Shenyang, Qingdao, Wuhan, Hong Kong SAR, and Macau SAR. Hong Kong An Agreement of Recognition Arrangement (ARA) between ACCA and Hong Kong Institute of Certified Public Accountants (HKICPA; local statutory accountancy body) was put in place on 22 August 2006, backdated to 1 July 2005. This was less flexible than the previous rule. The old agreement was terminated on 30 June 2005 forcing ACCA members to accept the so-called "8 unfair terms" e.g., hold a degree recognised by HKICPA, work under HKICPA authorised employers, attend workshops and pass HKICPA's Final Professional Examination (FPE), etc. This notwithstanding, HKICPA members could join in ACCA without any further requirement. The ACCA qualification is highly accepted by the Hong Kong employment market. Most HKICPA members qualified through a joint scheme with Hong Kong Society of Accountants (HKSA) which operated for more than 20 years. HKSA later became HKICPA. At the end of 2016 there were 18,238 members and over 8,000 students in Hong Kong. India UK qualified students are eligible for exemptions in the following papers of the CMA qualification (2012 syllabus) offered by The Institute of Cost Accountants of India: Foundation: Complete exemption. Intermediate: Paper 5- Financial Accounting Paper 6 - Laws, Ethics & Governance Paper 8-Cost Accounting and Financial Management Paper 10- Cost and Management Accountancy Paper 12- Company Accounts and Audit Final: Paper 14- Advanced Financial Management Paper 15- Business Strategy and Strategic Cost Management Paper 17- Strategic Performance Management Paper 18- Corporate Financial Reporting Paper 20- Financial Analysis and Business Valuation In 2021, ACCA India organized a nationwide 'Financial Literacy Drive' for children. The programme was delivered with the help of ACCA members in India Macau ACCA currently is legally recognised with the joint scheme relationships by Macau Society of Certified Practising Accountants (local statutory accountancy body) in Macau. Malaysia On 13 August 2007, ACCA and the Malaysian Institute of Certified Public Accountants (MICPA) signed an MRA that provided a route for members to join the other body. The ACCA or Chartered Certified Accountant qualification, along with 10 other professional accounting qualifications, is recognised by the Malaysian Institute of Accountants (MIA). MIA also recognises 21 Malaysian university qualifications as a prerequisite for registration as a chartered accountant in Malaysia. Only MIA members qualify as accountants in Malaysia under the Accountants Act, 1967. ACCA is statutorily recognised in Part II of the First Schedule of the Accountants Act, 1967. At the