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(Established under the Nepal Chartered Accountants Act, 1997)

ANNUAL REPORT 2012/2013

The Institute of Chartered Accountants of Nepal (ICAN)

The Institute of Chartered Accountants of Nepal6th Council Members 2013 - 2014 (Second Term)

CA. Madhu Bir PandeImmediate Past President

CA. Achyut Raj Joshi CA. Prakash Lamsal CA. Jitendra Kumar Mishra

CA. Bhaskar Singh Lala CA. Nirajan Simkhada

CA. Narendra BhattaraiVice President (2013/14)

CA. Suresh Devkota CA. Tek Nath Acharya

RA. Badri Prasad Bhattarai

Mr. Guna Raj Shrestha

RA. Dol Prasad Dahal

Mr. Krishna Prasad Devkota

RA. Mohan Kumar Parajuli

Mr. Jaya Dev Shrestha

RA. Mohan Kumar Subedi

CA. Binay Prakash ShresthaExecutive Director

CA. Mahesh Kumar GuragainPresident (2013/14)

The Logo of the Institute of Chartered Accountants of Nepal (ICAN) bears a well-known line impregnated with a rich moral lesson. It is extracted from Chapter XIX (text line no.39) of the Yajurveda. It is the second of the following four-line stanza.

k'gGt' df b]jhgfMk'gGt' dg;f lwoM .k'gGt' ljZjf e"tflghftj]bM k'gLlx df ..

The Vedic text is chanted aloud during occassions of good omen for purification of mind, body and environment.

ICAN realizes that internally purified and enlightened mind is the lifeblood of righteousness. We consider it indispensable for both doing right things and doing things right.

We, therefore, pledge to be guided by the Vedic principle. Our policies, aspirations and expectations, strategies, and functioning style shall always be determined by the above message.

We wish to be blessed with your best wishes for our success.

Literally, k'gGt' dg;f lwoM means:“Purity of mind and clarity of wisdom.”

ANNuAL RepORT 2012 - 132 The Institute of Chartered Accountants of Nepal

T h e I n s T I T u T e o f C h a r T e r e d a C C o u n T a n T s o f n e p a l

Mission Statement

“ICAN aims to be recognized as a respected and highly professional accounting body, providing

leadership on standers, education and self-regulation in Nepal”

Objectives

The well-set objectives tailored to attain the mission are as follows:

• To play the role of regulatory body in order to encourage the members to carry on accounting

profession being within the limit of the code of the conduct laid down so as to make accounting

profession transparent.

• To develop, protect and promote the accounting profession by making the members and

the practicing the accounts understanding the responsibility towards the importance of the

accounting profession and the accountancy.

• To provide quality professional education to accounting professionals in consonance with

international norms and practice so as to make the accounting profession respectable and

reliable.

• To support the government with constructive suggestions towards the formulation and the

revision of legislation in regards to commerce, trade, accounting, revenue etc.

• To support the economic development process by increasing the confidence among investors

and general public towards the capital market by pronouncing the standards of discloses in

financial reporting practices.

Mission Statement/Objectives

ANNuAL RepORT 2012 - 13 3The Institute of Chartered Accountants of Nepal


Table of Contents

Report of the president 5

Brief Outline of the Institute of Chartered Accountants of Nepal 9

Facts about ICAN 10

International participation and co-operation 11

events and Activities 13

Seminar, Workshop and Training 18

Members Affairs 21

Students Affairs 23

Staff Affairs 26

Financial Statement 28

Annexure

Annexure I : Standing and Non Standing Committees 41

Annexure II : Organizational Chart of the Institute 44

Annexure III : Accounting/Auditing Standards 45

Jofj;flos cfr/)fsf cfwf/e"t l;$fGtx?Fundamental Principles of Professional Ethics

;+:yfsf ;b:ox?n] Jofj;flos sfo{ ubf{ b]xfosf cfwf/e"t l;4fGtx? clgjfo{ kfngf ug'{ kb{5M

Independence -:jtGqtf_

Integrity -st{Jolgi7tf_

Objectivity -j:t'lgi7tf_

Professional Competencies and Due care -Jofj;flos Ifdtf / plrt ;ts{tf_

Confidentiality -uf]kgLotf_

Professional Behaviour -Jofj;flos Jojxf/_

Technical Standards -k|fljlws dfg_

g]kfn rf^{*{ PsfpG^]G^\; ;+:yfThe InsTITuTe of CharTered aCCounTanTs of nepal(Established under the Nepal Chartered Accountants Act, 1997)



As on July 15, 2013 the total number of 481 CA members renewed their membership, out of them 250 are holding certificate of practice. Among them 156 are qualified from this Institute.

Regarding the Registered Auditors Members a total of 4525 RA members renewed their membership during the year out of them 3670 are holding certificate of practice.

Continuing Professional Education DevelopmentAs a part of the Institute plan to enhance the capacity and skill of members, the Institute has been regularly conducting continuing professional education Training in different parts of the country. The Cpe training covered various topics regarding accounting/auditing Standards, taxation and other topics on International and National issues related with the profession.

During the year a total of 33 Cpe trainings were conducted in and outside Kathmandu, out of these 23 trainings were outsourced. Altogether around 3500 members benefitted from the Cpe trainings.

Seminar, Workshop and Training/Interaction ProgramWith a a viewpoint of providing exposure and knowledge and to keep the member abreast with the current changes in the profession and to enhance the profession skill of the members various seminar, workshop, training and interaction programs inside the valley and outside the valley were conducted in different part of the country. Such programs provided platform to understand the needs and grievances of the members and desiminate future plans and action plans of the Institute. These interaction programs not only provided our members with opportunities to discuss the recent developments in banking, insurance and other entities, but also assist the Institute in developing long term collaboration with these entities.

With a view to keep abreast with the Information Technology related to accounting and auditing profession, the Institute organized an ISA Course for its members

Report of the President

Dear Colleagues, It is my great pleasure to welcome you all to the 17th anniversary of the Institute of Chartered Accountants of Nepal. I on behalf of my predecessor CA. Madhu Bir pande take pride and honor to present before you the annual report for the fiscal year 2012/13. The Institute is marching ahead gloriously in its 17th year and with great sense of pride I would like to mention that the Institute in its short span of time has contributed for the development of the accounting profession and economic development of the country which is a milestone achieved.

First of all I would like to extend my deepest gratitude to all the members for electing me as 17th president of the Institute of Chartered Accountants of Nepal and bestowing faith in me to lead the Institute to a new greater height.

I would like to highlight and present some of the major achievements that took place during the year in the overall development of the Institute.

It is my immense pleasure to mention that the construction work of the Institute own building at Satdo Bato, Lalitpur at the land received on lease from the Government of Nepal is on the final stage expected to be completed by February 2014 . I express my sincere thanks to all the members and stakeholders for their generosity for contributing donation to the building.

