President Message
From the President
Dear Professional Colleagues,
When I assumed the role of the 29th President of ICAN (FY 2025/26) on 18th July 2025, I was committed to a vision aimed at escalating the standing of our Institute to an unprecedented height of global excellence and professional integrity. Over the past year, this vision and Institute’s motto “Upholding Public Trust and Transforming Economies” has served as our guiding compass, driving us to innovate, elevate our standards, and fortify the trust reposed in us by our stakeholders.
As I write to you through this June 2026 issue of ICAN journal, which marks my final official communication as 29th President, I am filled with immense pride and gratitude on our significant milestone and shared achievements. Despite our honest efforts, some of the activities that were listed in the strategic plan remained unimplemented due to time and resource constraints.
In the following sections, I would like to highlight the defining milestones in promoting accounting profession in the country within a year (FY 2025/26) including achievement of last quarter, categorized under ICAN’s four Strategic Intent. Besides, this issue of Journal is prepared based on Fiscal Federalism and Taxation Theme, accordingly the articles are insightful to enhance knowledge of stakeholders on the theme.
Strategic Intent I: Expanding Reach and Credibility of Accounting Profession
Regulation and Supervision
Driven by a commitment to robust oversight the Institute has continually sought to strengthen its regulatory and supervision frameworks. During FY 2025/26, Quality Assurance Review of 33 practicing firms was conducted. And The Council completed disciplinary investigations of 11 disciplinary cases notably clearing all backlog investigations that had been pending for more than five years. Institute has been conducting routine monitoring of firms.
During the period, the Institute published the second amendment of Audit Quality Assurance Review Procedures, 2073 along with Guidelines on Targeted Financial Sanctions for Reporting Entities and Second Amendment to the Guidelines on Marketing Professional Services by Professional Accountants in Public Practice 2023. Likewise, the Institute also issued Unique Document Identification Number (UDIN) Byelaws, 2082 and updated UDIN portal in accordance with the updated byelaws.
Furthermore, the Council also approved Firm Registration Procedure, 2079 (First Amendment 2083) and Merger Guidelines, 2083 for practicing firms to facilitate development of large practices in Nepal.
Pronouncement of Standards and Manual / Reference Materials
During the period, the Institute pronounced Nepal Standard on Auditing for Audit of Financial statement of Less Complex Entities (NSA for LCE) and related supplemental guidance. The Institute also published model Financial Statement based on NFRS for SMEs, NAS for MEs and NAS for NPOs and model Financial Statements of Cooperatives based on full NFRS, NFRS for SMEs and NAS for MEs along with a Guidance Note both in English and Nepali language.
Besides, the Institute has also published format of Annual Financial Statements for Community schools (Excel Format in Nepali Language), along with Audit Manual and Training Manual in financial assistance from ALINEA International. Also, training on school audit were conducted based on the manual.
Similarly, the Institute also issued Valuation Manual, 2083; Guidance Note on Construction Contract, 2083; Public Financial Management (PFM) Glossary, 2083 and Assessment Framework on National Best Presented Annual Report (NBPA), 2026. Likewise, reference material for the Certification Course on Public Financial Management has also been updated.
Global Accounting Initiative in Nepal (GAIN) Project
As part of our strategic initiatives to create global outsourcing opportunities for our members, the Institute rolled out the Global Accounting Initiative in Nepal (GAIN) project during FY 2025/26. Key achievements under this project included developing a comprehensive GAIN white paper, launching a dedicated Accounting Outsourcing Web Portal and promotional video, and hosting a high-level GAIN Conference featuring national and international industry experts, professionals, and government officials. Besides, to secure institutional support and promote country branding, we were engaged in strategic dialogues with the then Hon’ble Finance Minister, diaspora and local professionals engaged in outsourcing business.
Expanding this momentum globally, I led an ICAN delegation to Accountex London to position Nepal as an emerging hub for financial outsourcing. During this visit, we collaborated with the Nepalese Accountants Association UK (NAA UK) on cross-border mechanics and met with senior leadership at ACCA and ICAEW to explore mutual collaboration. Additionally, the delegation showcased ICAN’s outsourcing initiatives at the 'UK-Nepal Collaboration' event hosted by the Embassy of Nepal in the UK. Moving forward, the Institute intends to develop a specialized series of courses to upskill our accounting professionals for successful careers in this domain. Furthermore, we are committed establishing mechanisms that strengthen the capacity of local audit firms to secure international clients, while continuously collaborating with global alliances to firmly establish Nepal as a premier accounting outsourcing hub.
ROSC Assessment
Delegation led by me had series of meeting with ROSC Assessment team comprising of representative of the World Bank and Asian Development Bank to discuss on various aspects of the accounting profession, audit regulation, and accounting frameworks and to support the preparation of the Nepal ROSC – Accounting & Auditing Assessment 2025.
Members and Students Base
I extend my warmest congratulations to the 255 new CAs who were granted membership during FY 2025/26. With their induction, Institute’s total membership has now reached 9,862, comprising 2,682 Chartered Accountant members and 7,180 Registered Auditor members. Likewise, at the close of the current 2025/26 fiscal year, Institute’s total active student stands at 15,418 across various levels of Chartered Accountancy education.
