The Institute of Chartered Accountants of India (ICAI) has signed a Memorandum of Understanding (MoU) with the Institute of Professional Accountants of Russia (IPAR) on 2nd December 2021 side lines to the high level visit of Russian President Vladimir Putin to India.

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi, has approved the signing Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR) on 25th August 2021.

The objective of signing the MoU is to help in establishing mutual co­operation in the areas of Professional Accountancy Training, Professional Ethics, Technical Research, Advancement of Accounting Knowledge, Professional and Intellectual Development.

The MoU aims to strengthen cooperation in matters of accountancy profession through exchange of views, information in respect of Professional Accountancy Training, Professional Ethics, Technical Research, Professional Development of Accountants. It is also intended to promote mutual cooperation through seminars, conferences and joint activities mutually beneficial to both the parties and provide updates on the development of the accountancy profession in India and Russia to promote the profession in the world.

The MoU between ICAI and IPAR, Russia, is expected to provide an additional impetus to prospects of the ICAI Members to get professional opportunities in Russia in short to long term future. 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. With MoU, ICAI would be able to help strengthen the partnership with Russia by providing the Export of Services in Accountancy profession.