The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an MoU(Memorandum of Understanding) between the Institute of Cost Accountants of India (ICMAl) 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 undertake joint research by continuing professional development activities.
This Memorandum of Understanding will lead towards the exchange of information, research, and publications, which will promote good governance practices in both jurisdictions. Both parties will embark on joint research related to the profession of cost accountancy, which may include collaboration in technical areas. This MoU will also facilitate the movement of professionals in both jurisdictions and will enhance the employability of cost accountants in India and abroad.
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.
The MoU will 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.
With the advent of robust bilateral mechanisms such as the India-UK Education Forum, UK-India Education and Research Initiative (UKIERI), Joint Working Group on Education, Newton-Bhabha Fund, and Scholarship programs during the last ten years, the relationship has developed significantly. The UK has also lent its support to the Skills India Mission.
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