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 is fully authorized by the Act to regulate 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
2008		ICAN became full Member of International Federation of Accountants (IFAC) in November 2008
2009		Government of Nepal provided land to ICAN on 09 November 2009
2013		ICAN signed MoU with Malaysian Instititute of Accountants (MIA) in 10 May 2013
2014		Building Inauguration by Rt. Hon'ble president of Nepal on 13 July 2014
2015		ICAN signed MoU with ADB in April 2015 for piloting Audit Quality Assurance Systems Road Map.
2016		ICAN signed Membership Pathways Agreement with CPA Australia in March 2016.
		ICAN signed Mutual Recognization Agreement with ICAEW in october 2016.
2017		ICAN signed Technical Cooperation MoU with ICAI in August 2017.
2018		ICAN signed MoU with CIPFA in January 2018 for advancement of High Quality Public Financial Management.
		ICAN signed Mutual Recognization Agreement with CA ANZ in March 2018.
		ICAN opened its First abroad Chapter in Australia in March 2018.
2019		Signed Mutual Collaboration Agreement with ACCA
		Signed MOU with AICPA
2020		Signed Mutual Recognition Agreement with ICAI
2021		Signed Memorandum of Understanding with The Institute of Internal Auditors, India (IIA, India)
2022		Signed Memorandum of Understanding with The Institute of Chartered Accountants of Sir Lanka