The GAIN Project: Transforming Nepal’s Accounting Future

The GAIN Project originated from an innovative Dynamic Thought Leadership practice introduced by the 10^th Council of ICAN. The Five-Year Strategic Plan formally incorporated this concept as a new governance mechanism within Council meetings. Dynamic Thought Leadership refers to a dedicated segment of the Council meeting, held after the core agenda is concluded, where members engage in open, dialectical discussion on strategic topics proposed by any Council member.

 

The first-ever Dynamic Thought Leadership session was conducted in the inaugural Council meeting under the Presidency of Mr. Nil Bahadur Saru Magar. During this session, I presented the topic “Enabling Nepalese Accounting Capabilities Transnationally” (ENACT), focusing on Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) as global opportunities for Nepal’s accounting sector and its professionals.

 

The Council endorsed the proposal and referred it to the Professional Development Committee, which subsequently refined and institutionalized the initiative under the name Global Accounting Initiative Nepal (GAIN).

 

What GAIN Stands For

Global Accounting Initiative in Nepal (GAIN) is a sector-wide initiative led by ICAN, designed to create a robust supply-chain ecosystem that positions Nepal as a favorable hub for remote accounting services and outsourcing across the entire accounting domain. The initiative directly benefits accounting firms and ICAN members. Professionals affiliated with other Professional Accountancy Organizations (PAOs), including Nepalese ACCA and Chartered Accountants, who provide outsourcing services, will also benefit from the umbrella national branding established by ICAN. Additionally, accounting graduates employed as service delivery professionals within these firms will gain direct employment opportunities.

 

The initiative is expected to contribute to revenue generation and capital formation, thereby supporting national GDP growth. Expansion of service exports and a reduction in labor migration will further strengthen Nepal’s macroeconomic stability.

 

Macroeconomic Dynamic

GAIN represents:

• A low-cost, high-return structural reform
• A foreign exchange stabilizer
• A human capital retention strategy
• A governance and productivity accelerator

Over a five-year horizon, GAIN has the potential to:

• Establish a new export pillar for Nepal’s economy
• Enhance resilience in the services sector’s contribution to GDP
• Strengthening fiscal outcomes without increasing tax burdens
• Improve Nepal’s international economic credibility

 

Beyond Accounting

GAIN will directly enhance the productivity of ICAN members, increase enrollment in the Chartered Accountancy program, and create a conducive environment for business advisory services. It will also support the development of the private equity and venture capital ecosystem, promote startups, strengthen entrepreneurial capacity, and contribute to the establishment of a more productive and resilient economy. Overall, the initiative supports Nepal’s transition from a trade-driven economy to one focused on value addition and productivity.

 

ICAN has initiated and launched the GAIN project, which will operate and conclude as a standalone initiative managed entirely by ICAN, exclusively for its members and closely associated stakeholders. However, for the successful implementation of GAIN, aligning with macroeconomic indicators and embodying the project's true spirit with the larger impact; supportive legislation, adequate infrastructure, and strong political will from national leadership are essential.

 

—CA Ananda Raj Sharma Wagle

MA Eco, (TU), PFM Expert (ICAN), DIP IFR (ACCA-UK)