The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing of Memorandum of Understanding (MoU) between Institute of Cost Accountants of India and the Association of Chartered Certified Accountants, United Kingdom, (ACCA, UK) on 8th July, 2021.
The Institute of Cost Accountants of India and The Association of Chartered Certified Accountants (ACCA), UK signed a Memorandum of Understanding on 9th August, 2021 to work together towards co-operation in respect of professional training, education and examinations. The MoU was signed by CMA Biswarup Basu, President of the Institute and Helen Brand, Chief Executive, ACCA.
Following the understanding, members of both the Institutes will be allowed mutual advanced entry through exemptions from appearing majority of papers to acquire the qualification of the other Professional Body. Both the Institutes have also agreed to offer jointly-organised and co-branded continuing professional development (CPD) courses, workshops and conferences. The two Institutes will also identify suitable research opportunities and undertake joint research and publications.
CMA Biswarup Basu, President, The Institute of Cost Accountants of India said “the MoU will open new avenues for students and members of both the Institutes. The changing global as well as local business environments require Professional Accountants in Business to strengthen their financial accounting and control knowledge in addition to the domain knowledge of Cost and Management Accounting. This MOU will open new door of opportunity for CMAs globally.”
Helen Brand, the chief executive of ACCA, said at the signing ceremony: ‘We are so happy and so proud to sign this MOU, and to extend our pact of friendship. We are delighted to have this strategic agreement which has brought so many benefits to our respective members, and to the finance sector and business generally in India. It opens the door to new opportunities for combined research, to shared events and to a wealth of professional development, and it doubles our influence as a force for public good across India and further afield. We will continue to work alongside each other, to build the ethical accountancy profession that the world needs, and together we will lift the professional lives of all our members.’