In order to expand the outreach of ICAN, the pokhara branch of the Institute has been inaugurated and I believe this branch will be successful in providing effective service to the members and students in this region. Further the Institute is in preparation to set up a branch office at Nepalgunj soon.

Membership During the year a total of 70 members were granted new CA membership and a total of 15 Chartered Accountant members were granted Fellow Chartered Accountant. Similarly 36 Chartered Accountant members were granted COp during the same year.



with the technical assistance from ICAI. Altogether 33 participated in the course.

During the year, total of 7 National seminar and 2 International seminar was conducted. Similarly the Institute conducted 4 training on member’s capacity building for its member’s in different parts of the country on the topics relating to accounting, auditing and taxation.

I would like to reassure that more such quality programs wiil be conducted for our members with topics pertaining to the profession.

Code of Ethics presently, the profession and audit service is highly challenged from various parts , threatening the scopes of the Institute and ICAN act, it is our foremost responsibility to comply the code of ethics and to convince all sectors that the Institute has good ethical disciplinary system. unless we assure to the Government Regulators, International Accounting Bodies and users of audit service that the Institute and its members are fully adopted to its code of ethics based on IFAC code of ethics, audit profession in Nepal cannot get full acceptance from all parts.

Inorder to maintain ethics and professional integrity of its member the Institute has adopted the International Federation of Accountants (IFAC) Code of ethics. I sincerely urge all members to works towards making our profession of accountancy more effective, independent and more responsible towards the profession and nation and further enhance the reputation of this profession, by carrying out the professional conduct with utmost honesty and sincerity.

PublicationDuring the year the Institute has published four issues of the Nepal Chartered Accountant Journal along with one special issue of SAFA Conference and four issues of newsletter.

Similarly, study materials of CAp I, CAp II and CAp III level Chartered Accountancy Course has also been published . As a reference material for the students the Institute has regularly published Revisional Test papers and suggested answers of past examinations which has been a guiding tool to the students for the preparation in the examination

Accounting/Auditing StandardsThe accounting and auditing profession has immense responsibility to meet global challenges and keeping in-line with the International Standards the Institute has fully adopted the International Financial Reporting System (IFRS), this is a milestone of Nepal to get more Foreign Direct Investment in the country economy and give opportunity to members to work with global based standards and practices. The Institute has closely worked with the Nepal Accounting Standards Board and Nepal Auditing Standards Boards in pronouncing Accounting and Auditing Standards which will help members in preparation of the financial statements on par with International Standards. Till date the Institute has pronounced 26 Accounting Standards and 34 Auditing Standards. Out of 26 Accounting Standard 19 are mandatory compliance and 7 are for voluntary compliance. All the auditing standards are for mandatory compliance. My sincere appreciation to the Chairman and Board Members of the Accounting and Auditing Standards Board for their tiring effort in formulating the standards.

EducationThe trend of student pursuing Chartered Accountancy Course and Accounting Technician course has been increasing year by year, I believe this development as a trust and confidence bestowed in accountancy profession by the young talents, this is reflected in the enrollment status of students pursuing Chartered Accountancy and Accounting Technician Course.

During the year altogether 1874 students enrolled for different level of the Chartered Accountancy Course.

In order, to develop the middle level accounting professional, the Institute has launched the Accounting Technician Course under the Accounting Technician Board. During the year altogether 88 students are enrolled for this course.

To keep the Chartered Accountancy Curriculum on par with the International standards, revision of the syllabus has been made regularly on timely basis.

The structure, syllabus and model of information and technology training of the Chartered Accountancy course curriculum is developed so as to provide a basic level training at initial stage and professional level training during their professional level studies.



Inorder, to provide short guidance and technical details crash courses on various subjects for CAp I, CAp II and CAp III level as per need basis of the students were conducted.

As a corporate social responsibility of the Institute, the Institute has been providing scholarship to the outstanding and underprivileged student’s desire of pursuing chartered accountancy education, this year full and partial scholarship were awarded to 33 students pursuing different level of chartered accountancy course. The Institute is also persuading the Government to provide a regular support to those needy and outstanding student to help them to pursue Chartered Accountancy study.

With a view to raise awareness about the Chartered Accountancy education and Accounting Technician Course, the Institute organized career counseling program on Chartered Accountancy education in different part of the country which included college visits, free seminar, TV and Radio promotional program, The Institute also participated in career fair in different part of the country. The program helped students solved their queries on various aspect of CA course. The participants showed keen interest on Chartered Accountancy and Accounting Technician course and expressed their enthusiasm to join the course.

As a part of the Chartered Accountancy Curriculum, the Institute conducted General Management and Communication Skill (GMCS) training. Altogether 35 students participated in the training. Similarly as a part of the curriculum, the Institute conducted IT training to students of in CAp II, CAp III and accounting technician course. I believe that such trainings will enhance the skill of our students.

ExaminationAs the increase in the registration of the Chartered Accountancy Course, the number of students appearing in the examination has also risen sharply, altogether 3448 candidates appeared in different level of CA examination and 275 candidates appeared for the CA membership examination, similarly 21 candidates appeared for the Accounting Technician examination.

The trend of passing rate in different level of examination is also increasing year by year. During the year 36 students qualified in the CAp III/Final level examination.

Similarly 108 students in CAp II level and 726 students in CAp I level were declared successful. Similarly, 55 students qualified the CA Membership examination and 12 students were declared successful in the Accounting Technician examination.

A new system has been introduced for Chartered Accountancy Membership examination with effect from June 2014 examination. under the new system, the CA membership examination shall be conducted along with with CAp III Level examination from June 2014 onward on the basis of same question paper used for CAp III level. Similarly, arrangement has been made to appear only in two papers for CA membership examination and separate examination forms shall be required for getting subject exepmtion with payment of revised fee structure. Inorder, to make hassle free for the students to appear for the CA examination the Institute has set up examination centre at branches namely Biratnagar, Butwal and Birgunj. Altogether 21, 31 and 38 students appeared in the examination respectively.

International Participation and Co-operationICAN has shown a strong presence in various International forums like International Federation of Accountant (IFAC), Confederation of Asia pacific Accountants (CApA) and South Asian Federation of Accountants (SAFA). The Institute participated in the various board meeting, assembly and committee meeting of these accounting bodies and put forward issues and ideas and has accomplished task assigned with capability. The Institute contribution in public Sector Financial Management (pSFM) both in SAFA and CApA level has been appreciated by other International Accounting Bodies. The Institute’s effective participation in the International Forum has provided platform in enchancing recognition of the Institute.

Human Recourse DevelopmentIn order to increase the skill, knowledge and efficiency of the staff, training on accounting package, business communication, report writing and english proficiency on need basis were imparted.

Similarly, a one day in-house training was organized for all level of staff, the training focused on the skill development, time management and motivational process.



