ICAN


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Introduction

The Institute of Chartered Accountants of Nepal (ICAN) was established under a special act, The Nepal Chartered Accountants Act, 1997 to enhance social recognition and faith of people at large in the accounting profession by raising public awareness towards the importance of accounting profession as well as towards economic and social responsibility of the accountants, and to contribute towards economic development of the country. The Institute is an autonomous body and the Council is fully authorized by the Act to undertake accountancy profession in Nepal.

History

1934 The first ever Companies Act in Nepal legislated
1956 New Companies Act enacted.
Books of accounts to be maintained specified. Accounts to be audited by an auditor licensed by the Dept of Industries
1974 Auditors' Act legislated, which entrusted the Office of Auditor General (OAG) to issue auditor's license and set qualification of auditors in four different classes of Registered Auditors.
Chartered Accountants with five years experience given Class A license with unlimited authority to audit any organization. Others are given license of Class B, C, and D depending upon the education and experience as specified in the Auditors' Act.
Disciplinary powers vested upon the Auditor General who was to receive recommendation from a Disciplinary Committee.
1978 Formation of the Association of Chartered Accountants of Nepal (ACAN) as a voluntary social organization with an initial membership of 15 Nepali chartered accountants.
ACAN applied for registration under the Societies Registration Act
1979 New Companies Act enacted.
1982 ACAN registered under the Societies Registration Act
ACAN formally inaugurated by the Minister of Finance
1984 ACAN invited to participate in the South Asian Federation of Accountants (SAFA) as an Observer.
1985 SAFA formed a Committee to assist ACAN in recommending to the Government for the formation of an accounting body in Nepal.SAFA committee submitted a report.
1988 HMG formed a high level study group to recommend on the formation of an autonomous self regulatory accounting body in Nepal.
1990 ACAN held a SAFA international seminar, which was inaugurated by the Prime Minister who committed the formation of an accounting body in Nepal
Accounting profession's image was uplifted.
1997 Nepal Chartered Accountants Act, 1997 received the royal seal on 30 January 1997.
The Institute of Chartered Accountants of Nepal (ICAN) established.
ICAN to have two classes of members: Chartered Accountants and Registered Auditors.
Auditors' Act to be repealed upon the notification in the Official Gazette.
All Registered Auditors holding audit license invited to apply for the membership of ICAN.
First Council of ICAN formed on 1 August 1997.
Membership of the South Asian Federation of Accountants (SAFA)
New Companies Act enacted with revised provision on accounting and auditing
1998 MOU on technical cooperation signed with the Institute of Chartered Accountants of India.
Membership of the Confederation of Asian and Pacific Accountants (CAPA)
1999 Nepal Chartered Accountants Regulation 1999 came into effect on 29 September 1999
Launching of ICAN along with an international seminar
HMG signed technical assistance agreement with ADB for capacity building of ICAN for a project of 12 months period.
2000 First CA Examination held in November 2000
2002 First Amendment of Nepal Chartered Accountants Act, 1997
ICAN was made the only regulating authority in accounting profession when the Act was amended.
2003 ICAN became Associate Member of IFAC in 2003
2004 ICAN signed second MOU with ICAI in July 2004

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