« Top Headlines » Open DEMAT Account in 24 hrs  No more tax filing hassles with digital Form 16 Know how it works «  To beat tight taxes, shipowners sail to safer shores... Own a fake PAN card? Pay a fine of Rs 10,000... » ICAI inks pact with UAE firm for international curriculum September, 02nd 2006 The Institute of Chartered Accountants of India (ICAI) has signed a memorandum of understanding with Abu Dhabi-based Centre of Excellence for Applied Research and Training (CERT) to devise an international accountancy curriculum. The new curriculum, ICAI president TN Manoharan said here on Friday, would integrate local needs and would keep in mind various requirements of accountancy and audit professionals at different levels. The MoU was signed by Manoharan and Tayeb Kamali, vice chairman of CERT. According to the MoU, the two agencies would review the existing education and skill sets in the area of accountancy and auditing. A strategic plan would be prepared for the development of accountancy and auditing profession in the UAE to ensure independence and impartiality. ICAI and CERT would also explore establishment of an independent institute for promoting chartered accountancy as a profession in UAE, Manoharan said. COUNTING ON ACCOUNTING As per the MoU, ICAI and CERT will review the existing education and skill sets in accountancy and auditing The new curriculum will keep in mind the requirements of different levels of accountancy and audit professionals ICAI had earlier assisted formation of the Institute of Chartered Accountants of Nepal in Nepal. In the past also, ICAI helped the accounting bodies in Sri Lanka and Nepal launching the post qualification course on Information Systems Audit. ICAI has recently introduced a new curriculum for CAs. The curriculum included a new subject dealing with the whole gamut of financial reporting, especially corporate financial reporting. The subject would also focus on IFRS-based financial reporting and US GAAP-based financial reporting. This was aimed at making the Indian chartered accountants globally competitive. Indian chartered accountants would have competitive edge to work in the Indian MNCs as well Indian subsidiary of foreign companies with the domain expertise in financial reporting in accordance with various accounting standards.