The Union Cabinet chaired by Prime Minister Shri Narendra Modi today has given its ex-post facto approval of the "Mutual Recognition Agreement (MRA)" signed in 2010 and Approval for fresh MRA between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants (CPA), Ireland  for promotion of mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in Ireland and India.

Impact:

The MRA will provide opportunities to members of both the parties to be exposed to best practices of either country and thus expand their scalability to cater to demand of newer markets.

Background:

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, The Chartered Accountants Act, 1949', to regulate the profession of Chartered Accountancy in India. The Institute of Certified Public Accountants in Ireland (CPA Ireland) is one of the main Irish accountancy bodies with 5,000 members and students.

Mutual recognition agreement approved to promote mutual cooperation and professional mobility between Indian and Irish accountancy bodies. Executive approval was granted for the Mutual Recognition Agreement between the Institute of Chartered Accountants of India and the Institute of Certified Public Accountants, Ireland, endorsing the 2010 MRA ex post facto and approving a fresh MRA to create a mutual cooperation framework to advance accounting knowledge, professional and intellectual development, and member interests, thereby enabling exchange of best practices and expanding members' capacity to serve new markets.