Enrollment and Implementation of New CA Syllabus
Following the launch of new CA syllabus, developed in technical consultation with the Institute of Chartered Accountants in England and Wales (ICAEW) and effective from the December 2025 batch, I am exceptionally pleased to report its strong uptake. By the close of the 2025/26 fiscal year, a total of 3,801 students had registered in three level under this new curriculum, including 2,768 enrollments at the CA Foundation level, 777 at the CA Application level, and 256 at the CA Advisory level.
The Institute has also launched a Virtual Learning Environment (VLE), providing its members and students with seamless digital access to updated learning materials. Key institutional arrangements are being implemented under the oversight of the Board of Studies and the Examination Committee to ensure the smooth rollout and transition to the new curriculum.
Examination
The Institute has approved and implemented Examination Procedures Manual to strengthen the examination procedure for CA, CA Membership and other Examination conducted by Institute. The Institute has been regularly conducting CA, CA Membership, RA Member Upgrading and AT Examination along with examination under various certifications and post qualification courses. The Institute has also been publishing timely results of the all examinations.
Student’s Welfare
To complement the academic foundation of CA students, the Institute has been regularly organizing students' quiz, essay, and public speaking competitions along with various training, webinars and orientations. During this period, the Institute provided full/partial scholarships to 184 students of CA Foundation/ CAP I, CAP II and CAP III level worth NPR 4.2 million.
Strategic Intent II: Engaging Members and Collaboration with Stakeholders
1st CFO Conference
The Institute successfully hosted the 1st CFO Conference on theme “Leading Beyond Finance, Shaping the Future” aimed at examining how financial leaders influence Nepal's corporate and economic landscape. The event bought together CFOs, finance leaders, regulators, policymakers, Accounting Professionals and experts working across various industries.
Launch of 1st ICAN Mentorship Portal
With the objective of fostering knowledge sharing, professional development, networking, and career advancement, the Institute launched its inaugural mentorship portal. This structured platform is designed to connect our experienced professionals directly with members, bridging the gap between guidance and growth.
1st Campus Placement Program
The Institute with an initiative to support newly qualified Chartered Accountant members in beginning their professional careers, while providing employers with access to competent, ethical, and technically skilled finance professionals successfully launched 1st Campus Placement Program in March 2026.
Member’s Professional Development
The Institute has been conducting various physical and virtual trainings, members’ capacity development programs, post qualification courses and Continuing Professional Education (CPE) program to strengthen members’ capabilities. The Institute Issued Updated Continuing Professional Education (CPE) Guideline, 2082 in accordance with IFAC Statement of Membership Obligation (SMO) 2.
During the quarter, the Institute developed and conducted the 1st batch of its own 75-hour certification course on Data Analytics and Artificial Intelligence. And the certification course on Public Procurement is in the process of finalization and shall be launched during first quarter of upcoming fiscal year.
Publication of Annual Research Journal “Nepalese Journal of Accounting, Auditing and Finance”
During the year, the Editorial Board initiated the process for publication of Annual Research and Academic Journal titled “Nepalese Journal of Accounting, Auditing and Finance”, This annual academic publication aims to foster research skills, boost professional competence, and build a body of knowledge that supports sound policy and practice. I urge the professionals and other stakeholders to submit their insightful research articles for inclusion in the journal.
Besides above, the Institute conducted following activities during this quarter:
Institute hosted the 5th National Convention of Accounting Professionals on theme “Strengthening Trust and Economic Governance: Catalyzing Nepal’s Economic Transformation” which was attended by 820 members. The Institute also conducted 23rd National Best Presented Annual Report (NBPA), 2025 Award distribution ceremony. New Members welcome program was organized. And a webinar on ‘AML CFT Compliance Refresher for Practicing Members’; training on construction contract, Quality Management Related Auditing Standards and Scenario Based Audit Report and CPE was organized. Also, an interaction program on Economic Analysis, Annotation and Dissemination of Federal Budget FY 2083/84 was organized.
Strategic Intent III: Expanding Role as Government’s Partner for Economic Prosperity and Elevating Global
Policy Advocacy
The Institute remains deeply committed to policy advisory and advocacy with the Government of Nepal. With the intent of providing robust policy recommendations for the federal budget of FY 2026/27, the Institute organized a series of nationwide Pre-Budget interaction programs together vital insights on fiscal policy from our members, industry specialists, and key stakeholders. Following these consultations, an ICAN delegation led by me formally handed over our comprehensive budgetary recommendations to the Honorable Finance Minister, Dr. Swarnim Wagle, at the Ministry of Finance. Concurrently, the Institute is actively coordinating with the National Cooperative Regulatory Authority to establish frameworks regarding the prudential audits of cooperatives.
Mutual Collaboration and MoU
During the period, the Institute signed MoU with National Cooperative Regulatory Authority (NCRA) for strengthening oversight and regulation of cooperatives, enabling ICAN members to conduct prudential audits of cooperative and facilitating implementation of NFRS in Cooperatives MoU. Likewise, Institute also signed MoU with Central Investigation Bureau (CIB) of Nepal Police for collaborative action in combating corporate financial crimes and has signed MoU with Public Procurement Monitoring Office (PPMO) for development of Certification Course on Public Procurement Management.