Financial Result ReviewOn review of the financial statement for the year 2069/070, income from education activities increased by 44.28% to Rs. 55.91 million against Rs 38.75 million of the previous year. Likewise, income from membership decreased by 7%. Similarly, income from professional development activities increased by 43% and publication activities increased by 138% as compared to previous year. Income from examination activities increased by 7%. The overall core activities income has increased by 31%. The office overhead increased by 4% and employee expenses decreased by 4% as compared to previous year. Overall the institute’s income for 2069/070 increased by 24% to Rs 97.40 million (last year Rs. 78.74 million).

The retained surplus for the year was Rs. 30.78 million against Rs 19.52 million in previous year.

The size of balance sheet as on this year-end was Rs 168.97 million against Rs 129.49 million in previous year and net cash outflow for the year was Rs 23.95 million against Rs 34.66 million of the previous year.

AcknowledgementI would like to mention that all these developments and achievements as mentioned is the outcome of hard-work, perseverance and valuable support and guidance received from the Council Members, past presidents, Regulating Authorities, Government Officials, International Accounting Bodies, Members of the various standing and non standing committee, Board and various task force, Members of the Institute, stakeholders, management and staff, without their support and co-operation would not have achieved the desired results.

I once again urge all members and stakeholder to come together and focus on the development of accounting profession as a whole and contributing in the process of nation building and fulfilling their duties with outmost integrity and professional ethics.

I assure that ICAN as a regulatory body in the profession of accountancy in Nepal will focus its role in formulating and implementing financial/corporate laws, fiscal policies, investment policies, maintaining financial transparency, etc. I look forward with anticipation and expectation for the same support and contribution in bringing the Institute to a greater height of Glory.

Last but not the least I cannot conclude without giving thanks and recognising the team spirit and hard work of the staffs led by CA. Binay prakash Shrestha, executive Director of the Institute for their tiring effort to drive the Institute to progress.

Best Wishes

CA. Mahesh Kumar Guragainpresident31st January 2014



CouncilThe Council as constituted under the Act, governs the Institute. It consists of 17 members of whom ten are elected from Chartered Accountants members, four from Registered Auditor members and the remaining three are nominated by the Government of Nepal at the recommendation of the Auditor General. The members of the Councils are elected every three years. The president and Vice president are elected from the fellow Chartered Accountants members of the Council for a period of one year. The Council being the governing body of the Institute has the right to regulate accounting profession in the country as conferred by act.

Regulations and Bye- LawsThe activities of the Institute are administered under the Nepal Chartered Accountants Regulation, 2004. In addition the Council has approved the following procedures for conducting its activities:(a) election procedures, 2004(b) Committee Operation procedure, 2005(c) COp upgrading procedure, 2005(d) Registered Auditor Member upgrading procedure, 2005(e) Scholarship Fund procedure, 2006(f) Library Operation procedure, 2008(g) Staff Administrative Bye Laws, 2010(h) Financial Bye Laws, 2010(i) Operating procedure for Chartered Accountants Students Association, 2009

The Executive DirectorAn executive Director appointed by the Council for the term of four year is the Chief executive Officer of the Institute and executes the decision of the Council.

CommitteesThe act provides for four standing committees to advice and facilitate the council in taking its decisions, except the Disciplinary Committee, the president and Vice-president of the Council are ex-officio Chairman and Vice-Chairman respectively of all Standing Committee. The Council has also constituted various Non-Standing Committees. The name of Committees and the member is exhibited in the Annex I.

Organization StructureThe organization structure of ICAN comprises of the Council and five departments namely Members and professional Development, Management, education, examination and Information Technology. The structure is exhibited in the Annex 2.

Brief Outline of the Institute of Chartered Accountants of Nepal



Facts about ICAN

establishment : Nepal Chartered Accountants Act, 1997Amendment : Nepal Chartered Accountants Act, First Amendment 2002Regulation : Nepal Chartered Accountants Regulation, 2004Amendment : Nepal Chartered Accountants Regulation, First Amendment, 2006Amendment : Nepal Chartered Accountants Regulation, Second Amendment 2010Amendment : Nepal Chartered Accountants Regulation, Third Amendment 2011

Past PresidentsFirst president : CA. Komal Bahadur Chitracar (1997-1998)

Second president : CA. Tirtha Raj upadhaya (1998-1999)

Third president : CA. Kaushalendra Kumar Singh (1999-2000)

Fourth president : CA. Gopal prasad Rajbahak (2000-2001)

Fifth president : CA. prabhu Ram Bhandary (2001-2002)

Sixth president : CA. Bijay Kumar Agrawal (2002-2003)

Seventh president : CA. pradeep Kumar Shrestha (2003-2004)

eight president : CA. puspha Lall Shrestha (2004-2005)

Ninth president : CA. Narayan Bajaj (2005-2006)

Tenth president : Late CA. Binod B. Rajbhandary (2006-2007)

eleventh president : CA. Ratna Raj Bajracharya (2007-2008)

Twelfth president : CA. Tanka prasad paneru (2008-2009)

Thirteenth president : CA. Suvod Kumar Karn (2009-2010)

Fourteenth president : CA. Sunir Kumar Dhungel (2010-2011)

Fifteenth president : CA. Sudarshan Raj pandey (2011-2012)

Sixteenth president : CA. Madhu Bir pande (2012-2013)

Recognition and Achievement = First Council formed on August 1, 1997

= ICAN became Member of South Asian Federation of Accountants (SAFA) in 1998

= ICAN signed MOu with The Institute of Chartered Accountants of India (ICAI) in May 1998

= ICAN became Member of Confederation of Asia and pacific Accountants (CApA) in 1999

= ICAN first CA examination held on November 2000

= ICAN Became Associate Member of International Federation of Accountants (IFAC) in 2003

= ICAN signed second MOu with The Institute of Chartered Accountants of India (ICAI) in July 2004

= ICAN became full Member of International Federation of Accountants (IFAC) in November 2008

= ICAN signed MOu with Malaysian Instititute of Accountants (MIA) in May 10, 2013

= Total member (July 15, 2013): Chartered Accountants: 481 (FCA-163, CA-318) Registered Auditor: 4525



International Participation and Co-operation

Meeting with ICAI President and Vice-PresidentICAN president CA. Madhu Bir pande and executive Director CA. Binay prakash Shrestha of the Institute of Chartered Accountants of Nepal (ICAN) held a meeting with the president of the Institute of Chartered Accountants of India (ICAI) CA. Jayadip Narendra Shah and Vice president, CA. Subodh Kumarod Agrawal on 29th August, 2012. The delegates held a bilateral discussion on the agendas relating to Mutual Recognition Agreement between ICAN and ICAI, removal of center of CpT and pCC level from Nepal, conduction of IFRS and technical support from ICAI to ICAN for the conduction of ISA certification course.

