The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Memorandum of Understanding (MoU) between the Institute of Cost Accountants of India (ICAl) and the Association of Chartered Certified Accountants (ACCA), United Kingdom (UK), will provide advanced mutual entry to the Members of both the Institutes through exemptions from appearing in the majority of papers to acquire the qualification of the other Professional Body and to undertake joint research, continuing professional development activities.
This MoU will focus attention on the exchange of knowledge and exchange of research and publications, strengthening good governance practice in both jurisdictions. Both parties will initiate joint research relevant to the Cost Accountancy profession, involving collaborative research in technical areas. This MoU will facilitate the movement of professionals in both jurisdictions and enhance the employability of Cost Accountants in India and abroad.
This MoU will 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 and to facilitate the movement of professionals in both jurisdictions.
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 28th May 1959, the Institute was established by a particular act of Parliament, namely, the Cost and Works Accountants Act, 1959, as a statutory professional body for regulating the profession of cost and works accountancy. The Institute is the only recognised statutory professional organisation, and licensing body in India specialising 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, with more than 2,27,000 fully qualified members and 5,44,000 future members worldwide.
Link to Official Press Release: PIB (https://pib.gov.in/PressReleasePage.aspx?PRID=1733832)
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