Memorandum of Understanding with Nepal Oil Corporation
(25 April, 2019)
The Institute of Chartered Accountants of Nepal (ICAN) has signed a Memorandum of Understanding (MoU) with Nepal Oil Corporation Limited (NOC), a state owned entity for support in implementation of Nepal Financial Reporting Standards (NFRS) in NOC. ICAN and NOC have agreed for collaboration to implement NFRS in two phases as under;
a. GAP analysis to implement NFRS in NOC; and
b. Implementation of NFRS in NOC
The MoU signing ceremony held today at the office of NOC in presence of President CA. Jagannath Upadhyay (Niraula), Vice President CA. Krishna Prasad Acharya, Past President CA. Prakash Jung Thapa, Senior Financial Management Specialist of World Bank Mr. Yogesh Bom Malla, Managing Director of NOC CA. Surendra Kumar Paudel, Officiating Deputy Managing Director of NOC CA. Nagendra Sah and high ranking officials of NOC. The Memorandum of Understanding (MoU) was signed and exchanged between the Executive Director of ICAN CA. Sanjay Kumar Sinha and Managing Director of NOC CA. Surendra Kumar Paudel. Speaking at the MoU signing ceremony, President CA. Jagannth Upadhyay (Niraula) stressed the importance of NFRS and stated that ICAN is always supportive for NFRS implementation.
ICAN is collaborating with NOC to implement NFRS under the financial support of Integrated Public Financial Management Reform Project (IPFMRP) as per the MoU between Public Expenditure and Financial Accountability (PEFA) Secretariat and ICAN signed on 15 July, 2018. IPFMRP is jointly funded by Multi Donor Trust Fund administered by the World Bank and the Government of Nepal.