SAFA Events at Lahore, PakistanA five member delegation from the Institute of Chartered Accountants of Nepal led by Vice president CA. Mahesh Kumar Guragain participated in the SAFA events hosted by the Institute of Cost and Management Accountants of pakistan (ICMAp) held from 8th-10th November, 2012 at Lahore, pakistan. During the events various committee meeting were held. The event also held the 2nd SAFA Summit and 12th Management Accountants International Conference.

During the SAFA ITAG Committee Meeting held on November 8th and 9th, 2012, discussion was held for the preliminary markings awarded to the annual reports by each member bodies. Wide discussion was made in

some of the criterias of best presented annual reports awards. Among those were specific areas, ratios, value added statement, horizontal and vertical analysis, date of approving the financial statements and holding of annual general meeting.

On 10th November ITAG Committee Chairman Mr. Lasantha Wickemasinghe briefed the SAFA Board Meeting about the progress made by the SAFA ITAG Committee, the Board decided that the SAFA BpA Conference marking session would be carried out by the technical committee comprising the technical staffs of the five member bodies and the date of technical commiittee meeting would be 12th-13th of December 2012 at Colombo Sri Lanka.

president CA Mahesh Kumar Guragain attended the 24th SAFA Board Meeting on 10th November 2012 at Lahore pakistan . During the meeting, the board ratified the ITAG committee’s recommendation and modalities for the assessment of evaluation by technical staffs of the member bodies. The meeting also finalized the date for SAFA Assembly meeting which will be held in Dhaka from 10th to12th January 2013.

SAFA ITAG Technical Committee Meeting and SAFA ITAG Committee Meeting Mr. paramananda Adhikari, Technical Director participated in the ITAG Technical Committee Meeting as the representative from the Institute of Chartered Accountants of Nepal (ICAN) hosted by the Institute of Chartered Accountants of Sri Lanka (ICASL) at Colombo 0n 12th-13th December 2012. During the meeting comprehensive discussion were held for the revised preliminary markings awarded to the annual reports by each member bodies. Based on the present marking criteria, the Technical Committee finalized all the categories nominated for SAFA BpA Awards from each member bodies and recommended it to ITAG Committee to approve the finalized entities.

Delegates at SAFA BPA Conference, Lahore, Pakistan



Meeting along with SAFA BpA Award ceremony in Sri Lanka on 22nd and 23rd March, 2013. A four member delegations from the Institute led by president CA. Madhu Bir pande attended the SAFA Board / Committee Meeting and BpA Award Distribution Ceremony. During the program CA. Madhu Bir pande, president ICAN and CA. Subodh Kumar Agrawal, president ICAI held a bilateral discussion concentrating on Mutual Recognition Agreement (MRA) and technical assistance between the two countries.

On the occasion various entities from Nepal were awarded with the merit certificate for the best presentation of financial statement in their annual Report. Various entities Nepal were awarded with merit certificate The name of entities from Nepal is as follows. Nabil Bank Ltd. and Standard Chartered Bank (Nepal) Ltd. were awarded the merit certificate in private banking sector while Clean energy Development Bank Ltd. was awarded the merit certificate in non Banking Sector. Similarly, Credit Information Centre Ltd. (Karja Suchana Kendra Ltd.) was awarded with a merit certificate in public Sector entities.

CAPA Committee, Board Meeting and CAPA AGMpresident CA. Madhu Bir pande and Vice president CA. Mahesh Kumar Guragain attended CApA Committee, Board Meeting and CApA Annual General Meeting from 23rd to 25th May 2013 held in Vancouver, Canada.

Meeting with Malaysian Institute of Accountants (MIA)CA. Madhu Bir pande, ICAN president and CA. Binay prakash Shrestha, executive Director, held a meeting with Mr. Datuk Mohamed Nasir Ahamed, president Malaysian Institute of Accountants (MIA), the meeting discussed about the Mutual Recognition Agreement (MRA) and Technical Assistance between the two countries.

SAFA Board, Committee Meeting and International Conferencepresident CA. Madhu Bir pande, Vice president CA. Mahesh Kumar Guragain, Council Member RA. Mohan parajuli, past presidents CA. Narayan Bajaj and CA. Suvod Kumar Karn attended the SAFA Board/ Committee Meeting hosted by the Certified Management Accountant of Sri Lanka (CMA) at Clombo, Sri Lanka. The delegates also attended the CMA International Management Accounting Conference 2013 on “Sustainable Value Creation through Cost efficiency”

CA. paramananda Adhikari, Technical Director also participated in the ITAG Committee Meeting hosted by the Institute of Chartered Accountant of Srilanka (ICASL) at Colombo, Sri Lanka on December 14th, 2012. The SAFA ITAG Committee meeting commenced with a welcome speech by the Chairman Committee Mr. Lasantha Wickremasinghe. The meeting finalized the winner of the SAFA BpA Awards 2011.

Conference on “Accountancy Profession”

Technical Staff of the Member Bodies at SAFA BPA Marking Session 2012

CA Madhu Bir Pande, ICAN President delivering speech

A five member delegations from the Institute led by president CA. Madhu Bir pande attended the conference organized by the The Institute of Chartered Accountants of India (ICAI) on the theme “Accountancy profession: enablers of economic Growth” in Mumbai, India on 23rd January to 25th January 2013. During the conference CA pande gave a key note speech on the role of accounting profession for the economic development of the country. Speakers from various countries shared their experience in various topics of economic relevance. Around 1275 participants participated in the conference.

SAFA Board / Committee Meeting and BPA Award Distribution ProgramThe Institute of Chartered Accountants of Sri Lanka (ICASL) hosted the SAFA Board and Committee



Events and Activities

Newly Elected President, Vice-President and Council Members takes Oath of Office

the coming years will be more reliable, transparent and informative for the general stakeholders.

The ceremony was addressed by Guest of Honors, Governor, Nepal Rastra Bank Dr. Yubaraj Khatiwada and Officiating Auditor General Khem prasad Dahal. The program concluded with a vote of thanks from the newly elected Vice president CA Mahesh Kumar Guragain.

National BPA Award-2011

S. No. Category

Public Sector Entities

1 Nepal Telecom Ltd. Winner

2 Karja Suchana Kendra Ltd. Runner-up

Manufacturing Sector

1 Chilime Hydropower Co. Ltd. Winner

Non Banking Sector Insurance Companies

1 Everest Insurance Co. Ltd. Winner

Other Financial Sector Subject to Prudential Supervision

1 Clean Energy Development Bank Ltd. Winner

Banking Sector Subject to Prudential Supervision

1 Nabil Bank Ltd. Winner

2 Standard Chartered Bank Ltd. First Runner-Up

3 NIC Bank Ltd. Second Runner-Up

Newly Elected President takes Oath of Office from Hon’ble Finance Minister

On Shrawan 7, 2069 newly elected president CA Madhu Bir pande was administered oath of office by Hon’ble Finance Minister Barsha Man pun as the 16th president of ICAN. CA. pande was elected as president unanimously for 1st tenure of 6th Council. On the occasion, newly elected president CA Madhu Bir pande administered oath of offices to newly elected Vice-president CA. Mahesh Kumar Guragain. Delivering the acceptance speech, the newly elected president CA. pande thanked all the members and colleagues who have faith in him and elected him as a president of 6th Council.

