New Delhi: Institute of Cost and Works Accountants of India (ICWAI) has signed a Memorandum of Understanding (MoU) with the Institute of Professional Accountants and Auditors of Russia (IPAR). The MoU was singed in the presence of Ministry of Corporate Affairs Secretary, R. Bandyopadhyay, in Moscow. ICWAI was represented by its President, B. M. Sharma and IPAR by its President, V.V. Skobara.
Mr Bandyopadhyay said that this historic agreement between ICWAI and IPAR paves way for long term cooperation in the field of business accounting, management accounting and related auditing in both countries. He also emphasized on the need for sharing experiences of both accounting bodies in the context of both Russia and India being important constituents of the BRIC and the G- 20 nations. Both parties have agreed to develop joint research and development projects and promote the results of the researches in work practices of accounting community of both countries.
In addition, according to this MoU, both parties will also work towards the common recognition of membership and also cooperate in international forums such as IFAC. R. Bandyopadhyay is currently on an official tour to Russia leading a delegation of accounting professionals from India. The team met the Deputy Minister of Finance of Russia Sergey Dmitrievich Shatalov and his team of senior officials from the Finance Ministry in Moscow and had extensive discussions about the condition of business sector in both the nations.
