Moscow / New Delhi: The Institute of Cost and Works Accountants of India (ICWAI) and the Institute of Professional Accountants and Auditors of Russia (IPAR) has signed a Memorandum of Understanding (MoU) in the presence of Mr. R. Bandyopadhyay, Secretary to the Government of India, Ministry of Corporate Affairs, in Moscow on Thursday, Sept 23, 2010..

Mr. Bandyopadhyay expressed confidence that this MoU would pave the way for sharing of experiences between the two accounting bodies to benefit of the people of the region and would enhance cooperation between Russia and India as important constituents of the BRIC and the G-20 nations.

The MoU was signed by ICWAI President Mr. B.M. Sharma and IPAR President Mr. V.V. Skobara. On the occasion, Mr. A.N. Raman, Chairman of the International Affairs Committee of ICWAI and the Senior Council Members with other officials of IPAR were also present.

According to Mr B.M. Sharma, President ICWAI, this historic accord between ICWAI and IPAR would result in long term cooperation in the field of business accounting, management accounting and related auditing in both countries. Both the parties have agreed to develop joint R&D projects and promote research in work practices of accounting community of both the countries. Pursuant to this MOU, both the parties will also work towards mutual recognition of membership and cooperate in international forums, like IFAC.

It may be noted that Mr. Bandyopadhyay is currently on an official tour to Russia leading a delegation of accounting professionals from India. The delegation met Mr. Sergey Dmitrievich Shatalov, Deputy Minister of Finance of Russia and his senior officials of the Finance Ministry in Moscow and had extensive discussion on the status of corporate sector.

It would be pertinent to mention here that ICWAI, established under an Act of Parliament to regulate the profession of cost accounting in India, has more than 49000 members and 2,25,000 students. ICWAI has been increasing its visibility through such memorandums with CIMA (UK), IMA (USA), ICMA of Sri Lanka and has also supported the promotion of a cost and management accounting body in Sultanate of Oman. On the other hand, IPAR, formed approximately little more than a decade back, is the only accounting body in Russia and also a member of the International Federation of Accountants. It has more than one lakh members working in various Russian organizations focusing on business accounting, management accounting, taxation and law. However, the audit professionals come under a different scheme of self-regulated professionals under an organization called as Guild of Auditors which is an accredited body of the Russian Government.