Speaking on the occasion, the outgoing president CA. Sudarshan Raj pandey gave a brief outline of achievement of his tenure and wished his best to the newly elected president and Vice-president and elected Council Members and handed over the president Medallion to the newly elected president CA. Madhu Bir pande.

Addressing the ceremony, Chief Guest Hon’ble Finance Minister Barsha Man pun applauded the Institute for its endeavor in promoting and regulating the accounting profession and Chartered Accountancy course in Nepal and reiterated for all possible help for the Institute development. Mr. pun congratulated all the winner of the BpA Awards and expected that the annual report in

Hon’ble Finance Minister presenting BPA Award to the winner

Amidst a program held on Shrawan 7, 2069 Chief Guest Hon’ble Finance Minister Barsha Man pun presented the National Best presented Accounts (BpA) Awards 2011 to the winning organization. Following originations were awarded the National BpA Awards 2011. The winner will participate for the SAFA BpA Awards.



16th Anniversary of the Institute examination held in June 2012 and December 2012 with certificate and medal.

Similarly, Chief Guest Mrs. Bimala Subedi distributed appreciation letter to ICAN staffs Mr. Bipin Raj Tiwari, Senior Assistant and Mr. Sanoj Bhattarai, Assistant as Best Staff of the Year for their outstanding performance and contribution.

The program concluded with a vote of thanks from Vice president CA. Mahesh Kumar Guragain.

Meeting with the Governor of Nepal Rastra Bank president CA Madhu Bir pande led a representatives from The Institute of Chartered Accountants of Nepal (ICAN) to met Governor Dr. Yuba Raj Khatiwada on November 9th, 2012. The meeting discussed about Institute role in the banking and other issues in Nepalese prospective.

Conference on Strengthening Nepal Public Sector Accounting and Auditing

CA Madhu Bir Pande delivering speech in 16th Anniversary Program

Chief Guest Mrs. Bimala Subedi presenting medal & certificate to student

The Institute of Chartered Accountants of Nepal celebrated its 16th Anniversary on Magh 17, 2069 at hotel Hyatt Regency, Boudha Kathmandu. Chief Guest Mrs. Bimala Subedi, Acting Auditor General of Office of the Auditor General inaugurated the program by lightening the lamp. On the occasion present were Mr. Yuba Raj Khatiwada, Governor, NRB and Mr. Babu Ram Shrestha, Chairman SeBON. president CA. Madhu Bir pande presented the annual report of the Institute for the FY 2068/69 and highlighted the achievement and the Institute’s future plans.

Addressing the program Chief Guest Mrs. Subedi applauded the Institute for its endeavor in developing and regulating the accounting profession in the country and stressed that the auditors should comply with the Code of ethics and disciplinary mechanism while discharging their duties. She also stressed on strengthening of the Disciplinary Committee to control irregular activities made by the members and emphasized on the coordination of the Institute with other concerned entities.

On the occasion, Chief Guest Acting Auditor General Mrs. Bimala Subedi felicitated the students who secured highest rank in different level of Chartered Accountancy

CA Madhu Bir Pande in CAPA Conference with foreign delegates

The Institute of Chartered Accountants of Nepal (ICAN) and the Confederation of Asian and pacific Accountants (CApA) jointly organized a half day conference on “Strengthening Nepal public Sector Accounting and Auditing” at Kathmandu on 8th March 2013.

Representative from International Accounting Bodies participated in the seminar. The program started with an opening remarks from ICAN president CA. Madhu Bir pande followed by CApA president Mr. Keith Wedlock and Finance Secretary Mr. Shanta Raj Subedi respectively. On the occasion Chief executive of CApA Mr. Brian Blood presented paper on the topic “effective public Sector Financial Management and economic Development in the Global view”. Similarly Senior



Operations Officer, Nepal Country Office, of the World Bank Mr. Bigyan pradhan presented paper on the topic “Developments in public Sector Financial Management Across the region in the regional point of view”.

Vice-Chairman of KMpG Korea and Vice-president of Korean Institute of Certified public Accountants (KICpA) Mr. Young-Jin park presented the paper on the topic “The Improvement Journey in Korea- A Structured Approach since 2007”. Likewise, public Sector Committee Chairman of ICA pakistan Mr. Md. Abdullah Yusuf presented paper on “project to Improve Financial Reporting and Auditing (pIFRA) - Lesson from phase I and intentions in phase II”. Similarly, to share the experiences on public Sector Regulatory policy Manager of Institute of Chartered Accountants of england and Wales (ICAeW) Ms. Sumita Shah presented the paper on “Building Blocks to Better public Sector Financial Management”. Similarly Deputy president of CApA and partner of pricewaterhousecooper Mr. Sujeewa Mudalige presented Sri Lankan experiences on the topic “Reforming the Auditor General’s Office- The Sri Lankan experience”. Similarly International Director of Chartered Institute of public Finance and Accountancy Mr. Alan edwards presented the paper on “Global Steps to Better public Financial Management”. The last paper on the topic “public Sector Financial Management in Nepal” was presented by former Finance Secretary of Nepal Mr. Rameshore Khanal .

During the conference representative from other countries shared their view on the approaches, challenges and benefit of their respective countries at various stages in their journey to improve public sector accounting, auditing and financial management. The program concluded with a closing remarks by president CA. Madhu Bir pande.

Public Sector Round TableThe Institute of Chartered Accountants of Nepal (ICAN) hosted a public Sector Round Table on 8th March 2013 at Soaltee Crown plaza, Kathmandu. That event was held jointly with the partnership with Confederation of Asian and pacific Accountants (CApA). The purpose of the round table was to engage in discussion with relevant parties to share views and experiences in relation to Nepal’s ongoing initiatives to improve public sector financial management, including the current commitment to introduce cash-based public sector accounting standards. program started with a welcome remarks

and introduction followed by discussions. Altogether 42 participants from various organizations participated in the meeting.

Information System Audit (ISA) Course

Participants of Public Sector Round Table

Participants of ISA Course along with ICAN Officials

The Institute of Chartered Accountants of Nepal conducted ISA Course with the technical cooperation from the Institute of Chartered Accountants of India (ICAI) at Kathmandu. The aim of the course was to enhance the professional skill of chartered accountants in the area of system development and information technology and offer value added services of Information System Audit. The course was conducted for 12 days from 20th January to 31st January 2013 which covered 100 hours of training. Altogether 33 persons participated in the training.

