Cabinet approves MoU between ICAI, Russian Institute

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing Memorandum of Understanding between the Institute of Chartered Accountants of India (ICAI) and the Institute of Professional Accountants of Russia (IPAR).

Approval for the signing of the MoU would help in establishing mutual cooperation in the areas of Professional Accountancy Training, Professional Ethics, Technical Research, Advancement of Accounting Knowledge, Professional and Intellectual Development.

The proposed MoU aims to strengthen cooperation in matters of the 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.

The MoU between ICAI and IPAR, Russia, is expected to provide an additional impetus to prospects of the ICAI Members to get professional opportunities in Russia in short to long term future.

The aim of MoU is to work together to develop a mutually beneficial relationship for the best interest of ICAI members and the two respective organizations. With MoU, ICAI would be able to help strengthen the partnership with Russia by providing the Export of Services in the Accountancy profession.

( With inputs from ANI )