The apex chartered accountants' bodies of India and Nepal today signed a pact for mutual cooperation in the area of accounting.
The agreement, which aims to promote sharing of views on the accountancy profession between the two bodies, was signed in the presence of Prime Minister Narendra Modi and his Nepalese counterpart Sher Bahadur Deuba.
The Institute of Chartered Accountants of India (ICAI) was instrumental in the establishment of the Institute of Chartered Accountants of Nepal (ICAN) in 1997.
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"The objective of the MoU (Memorandum of Understanding) between ICAI and ICAN is to establish mutual co-operation for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in Nepal and India," ICAI said in a release.
"Through this MoU both the accounting bodies will share views on the accountancy profession, both nationally and internationally," it added.
They would look at possible cooperation in various areas, including member management, professional ethics, technical research and continuing professional development.
ICAI president Nilesh S Vikamsey and ICAN president Prakash Jung Thapa stated that the MoU would be another milestone between the two institutes in the field of accountancy and is likely to benefit the members of both the institutes.
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