The Union Cabinet on Thursday approved the Memorandum of Understanding (MoU) between the Institute of Cost Accountants of India (ICoAl) and the Association of Chartered Certified Accountants (ACCA), United Kingdom (UK).
It will provide mutual advanced 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.
An official release said the MoU will lead to focused attention towards the exchange of knowledge and exchange of research and publications which will strengthen good governance practice in both jurisdictions.
Both parties will initiate joint research relevant to the cost accountancy profession which could involve collaborative research in technical areas. The MoU will facilitate the movement of professionals in both jurisdictions and enhance the employability of Cost Accountants in India and abroad.
The release said MoU will provide a pathway to enable members of one institute to seek full membership status of the other institute by successfully passing the minimum number of subjects of professional level.
The Institute of Cost Accountants of India was first established in 1944 as a registered company under the Companies Act with the objectives of promoting, regulating and developing the profession of cost accountancy.
On May 28, 1959, the institute was established by a special act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of 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 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.