The Institute of Cost and Works Accountants of India (ICWAI) and the Institute of Professional Accountants and Auditors of Russia (IPAR) have signed a Memorandum of Understanding in Moscow in the presence of Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs. ICWAI was represented by its President Shri B. M. Sharma and IPAR by its President Shri Skobara. 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 roughly more than one lakh members working in various Russian organizations focusing on business accounting, management accounting , taxation and law. ICWAI has also signed such memorandums with CIMA UK, IMA USA, ICMA of Srilanka and very recently also supported the promotion of a Cost and Management Accounting body in Oman.

Shri Bandyopadhyay said this historic accord 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 stressed 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 R & D projects and promote the results of the researches in work practices of accounting community of both countries. Pursuant to this MOU, both parties will also work towards the mutual recognition of membership and also cooperate in international forums such as IFAC.

Shri 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, Shri Sergey Dmitrievich Shatalov and his team of senior officials from the Finance Ministry in Moscow and had extensive discussions about the status of corporate sector in both countries.

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