ACCA (the Association of Chartered Certified Accountants) has signed an agreement with The Institute of Cost Accountants of India (ICAI), which will see them work in partnership to develop the business and finance profession in India.
ACCA & ICAI have signed a Memorandum of Understanding (MOU) which will promote the highest standards of professionalism and ethics, with both organisations agreeing to co-operate in professional training, education and examinations.
This MOU will help ICAI and ACCA working jointly to ensure recognition of prior learning by both organisations, so that members of each body will be exempted from sitting certain papers offered by each.
ICAI and ACCA have also agreed to work together on continuing professional development (CPD) which is seen by both bodies as a key requirement of professionalism in a dynamic and demanding business environment.
AS Durga Prasad, President, Institute of Cost Accountants of India said that the MoU will enable the CMA profession to strengthen the global collaboration with financial accounting bodies. The globally recognized competency of ACCA, in adopting and implementing IFRS framework, combined with the Cost and Management competency advocated by the ICAI-CMA, will deliver the cutting edge skills for the finance professionals in the current business environment.