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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