Workshop on DTAA and Bilateral Investment Promotion and Protection AgreementOn July 22nd, 2012 a day workshop on “DTAA and Bilateral Investment promotion and protection Agreement with India and Contemporary Issues on Income Tax” was



The program started with a welcome speech from the Managing Director of NeA Mr. Mahendra Lal Shrestha and president CA. Madhu Bir pande. Chairman of Nepal electricity Authority (NeA) and Secretary of Ministry of energy Mr. Hari Ram Koirala and Deputy Auditor General Mr. Som Raj pokharel gave a key note speech on the program.

During the program past president and past Chairman of Accounting Standards Board of Nepal CA. pradeep Kumar Shrestha highlighted about the implementation of IFRS in Nepalese context. Similarly IFRS expert Tony Malik presented the paper on “Challenges to implement the IFRS in NeA”.

Similarly, Chairman of public Sector enterprises (pSe) Board Mr. Bimal Wagle and representative of World Bank and Mr. Bigyan pradhan representative from Asian Development Bank also highlighted the importance about the IFRS implementation. The program concluded with a vote of thanks from CA. Mahesh Kumar Guragain.

MOU Signed with MIA

Preview of DTAA & Bileteral Investment Promotion & Protection Agreement Workshop

organized by the Institute of Chartered Accountants of Nepal. The workshop started with the opening remarks by president CA. Sudarshan Raj pandey.

The first session on the topic “Double Taxation Treaty between India and Nepal” was Chaired by past president CA. Tirtha Raj upadhyay and presented by Director of Inland Revenue Department of Large Tax payers Office Mr. Gopal prasad Ghimire. Similarly, second session on the topic “Contemporary Issue on Income Tax Act, 2058 and Value Added Tax Act, 2052” was Chaired by Director General of Internal Revenue Office Mr. Tanka Mani Sharma and presented by CA. Jagadish Agrawal. The third and the final session on the topic “BIppA and Investment Climate” was Chaired by Vice Chairman of FNCCI Mr. Bhaskar Raj Rajkarnikar and presented by Mr. Radesh pant on “BIppA and Investment Climate”. Altogether 127 participants participated on the program.

Discussion Program on IFRS Implementation

Preview of Discussion Program on Implementation of IFRS

Malaysian Institute of Accountants (MIA) and Institute of Chartered Accountants of Nepal (ICAN) has entered into memorandum of understanding (MOu) on 10th May 2013 at Kathmandu to work jointly towards strengthening, promoting and development of the accountancy profession, exchange of technical assistance and capacity building of members on the basis of equality and mutual benefit for its member. On the occasion various higher dignitaries from different public and private sectors were present. The MOu was signed by ICAN president CA. Madhu Bir pande and MIA president Mr. Datuk Mohd Nasir Ahmad. The MOu shall be effective from the date of signing and valid for three years from

MIA President Mr. Datuk Mohd Nasir Ahmed and ICAN President CA. Madhu Bir Pande at MOU signing ceremony

A Discussion program on IFRS implementation was jointly organized by The Institute of Chartered Accountants of Nepal (ICAN), Office of the Auditor General (OAG) and Nepal electricity Authority (NeA) on October 10th, 2012. Officiating Auditor General Ms Bimala Subedi was the Chief Guest during the program.



Delegates at the 23rd SAFA Board Meeting

the date of signing. This arrangement will help both the institutes to work together in the field of accounting, enhance capacity building of members in coming days.

Pokhara Branch of ICAN Inaugurated

ICAN President inaugurating ICAN Branch at Pokhara

The fourth branch of the Institute of Chartered Accountants of Nepal at pokhara was inaugurated on 5th April 2013 by president CA. Madhu Bir pande. Speaking at a brief function, president CA. pande expressed that the setting up of a branch at pokhara will facilitate the

23rd SAFA Committee and Board Meeting

students, members and other stakeholders to access the services of the Institute. He further added that the Institute is working for the development, protection and promotion of accounting and auditing profession in the country.

On the occasion Council Member RA. Badri Bhattarai applauded the decision of the Institute to open its branch at pokhara. He further added that this branch might able to establish its reputation as a sample branch in days to come. Chairman of pokhara Industrial and Commercial Association Mr. Sanjeev Bahadur Koirala emphasized for co-operation between industrial and auditing professionals and welcomed the opening of the branch. Similarly, Chief Administrator of Nepal Rastra Bank, Regional Office pokhara Mr. Rishikesh Bhatta stressed the need to comply with standard auditing practices by the auditors and mentioned that fair auditing can only contribute towards the profession. In the same occasion AuDAN Vice president RA. Bishnu Hari Timilsina, Chairman HISSAN Kaski, Mr. Rama Kanta Baral and CA. Binod Chandra Baral expressed their good wishes for the success of the branch.

The Institute of Chartered Accountants of Nepal (ICAN) hosted the 23rd SAFA Board Meeting and Committee Meetings On 14th September 2012, in Kathmandu.

Council Member CA. Narendra Bhattarai and past president CA. Bijay Kumar Agrawal participated in the SAFA Committee on professional Accountants in Business. ICAN president CA. Madhu Bir pande

participated in the SAFA committee meeting of Task Force to Address Risk and Challenges to Accountancy profession in SAFA Region. Similarly past president CA. Suvod Kumar Karn and Technical Director of ICAN CA. paramananda Adhikari participated in the SAFA committee meeting on Small and Medium practices The committee and Board meeting were attended by delegates from the SAFA Countries .



Seminar, Workshop and Training

Workshop on Income TaxThe Institute organized a one day workshop on Income Tax at Biratnagar on Jestha 10, 2070. The workshop focused on various aspect of Income Tax including Communication Skills and Time Management. In the program CA. Mahesh Khanal and Mr. Binod Neupane conducted the sessions as resource person.

Certificates were distributed at the concluding session to the participants with granting 6 Cpe credit hours. Altogether 61 members participated in the workshop.

Members’ Capacity Building TrainingThe Institute organized two days members capacity building training program for its members at Dhangadi, Baglung, pokhara and Birgunj on May 3rd-4th, 2013, June 6th-7th, 2013, June 28th-29th, 2013, July 5th-6th, 2013 respectively. The main objective of the training program was to provide the knowledge to members in the area of preparation and presentation of financial statements and audit process. 15 Cpe Credit hours were awarded to the participating members.

Training on Cooperative

Office, Kaski Mr. Narayan Aryal presented paper on Current Issues and Regulating Reporting Requirement of Cooperatives and Deputy General Manager of Cooperative Development Bank CA. Badri Kumar Guragain presented papers on peARLS Monitoring System in Cooperatives and Cooperative Accounting, Auditing with Audit plan Respectively. Altogether 67 participants attended the seminar and 6 credit hours was granted to the participants.

