The Institute of Chartered Accountants of Nepal (ICAN)

Introduction

• was established under a special act, The Nepal Chartered Accountants Act, 1997 to enhance social recognition and faith of people at large in the accounting profession by raising public awareness towards the importance of accounting profession as well as towards economic and social responsibility of the accountants, and to contribute towards economic development of the country. The Institute is an autonomous body and the Council is fully authorized by the Act to undertake accountancy profession in Nepal.

Chartered Accountancy: As a Profession

·         prestigious, responsible and rewarding profession.

·         imparts the best combination of theoretical knowledge, practical experience with analytical as well as technical skill to look after the entire operations and management of the modern business organization.

·         today hold the top management position in public as well as private sector.

·         are rendering various types of consultancy services like the formulation of profit planning programme, guiding the managerial decisions, feasibility studies, investment proposals, tax management consultants and so on.

·         many CAs are serving private and public sectors in the capacity of Chief Executive Officer, Managing Director, Finance Director, Chief Operating Officer, Internal Auditor etc.

·         are also holding the key position in the Government sector.

Association with International Professional Bodies

            The Institute of Chartered Accountants of Nepal (ICAN) is the member of

·         International Federation of Accountants (IFAC)

·         Confederation of Asia and Pacific Accountants (CAPA)

·         South Asian Federation of Accountants (SAFA).

Chartered Accountancy Course:

·         course is challenging.

·         involves in-depth theoretical education and practical training imparting sound analytical and problem-solving skills to the students.

The course is divided into:

·         CAP - I - One Year.

·         CAP - II - One Year.

·         CAP -III - Three Years (including practical training).

How to become a Chartered Accountant?

After taking the course offered by the Institute passing its final examination and acquiring three years practical training, one can become a Chartered Accountant and member of the Institute.

Career Option for Chartered Accountant:

·         Set up his own practice by obtaining Certificate of Practice (COP)

·         Join public or private sectors at Managerial and Policymaking Level, Join services in NGOs or INGOs

·         Act as trustee, executor, administrator valuator, liquidator, advisor, consultant or as a representative for financial matters including taxation, corporate law matters etc

·         Designing and implementation of accounting system

·         Undertake capital projects, feasibility studies, project reports etc Certification functions and valuator of business. Advise the matters regarding merger and acquisition of business or planning activities and so on.

Objectives

·         To play the role of the regulatory body in order to encourage the members to carry on accounting profession being within the limit of the code of conduct laid down so as to make accounting profession transparent.

·         To develop, protect and promote the accounting profession by making the members and the practicing accountants understand the responsibility towards the importance of the accounting profession and the accountancy.

·         To provide quality professional education to accounting professionals in consonance with international norms and practice so as to make the accounting profession respectable and reliable.

·         To support the government with constructive suggestions towards the formulation and the revision of legislation in regards to commerce, trade, accounting, revenue etc.

·         To support the economic development process by increasing the confidence among investors and the general public towards the capital market by pronouncing the standards of discloses in financial reporting practices.

Vision & Mission Statement of ICAN

" ICAN to be recognized as a respected professional accounting body, providing leadership on standards, education, and self-regulation in Nepal "