Updates:

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 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