CABINET APPROVES MOU BETWEEN ICAI AND IPAR
The Union Cabinet, On 25th Aug 2021, has approved the signing Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR).
The objective of the MoU is to develop a mutually beneficial relationship between the two organisations, with the best interests of their members in mind.
With this MoU, the ICAI can help strengthen the partnership with Russia by exporting services in the accountancy profession. The move provides an additional impetus to prospects of the ICAI members with the ability to get professional opportunities in Russia in the future.
This approval will help strengthen cooperation in areas such as professional accountancy training, advancement of accounting knowledge, professional ethics, technical research, and professional and intellectual development. The MoU will also promote cooperation through seminars, conferences, and joint activities that mutually benefit both parties. The two organisations will also link each other’s websites as a means of information support.
Implementation Strategy and Targets:
The proposed MoU aims to strengthen cooperation in matters of accountancy profession through exchange of views, information in respect of Professional Accountancy Training, Professional Ethics, Technical Research, Professional Development of Accountants. It is also intended to promote mutual cooperation through seminars, conferences and joint activities mutually beneficial to both the parties and provide updates on the development of the accountancy profession in India and Russia to promote the profession in the world. The parties will also create a linkage to each other’s websites as a means of information support.
ICAI members are holding middle to top level positions in various organisations across the countries and can influence the decision/policy making strategies of respective organisations of a country. ICAI through its vast network of Chapters and Representative Offices in 68 cities of 45 countries of the world is committed to play an important role by sharing the prevalent practices in their respective countries so that the Government of India can adopt the best practices being followed by them to attract foreign investment and to encourage them to establish their setup in India, This MoU will benefit Ministry of Corporate Affairs, Institute of Chartered Accountants of India and Institute of Professional Accountants of Russia.
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