Computer Aided Auditing Technique (CAAT)The Institute organized CAAT training from 1st - 9th April at Kathmadnu. The objective of the training was to enhance the capacity and to increase the competency in application of IT of the audit professionals in the computer accounting and auditing field.

IFRS Certification Course

On the occasion of branch inauguration at pokhara, the Institute conducted a one day Cooperative Training/ Seminar on 5th April 2013 at pokhara. On the first session of the seminar/training Chief of Division Cooperative

Delegates at the training

ICAN President speaking at the program

The Institute organized an IFRS Certification Course for members with the technical assistance from The Institute of Chartered Accountants of India (ICAI) on 12th - 18th April 2013 at Kathmandu. The objective of the program was to provide in depth knowledge of IFRS/IAS implementation and preparation of financial statement.

Furthermore, the focus of the program was to provide clear understanding of IFRS and interpretations of standards,



preparing roadmap for adoption and various other practical issues which are encountered in preparing the financial statements. It was also discussed among participants to setup the discussion forum to deal with the challenges that the entities might be facing during the process of application of IFRS. expert from India having depth knowledge in IAS/IFRS conducted the sessions. Altogether 34 members participated in the program.

Seminar on Corporate Governance

(SeBON) Mr. Babu Ram Shreshta expressed his pleasure to organize such seminar on Corporate Governance in

CA. Madhu Bir Pande, ICAN President delivering speech

On the occasion of the 16th Anniversary of the Institute of Chartered Accountants of Nepal (ICAN), a half day Seminar on the theme “Corporate Governance” was organized by ICAN in association with Securities Board of Nepal (SeBON) at Hyatt Regency, Kathmandu on Magh 17, 2069. The programme started with a welcome speech by president CA Madhu Bir pande. Mr. pande stated that the Institute initiation to foster practicing corporate governance norms in Nepal and also highlighted the role and responsibilities of accounting profession in corporate governance and the contribution of professional accountants to bolster good governance in the corporate sector. He wished all the best to the participants and wished success of the program.

During the program Chairman of Securities Board of Nepal CA. Narendra Bhattarai, Council Member delivering vote of thanks

association with ICAN and appreciated ICAN for taking initiative to organize such seminar. Mr. Shrestha also expressed the importance of Corporate Governance in todays economic context because corporate bodies are heading towards economic prosperity and towards good governance.

Similarly, Mr. Asite Talwatte from Sri Lanka while delivering a keynote speech expressed his view on Corporate Governance and presented different data and figures of corporate governance and highlighted on sustainability reporting approach and its principles.

The program concluded with a vote of thanks from CA. Narendra Bhattarai, Council Member of ICAN.

CA Asite Taiwatte, Chairperson, Corporate Governance Committee, Sri Lanka, CA Madhu Bir Pande, ICAN President, & Mr. Babu Ram Shrestha, Chairman, SEBON at the seminar

Participants of IFRS Certification Course with ICAN Officials



Interaction Program on “Let’s Join Hands for a Better Professional Environment”

CA. Bijay Kumar Agrawal, Past President & Chairman of Committee for Members in Industry delivering speech

paper on the topics “Let’s Join Hands for a Better professional environment”. Representative from Banking sector, Insurance sector, Manufacturing Sector, Hospitality Sector, Airlines sector, Information Technology sector, Office of the Auditor General and Regulatory Bodies such as Nepal Rastra Bank, Securities Board of Nepal, and Insurance Board of Nepal participated in the program. The program concluded with a closing remarks by president CA. Madhu Bir pande.

CPE TrainingsCpe training has been continued as a powerful tool in promoting and upgrading the knowledge and skill of the members. As per the annual program, the Institute and other pOus have been organizing Cpe training in different part of the country. Topics such as Accounting, Auditing, Taxation, Contemporary Issues etc were covered to enhance the knowledge of the members.

During the year the Institute has granted permission for outsourcing to six organizations to conduct Cpe training in different parts of the country. During the fiscal year 2069/070 altogether 33 Cpe programs have been conducted. The Institute conducted 10 trainings out of which 5 trainings were conducted in Kathmandu and 5 trainings outside Kathmandu. 23 trainings were organized by various pOus out of which 9 trainings were conducted in Kathmandu and 14 trainings outside Kathmandu. Around 3500 members participated in the Cpe training.

A day interaction program on the theme “Let’s Join Hands for a Better professional environment” was conducted the Institute 4th March, 2013 at Hotel Yak & Yeti, Kathmandu. The aim of the program was to build a sense of belongingness amongst members. The program was targeted to the Chartered Accountants members engaged in the industry (employee or businessman) other than as an auditor.

The program started with a welcome speech by Chairman of Committee for Members in Industry and past president CA. B.K. Agrawal. During the program CA. Anal Raj Bhattarai CeO of Commerz and Trust Bank Ltd presented



Member Affairs

Status of Membership During the year altogether 70 Chartered Accountants have been enrolled as Chartered Accountants Member. With this the total number of Chartered Accountants Members renewed as on July 15th, 2013 is 481. Similarly, Registered Auditor Member renewed as on July 15th, 2013 is 4525.

FCA ConferredThe Institute conferred Fellow Chartered Accountant (FCA) Member to 15 Chartered Accountant members upon the completion of necessary requirements as per the Nepal Chartered Accountants Act.

Certificate of PracticeDuring the year, the Institute has granted Certificate of practice (COp) to 36 Chartered Accountant Members. The number of Chartered Accountant Member holding COp has thus reached 250.

Similarly, the Institute has granted Certificate of practice (COp) to 6 Registered Auditor Members . With this the number of Registered Auditor Members holding COp has thus reached 3670 including upgradation.

Registered Auditor Member Upgrading As per the provision of upgradation as laid down in the Nepal Chartered Accountants Act, Registered Auditor member upgraded from their respective class in the fiscal year 2069/070 is as follows :From C to B - 7 From D to C - 10

CategoryMembership COP Firm

Total No. Renewal No. Total No. Renewal No. Total No. Renewal No.

FCA 228 163 183 108465 219

CA 436 318 375 142

RA- B 3372 2154 3126 1621 906 689

RA- C 1611 963 1474 798 318 208

RA -D 2294 1408 2100 1251 215 156

Total 7941 5006 7258 3920 1906 1272

Member StatusThe member status for the fiscal year 2069/070 is as follows:



Member & Renewal Status (2069/70)

COP & Renewal Status (2069/70) Firm & Renewal Status (2069/70)

Membership Total No.

Membership Renewal No.

9000

8000

7000

6000

5000

4000

3000

2000

1000

0FCA CA RA- B RA- C RA- D Total

COP Total No.

COP Renewal No.

