It will provide advanced mutual entry to members of both institutes through exemptions from appearing in majority of articles to acquire the qualification of the other professional body and to undertake joint research activities and continuing professional development.

An official statement said the MoU would draw attention to knowledge exchange and the exchange of research and publications, which would strengthen good governance practices in both jurisdictions.

The two parties will initiate joint research relevant to the cost accounting profession, which may involve collaborative research in technical areas. The MoU will facilitate the movement of professionals in the two jurisdictions and improve the employability of cost accountants in India and abroad.

The statement said the MoU will provide a route for members of one institute to apply for full member status of the other institute by successfully passing the minimum number of professional-level subjects.

The Institute of Cost Accountants of India was established in 1944 as a registered company under the Companies Act for the purpose of promoting, regulating and developing the profession of cost accounting.

On May 28, 1959, the institute was established by a special Act of Parliament, namely the Cost and Works Accountants Act 1959, as a statutory professional body for the regulation of the accounting profession of costs and works.

The Institute is the only recognized statutory professional organization and accreditation body in India specializing exclusively in cost and work accounting.

The Association of Chartered Certified Accountants (ACCA) founded in 1904 and incorporated by Royal Charter in 1947 under the laws of England and Wales, is the global body of professional accountants, with over 2,27,000 members fully qualified and 5,44,000 future members. worldwide.