of establishment, hiring practices, equity restrictions, capital controls, double taxation, opaque rules, discriminatory application of rules, and so on) • Determine the scope of the regulatory authority of professional entities and complementary government authorities • Determine the potential for the reciprocal reduction of nationality and residency requirements by the professional body and related government entities • Determine the potential for alleviating restrictions through the professional body and related government entities Assess ongoing negotiations at the bilateral and regional levels Determine the objectives for commercial presence in the domestic market and in export markets of interest; consider the potential for lifting restrictions on the following: • Equity • Form of establishment • Use of firm names • Hiring practices • Nationality and residency requirements • Marketing, advertising, fixed feesa Determine the possibility for specific provisions within the agreements to accomplish the following: • Create an accounting working group to facilitate trade • Proactively facilitate mutual recognition agreements • Proactively facilitate the temporary movement of accounting professionals • Adopt skill-transfer resolutions with regard to training, mentoring, accounting education b Determine the possibility for transparency provisions requiring the publication of rules and regulations
Accounting Services 289 Administrative procedures Ability to understand qualification requirements, licensing procedures, and other rules influencing the practice of law Ability to receive objective treatment under rules Improve the administration of rules at home and abroad • Facilitate the publication and administration of rules online at the regional level • Underwrite technology and training for professional bodies and government entities that regulate legal services at the regional level • Institute robust electronic government practices in professional bodies and government entities at the regional level Source: Authors’ compilation. a. Australian Permanent Mission to the WTO (2006). b. Terry (2008). Conclusion Accounting is an important part of the business sector of any modern economy. Information about a firm’s financial accounts is essential for managers, owners, and creditors and is a key input for lender and investor decision making on whether, when, and how to provide financing to corporations. The growth of multinational enterprises generally and of multinational accounting firms in particular has focused attention on issues related to the international trade in accounting services. The accounting profession is highly integrated internationally. The big four accounting firms (Deloitte Touche Tomatsu, Ernst & Young, KPMG, and PricewaterhouseCoopers) play a dominant role globally and provide more than three-quarters of the profession’s revenues in many countries. Moreover, the increased implementation of internationally recognized accounting standards and legal codes helps countries instill confidence in commercial transactions and facilitates trade and investment. This credibility-enhancing effect is particularly important for developing countries that are striving to attract foreign capital. In 2006, the total revenue generated in the global accounting market amounted to US$215 billion, with annual growth rates exceeding 5 percent. Privatization programs, increased attention to accurate financial statements, and the adoption of international accounting standards will continue to propel growth in the sector. Such economic expansion entails growth in employment and offers new opportunities for professionals and university graduates with the appropriate credentials. The accounting profession uses a variety of means to trade services. Accounting firms deliver services online, serve foreign investors in the domestic market, and follow their clients overseas by establishing offices abroad or by visiting the clients temporarily. The trade in accounting services is the sum of these activities. Accounting firms frequently use a combination of affiliations and alliances to leverage the specialized expertise of accounting professionals to serve the international
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Public Disclosure Authorized Public
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International Trade in Services New
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CONTENTS About the Editors and Cont
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Contents vii Boxes 2.1 Extent of Te
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Contents ix 1.4 Worker Remittances
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Contents xi 6.6 A Checklist of Ques
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xiv About the Editors and Contribut
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xvi Foreword Beyond describing the
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xviii Acknowledgments Finally, this
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1 Assessing the Potential of Servic
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Assessing the Potential of Services
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2 Increasing Labor Mobility: Option
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Increasing Labor Mobility 31 unders
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Table 2.2. Quantitative Estimates o
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Borjas, George “Heaven’s Doors:
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Increasing Labor Mobility 37 contri
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Increasing Labor Mobility 39 must h
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Worker categories covered Specifica
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Provisions on professionals Annex o
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Increasing Labor Mobility 45 The EU
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Table 2.7. Agreements between Austr
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Specified quotas n.a. Entry subject
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Increasing Labor Mobility 55 Figure
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Increasing Labor Mobility 57 Bilate
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Increasing Labor Mobility 59 Jamaic
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Increasing Labor Mobility 61 factor
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Increasing Labor Mobility 63 indivi
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Increasing Labor Mobility 65 that a
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3 Legal Services: Does More Trade R
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Legal Services: Does More Trade Rhy
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Table 3.3. Trade in Legal Services:
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Table 3.8. Uruguay Round Commitment
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100 International Trade in Services
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Figure 6.6. Number of Days Required
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7 Exporting Information Technology
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Exporting Information Technology Se
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Table 7.1. Major Exporters and Impo
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Table 7.3. Information and Communic
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Page 279 and 280: Norway 85.0 30.6 31,726 82.0 78.0 5
Page 281 and 282: Uganda 3.6 — 306 5.1 — 170.0 41
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Page 305 and 306: Accounting Services 283 Restriction
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350 Index Association of Certified
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352 Index Convention on Combating B
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354 Index Former Yugoslav Republic
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356 Index International Public Sect
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358 Index migrants. See labor mobil
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360 Index public-private partnershi
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362 Index Thailand construction ser
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ECO-AUDIT Environmental Benefits St
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