Furthermore, the Institute also signed MoU with Manipal University Jaipur (MUJ) for the Enhancement of Professional and Academic Excellence in Accounting, Auditing, and Related Disciplines. MoU with Institute of Internal Auditors India (IIA, India) was renewed to facilitate ICAN members in obtaining membership of IIA India along with all associated benefits, including membership of IIA.
Collaboration with Government, Enforcing Agencies and Development Partners
During the quarter, delegation led by me had a Courtesy meeting with Hon’ble Minister, Ms. Pratibha Rawal and Government Officials at Ministry of Land Management, Cooperatives, Federal Affairs and General Administration to identify areas of collaboration between the Ministry and ICAN for addressing the current challenges in Nepal’s cooperative sector especially regarding problematic cooperative institutions.
Likewise, a delegation led by me attended an interaction program organized by Inland Revenue Department regarding hosting of “Conference on the belt and Road Initiative Tax Administration Co-operation Forum” in Nepal. I also had meeting with the team of the World Bank Group, Nepal in context of Nepal Public Finance Review (PFR) and tax reform measures to drive private sector-led growth and job creation in Nepal.
Strategic Alliance and Global Presence
A significant milestone achievement of the Institute was that of securing membership in Chartered Accountants Worldwide (CAW), marking our entry as the network's 16th Member Institute. Belonging to this prestigious global network will undoubtedly enhance our capability to drive cross-border synergy and professional unity. On the global stage, an ICAN delegation led by me and comprising fellow Council Members participated in the IFAC Council's Ordinary Meeting and the 'IFAC Global Connect' forum. In tandem with these engagements, we also proudly represented the Institute at several high-level CAPA and SAFA meetings.
Besides, I also had meeting with Director of Sustainability Reporting and Assurance of ICAEW at ICAN Head Office focused on sharing of the global landscape on sustainability reporting, assurance, and ethics.
The Institute is actively working to establish ICAN chapters in Canada and the UAE, with plans to formally launch them in the upcoming fiscal year.
Strategic Intent IV: Ensuring Operational Resilience and Sustainability
Operational Resilience
The Institute’s 13th Amendment of the Nepal Chartered Accountants Regulation, 2061 was approved by the Ministry of Finance with effective from 16th July 2025. The strategic direction of the Institute during FY 2025/26 was guided by the priorities outlined in our Annual Policy and Approved Budget. I am pleased to report that the Council has maintained rigorous financial oversight, ensured the timely completion of both statutory and internal audits, while approved updated policies and procedures to ensure the Institute's long-term operational governance.
The Council has also approved the new organogram based on recent Organization & Management (O&M) Survey. I am hopeful that this new organogram will streamline operations, optimize resource allocation, and enhance overall institutional efficiency.
Over the past year, the Institute has prioritized elevating ICAN's brand identity. As part of this strategic branding effort, the Council unveiled a brand-new ICAN logo. The Institute has been keeping members informed about current initiatives through frequent updates across our social media platforms, press releases, monthly e-news, and quarterly journals.
Sustainability
In an era defined by rapid environmental shift, sustainability has transformed from a corporate social responsibility initiative into a core pillar of global financial reporting, significantly expanding the role of accounting professionals worldwide. Recognizing this shift, ICAN is actively exploring the critical role, our members play in sustainability and climate finance. As part of our commitment to robust standards, the Institute recently provided comprehensive feedback on the Exposure Drafts for NFRS S1 and NFRS S2. Moving forward, ICAN is dedicated to enhancing the technical expertise and capacity of our members, equipping them to navigate this evolving landscape with a strong focus on non-financial reporting and climate risk management across both the public and private sectors.
Acknowledgements
I would take this opportunity to express my sincere gratitude to Vice-President CA Ananda Raj Sharma Wagle, Immediate Past President, CA Prabin Kumar Jha and fellow Council Member for their efforts in my activities of the Institute. I also extend my warmest congratulations to the newly elected President CA Ananda Raj Sharma Wagle and newly elected Vice-President CA Hem Kumar Kafle and wish them a highly successful and impactful tenure.
Before I conclude my final remarks it is with deep respect and regard for members, Overseas Chapters of the Institute, government officers, stakeholders, entire staff of the Institute and students whose dedication has contributed to the progress of the Institute.
I also wish to commend the Editorial Board and the journal's support staff for their unwavering commitment and achievements. I also express my heartfelt gratitude to all our contributors, whose insights continue to enrich our publication.
Closing Remarks,
The current era of digitalization, sustainability, and unprecedented economic transformation demands that we evolve at the pace of global progression. The current period is not only about transition but about building a resilient foundation for the future of our profession. And, by continuously upgrading our skills and expanding our horizons, our fraternity is uniquely positioned to turn every modern challenge into an enduring milestone.
As I Conclude, let me remember the profound words of Alvin Toffler:
'The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.'
Best Wishes,
……………………………
CA Nil Bahadur Saru Magar
President, ICAN
16th July, 2026