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June 3, 2021

India's Union Cabinet approves the Memorandum of Understandings (MoUs) by the Institute of Cost Accountants of India (ICAl) with Foreign Professional Accountancy Bodies/Organisations.

Cost Accountants

Cost Accountants

Photos: Covers of two recent issues of “The Management Accountant,” the monthly journal of the Institute of Cost Accountants of India.

New Delhi — The Union Cabinet, chaired by Prime Minister Narendra Modi, has granted ex-post facto approval to the Memorandum of Understandings (MoUs) by the Institute of Cost Accountants of India (ICAl) with various Foreign Countries/Organisations.

The Institute of Cost Accountants of India (ICAl) has signed MoUs with several foreign organizations, such as the Institute of Public Accountants (IPA), Australia, Chartered Institute for Securities and Investment, UK (CISI), Chartered Institute of Public Finance & Accountancy (CIPFA), UK, and the Institute of Certified Management Accountants of Sri Lanka.

The various memoranda seek to facilitate mutual recognition of qualifications and a range of collaborative activities for exchanging knowledge, experience sharing, and technical cooperation through participation in annual conferences/training programs/workshops, seminars, and joint research projects relevant to their jurisdiction.

• Impact:

The signed MoUs would help advance equity, public accountability, and innovation among the beneficiaries countries.

• Background:

The Institute of Cost Accountants of India (ICAl) was established by a Special Act of Parliament, namely, the Cost and Works Accountants Act, 1959, as a statutory professional body for regulating the profession of Cost Accountancy. The Institute is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost Accountancy. The Ministry of Corporate Affairs, Government of India, governs the Institute.

The Institute is the 2nd most significant Cost & Management Accounting Body in the World and the largest in Asia, having qualified CMAs either in practice or in employment all over the globe. The Institute is a founder member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and the South Asian Federation of Accountants (SAFA).

Sources: The Union Cabinet Secretariat, ICAI


— The editor is an alumnus of the Institute of Cost Accountants of India. He was a delegate to the 18th All India Cost Conference, New Delhi, organized by the Institute and inaugurated by the President of India. StumbleUpon reddit Facebook Google Plus Tweet This Seed This on Newsvine

Edited & Posted by the Editor | 2:01 AM | Link to this Post

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