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July 11, 2021

Union Cabinet of India approves the Memorandum of Understanding (MoU) between the Institute of Cost Accountants of India and the Association of Chartered Certified Accountants (ACCA), United Kingdom (UK).


Modi Cabinet Meeting


Modi Cabinet Meeting

Photos: The Prime Minister, Narendra Modi, at a cabinet meeting, at the Prime Minister’s Office, in South Block, New Delhi, on May 31, 2019. [File Photos]


Cost Accountants India, ACCA, UK


New Delhi, July 10, 2021 — The Union Cabinet of India, chaired by Prime Minister Narendra Modi, has approved the Memorandum of Understanding (MoU) between the Institute of Cost Accountants of India and the Association of Chartered Certified Accountants (ACCA), United Kingdom (UK).

The Union Cabinet is the supreme decision-making body in India. Only the prime minister and ministers of the rank of cabinet minister are members of the Union Cabinet.

The Memorandum of Understanding (MoU) entered into by the two institutes would provide advanced mutual entry to the Institutes’ Members through exemptions from appearing in most papers for acquiring the Qualification of the other Professional Body. In addition, the institutes would undertake joint research and professional development activities.

The MoU focuses on exchanging knowledge and discussing research and publications. Such interaction would strengthen good governance in both jurisdictions. In addition, both parties will initiate a joint study relevant to the Cost Accountancy profession, involving collaborative research in technical areas.

The MoU will facilitate the movement of professionals in both jurisdictions and enhance the employability of Cost Accountants in India and abroad. Further, it would provide a pathway to enable members of one Institute to seek full membership status of other Institute by successfully passing the minimum number of subjects of professional level.

The Institute of Cost Accountants of India was first established in 1944 as a registered company under the Companies Act to promote, regulate, and develop the profession of cost accountancy.

On May 28, 1959, a particular act of Parliament, namely, the Cost and Works Accountants Act, 1959, established the Institute as a statutory professional body to regulate the profession of cost and works accountancy.

The Institute is the only recognized statutory professional organization and licensing body in India specializing exclusively in cost and works accountancy.

The Association of Chartered Certified Accountants (ACCA), founded in 1904 and incorporated by the Royal Charter in 1947 under the laws of England and Wales, is the global body for professional accountants. It has more than 2,27,000 fully qualified members and 5,44,000 future members worldwide. ACCA’s headquarters are in London. ACCA works through a network of over 104 offices and centers in 52 countries.

Source: The Cabinet Secretariat, New Delhi

|GlobalGiants.Com|

— 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, inaugurated by the President of India.


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Edited & Posted by the Editor | 7:37 AM | Link to this Post






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