At ICAN's 28th anniversary, Minister Paudel highlights role of CAs in economic reform

KATHMANDU: The Institute of Chartered Accountants of Nepal (ICAN), the regulatory body for the accounting profession and education in Nepal, marked its 28th year with various programmes in Kathmandu and across the country on Thursday.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel inaugurated the main event. 

Addressing the programme, Minister Paudel emphasised the crucial role of chartered accountants in guiding the country's economy and maintaining fiscal discipline. "The accurate evaluation of financial accounts is essential for proper governance," he stated, urging chartered accountants to contribute to public financial management improvements. He also highlighted the need for significant cooperation in reforming Nepal's tax system and increasing revenue. "Despite discussions on tax reform and revenue growth, progress has been slow," he noted, calling for further efforts to establish a fair tax system.

Minister Paudel mentioned the government's ordinance to amend 29 laws to address economic challenges, asserting efforts to revitalise the economy, boost investment, increase production, create jobs, and attract foreign investment.

Financial Comptroller General Ganesh Prasad Pandey underscored the importance of financial system reforms for economic development and the vital role of chartered accountants. He recognised them as a prestigious profession globally and as representatives of the government and tax authorities.

ICAN President Prabin Kumar Jha noted, "Chartered accountants are regarded as experts due to their extensive studies, training, and professional experience in accounting, auditing and taxation." He mentioned their provision of audit and consulting services to various government agencies and participation in study and investigation committees. ICAN Vice President Nil Bahadur Saru Magar called for government support to facilitate the operation of large-scale firms in Nepal.

On the occasion, staff members who have served ICAN for over 20 years were honoured. Additionally, staff who provided excellent service received cash rewards and honours, and those who participated in extracurricular activities organised for the anniversary were also recognised.

ICAN President Jha released the annual report for the fiscal year 2024/25 and the five-year strategic plan for 2025/26 to 2029/30. ICAN outlined four major strategic objectives, 20 strategic goals, and 80 action policies. These strategies aim to expand the reach and credibility of the accounting profession, maximise member participation and stakeholder collaboration, foster government partnerships for economic prosperity and enhance global standing, and improve institutional effectiveness and sustainable development.

ICAN, established under the 'Nepal Chartered Accountants Act, 2053', regulates the accounting profession and education in Nepal.

Various activities were organised in and outside Kathmandu Valley to celebrate ICAN's 28th anniversary. A half-day conference featured two working papers. ICAN Director CA Kiran Kumar Khatri presented the first paper, discussed by ICAN President Jha, Nepal Rastra Bank (NRB) Director and AML/CFT expert Hari Kumar Nepal, NRB Financial Intelligence Unit Chief Bashu Dev Bhattarai, CA Aman Uprety, and Department of Money Laundering Investigation (DMLI) Director General Suman Dahal. The second paper was presented by CA Shailendra Uprety.

ICAN also organised the Seventh Chartered Accountants convocation ceremony, where Tribhuvan University Vice-Chancellor Prof Dr Keshar Jung Baral awarded medals and certificates to 77 students who achieved excellent scores in various levels of Chartered Accountancy.