Cabinet approves MoUs for advancement of accounting knowledge

New Delhi: The Union Cabinet on Wednesday approved two Memorandums of Understanding (MoU) regarding the Institute of Chartered Accountants of India (ICAI).

One agreement will be signed by ICAI and the Bahrain Institute of Banking and Finance (BIBF) in Bahrain, and the other with the National Board of Accountants and Auditors (NBAA) in Tanzania for the advancement of accounting knowledge.

Tanzania will help in indirect employment generation for Indian chartered accountants through recognition and acceptability amongst Tanzania-based employers.

The MoU would provide an opportunity to ICAI members to expand their professional horizons and, will foster strong working relations between the ICAI and NBAA, in Tanzania, and establish mutual co-operation framework in the areas of member management, technical research and professional accountancy training.

In Bahrain, the government aims to build a positive impact for Indian CAs currently working in Bahraini markets, and also to make it relatively easier for those intending to move there.

Bahrain, with ICAI assistance, aims to develop the area of accounting and auditing performance, thus addressing the issue of creating a base of competent accounting professionals to pave the way for gradual skill development in accountancy.

ICAI will provide technical assistance to BIBF by reviewing the current curriculum related to accounting and finance, accounting and finance.

It will also recommend the introduction of its CA Course curriculum that will facilitate BIBF students to write ICAI’s Examination with an aim to acquire membership of ICAI.

For those unversed, ICAI is a statutory body established by an Act of Parliament of India, ‘The Chartered Accountants Act, 1949’, to regulate the profession of Chartered Accountancy in India. (ANI)