India, Russia ties on upswing, Cabinet approves MoU between ICAI & Institute of IPAR

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The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing of Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR). Approval for the signing of a Memorandum of Understanding between both the Institutes would aid mutual cooperation in the areas of professional accounting training, technical research, professional ethics, advancement of accounting knowledge, and professional & intellectual development.

Targets:

The proposed Memorandum of Understanding aims to promote cooperation in the accounting profession by exchanging opinions and information on Professional Accountancy Training, Professional Ethics, Technical Research, and Accountant Professional Development. It also aims to encourage bilateral collaboration through seminars, conferences, and collaborative activities that benefit both parties, and give updates on the development of the accounting profession in India and Russia in order to promote the profession globally. As a means of information support, both parties will also create a linkage to each other’s websites.

Benefits:

Members of the ICAI have middle to top-level positions in a variety of organisations throughout the world, and can influence the decision and policy-making methods of their respective countries’ organisations. ICAI, with its vast network of Chapters and Representative Offices in 68 cities across 45 countries, is committed to playing a key role in sharing best practises in their respective countries so that the Government of India can adopt the best practises in order to attract foreign investment and encourage companies to set up shop in India. The Ministry of Corporate Affairs, the Institute of Chartered Accountants of India, and the Institute of Professional Accountants of India will all profit from this agreement.

Impact:

The Memorandum of Understanding between ICAI of India and IPAR of Russia, is expected to give ICAI Members a boost in their quest for professional possibilities in Russia. The goal of the MoU is to collaborate in order to build a mutually beneficial relationship that benefits both ICAI members and the two organisations. The ICAI will be able to help deepen the partnership with Russia by providing Export of Accountancy Services under the terms of the MoU.

About IPAR of Russia

The Institute of Professional Accountants of Russia (IPAR) is the largest not-for-profit accounting organisation of Russia. IPAR was founded in the year 1997 under the auspices of the Ministry of Finance of the country to carry out the government’s policy of accounting reform and to bring together members of the profession.

About ICAI

The Institute of Chartered Accountants of India is a statutory body which was established under the Chartered Accountants Act, 1949 to regulate the profession of Chartered Accountants in the country. ICAI has made significant contributions to the advancement of the globally recognised profession of chartered accountants via education, professional growth, and the maintenance of high accounting, auditing, and ethical standards.

Accounting professionalization in India

In India, Accounting professionalization has taken a trajectory that falls in between that of settler states and that of non-settler states. Professionalization began in India before independence, but it properly took shape after independence that an indigenous accounting institute, the ICAI, was established. Government realized that accounting is an important tool to help in achieving socio-economic goals.

Globalization has also dissolved all geographical boundaries, making it easier for governments to access resources and talent from all corners of the globe. Finance and accounting functions have also become standardised on a worldwide scale. India has the advantage of having a large number of accounting specialists, such as chartered accountants and taxes experts.