Cabinet approves pact between cost accountants' institute, UK-based ACCA

The Union Cabinet on Thursday gave its nod for a Memorandum of Understanding (MoU) between the Institute of Cost Accountants of India and the UK-based Association of Chartered Certified Accountants.

An official release said the MoU will provide mutual advanced entry to the members of both the institutes through exemptions from appearing in majority of papers to acquire the qualification of the other professional body and to undertake joint research and continuing professional development activities.

''This MoU will provide a pathway to enable members of one institute to seek full membership status of other institute by successfully passing the minimum number of subjects of professional level and to facilitate the movement of professionals in both jurisdictions,'' the release said.

According to the release, both parties will initiate joint research relevant to cost accountancy profession which could involve collaborative research in technical areas.

''This MoU will facilitate the movement of professionals in both jurisdictions and will enhance the employability of cost accountants in India and abroad,'' it added.

The Association of Chartered Certified Accountants is a global body for professional accountants.