GS Paper - 3 (Economy)

The Union Cabinet on 25 August 2021 approved signing of a pact between the Institute of Chartered Accountants of India (ICAI) and the Institute of Professional Accountants of Russia (IPAR) to strengthen cooperation in matters of accountancy profession. The pact would help in establishing mutual co-operation in the areas of professional accountancy training, professional ethics, technical research, advancement of accounting knowledge, professional and intellectual development.

What

  1. The aim of MoU is to work together to develop a mutually beneficial relationship for the best interest of ICAI members and the two respective organizations.
  2. With MoU, ICAI would be able to help strengthen the partnership with Russia by providing the Export of Services in Accountancy profession.
  3. The memorandum of understanding (MoU) between ICAI and IPAR is expected to provide an additional impetus to prospects of the ICAI members to get professional opportunities in Russia in the short to long term future.