The institution announced on its Twitter account that it has revoked the 2017 International Emmy Founders Award that the veteran actor was up for.
"The International Academy has announced that in light of recent events it will not honour Kevin Spacey with the 2017 International Emmy Founders Award," the tweet read.
In June, it was announced that the actor would be recognised for his contribution to cinema and arts surpassing barriers as "one of the great multi-dimensional talents" at the 45th International Emmy Awards Gala on November 20 to be held in New York City.
The "Star Trek: Discovery" actor had revealed in an interview that was abused by Spacey when he was 14 at a party thrown by the latter years ago.
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Rapp claims after the party was over the Oscar winner picked him up and climbed on top of him in a sexual advance.
Spacey issued an apology in a statement saying that he "does not remember" any such encounter but he is "sorry" if he behaved in such a manner under the influence of alcohol.