8000

7000

6000

5000

4000

3000

2000

1000

0FCA CA RA- B RA- C RA- D Total FCA\CA RA- B RA- C RA- D Total

Firm Total No.

Firm Renewal No.

2500

2000

1500

1000

500

0



Student Affairs

Student’s Enrolment During the year altogether 1874 students enrolled for different level of Chartered Accountancy Course and 88 students enrolled for the Accounting Technician Course. Overwhelmed response has been received from students interested in pursuing Chartered Accountancy Course. This development is a trust and confidence bestowed in accountancy profession by young talents.

The status of students enrollment for various levels of Chartered Aaccountancy Course and Accounting Technician Course during the year is as follows:

As a part of the Institute social responsibility and its endeavor to provide Chartered Accountancy education to the needy and meritious students with academic excellence, the Institute has been providing partial and full scholarship every year to student pursuing Chartered Accountancy Course. The scholarship amount has been provided to the students on the basis of need cum merit basis selected by the Scholarship Selection Committee. Altogether 33 students studying at different levels of Chartered Accountancy Course received the scholarship.

Career Counseling Programme With a view to raise awareness about Chartered Accountancy education, the Institute organized career counseling program on Chartered Accountancy education which included college visit, free seminars, participation in career fair and so on in different part of the country. The program highlighted a detailed deliberation on the eligibility criteria for enrollment in Chartered Accountancy and Accounting Technician course, future

Course No of StudentsCAP I 1038CAP II 625CAP III 211AT 88

Scholarship Distribution

Participants of GMCS along with ICAN Officials

The Institute has been regularly organizing the GMCS training to enhance the communication and management skills of the newly qualified Chartered Accountants. This training has been made mandatory for the students of Chartered Accountancy Course CAp III Level and Accounting Technician Course for acquiring membership license from the Institute. The training has been organized as part of the course.

prospects, international recognition, and membership criteria of the institute. This kind of program helped students by solving their queries on various aspect of CA course. The participants showed keen interest on CA and AT education and expressed their enthusiasm to join CA and AT course.

Crash course The Institute in its endeavour to provide quality education to the students, conducted crash course course on various subjects based on the specific need of the students. The course aimed at providing technical details and guidance with a special focus on clarifying the students queries on the course matters. The subject covered accounting, auditing, law , finance, cost account and Tax. A total of 79 students attended the course.

General Management and Communication Skill (GMCS) Training



Study Material PublishedThe Institute has published the study material of all subjects of CAp I, CAp II and CAp III level. The study materials are distributed free of cost to the students registered and are also available on sale at the Institute.

Chartered Accountancy ExaminationThe Institute conducted the Chartered Accountancy examinations in December 2012 and June 2013. In December 2012 CA examination, altogether 2 students of Foundation, 2 students of Intermediate, 30 students of Final, 516 students of CAp-I/Foundation, 878 students of CAp-II/ Intermediate and 179 students of CAp-III/Final level students appeared for the examination. Similarly, in June 2013 CA examination, altogether 170 students of CAp-I (Old)/Foundation, 525 students of CAp-I (New)/Foundation, 904 students of CAp-II/Intermediate and 242 students of CAp-III/ Final level students appeared the examination.

In December 2012 CA examination 240 students of CAp-I /Foundation, 120 students of CAp-II/ Intermediate, 10 students of CAp-III/Final and 11 students of Final level passed the respective examination. Similarly, in June 2013 examination altogether 44 students of CAp-I (Old)/Foundation, 442 students of CAp-I (New)/ Foundation, 98 students of CAp-II/Intermediate and 14 students of CAp-III/ Final level pass the examination.

The details of the result of the Chartered Accountancy examinations are as Follows:

Addition of Books in LibraryThe Institute of Chartered Accountants of Nepal has added more than 60 books of new edition related to different subjects such as management, finance, accounting and laws in the library to cope with the demand of the students.

Foundation Intermediate Final CAP I CAP II CAP III

Group I Group II Both Group I Group II Both Group I Group II Both Group I Group II Both Group I Group II Both Group I Group II Both

Applicants - - 3 1 - 1 20 12 5 111 57 384 189 189 605 46 61 82

Appeared - - 2 1 - 1 17 8 5 107 49 360 136 164 578 42 55 82

Passed - - 0 0 - 0 11 2 0 45 51 132 55 81 40 6 17 1

Qualified 0 0 11 240 120 10

Note: The figures of students who passed a single group (Group I or Group II) also include those students who appeared for both group but were successful in single group only.

Details of the Result of December 2012

CAP I (New)

CAP I (old) CAP II CAP III

Group I Group II Both Group I Group II Both Group I Group II Both

Applicants 542 74 37 80 228 161 593 72 74 106

Appeared 525 71 33 66 184 141 579 66 71 105

Passed 442 25 19 5 31 83 44 9 20 3

Qualified 442 44 98 14

Details of the Result of June 2013:

Note: The figures of students who passed a single group (Group I or Group II) also include those students who appeared for both group but were successful in single group only.

Accounting Technician (AT) ExaminationThe Institute conducted Accounting Technician examination in September 2012. Altogether 5 examinee appeared for the examination and 4 were declared successful.

AT examination Committee published the result of AT course held on 20th to 24th March 2013. Altogether 14 students appeared in the examination and 8 students were declared successful. Accounting Technician examination is being conducted twice a year in March and September.



Ms. Reema Khanal (Regd. No. KF006463) Scoring 452 marks stood First Rank in CAP-I (Foundation Level) Examination in December 2012.

Chartered Accountancy Membership ExaminationIn pursuant to ICAN Regulation, 2001 Chartered Accountancy Degree holder from foreign bodies are required to qualify Chartered Accountancy Membership examination conducted by the institute. In November 2012 and May 2013 Membership examination 117 and 158 were appreared while 23 and 32 candidates were qualified for the Membership of ICAN.

S.No Medal fund Regd.No Name of recipients

1. K.B. Chitracar Gold Medal Standing Rank First in CAP - III (CA Final level) Examination FN00373 Mr. Rajib Maharjan

2. B.K. Agrawal Gold Medal Standing Rank First in CAP-II (Intermediate Level) Examination KI002837 Mr. Manoj Thapaliya

3. Narayan Bajaj Silver Medal Standing Rank Second in CAP-II (Intermediate Level) Examination

KI002723 Mr. Yadav Subedi

4. Prakash Jung Thapa Gold Medal Securing Highest marks in Advanced Financial Reporting (Advanced Accounting ) in CAP-III(CA Final level ) Examination

FN00373 Mr. Rajib Maharjan

5. Dr. Govind Ram Agrawal Gold Medal

Securing Highest marks in Strategic Management and Decision Making Analysis in CAP-III (Final Level) Examination

FN00373 Mr. Rajib Maharjan

Recipients of Awards for the CA Examination, December 2012 and June 2013

The institute has been awarding merit holder students with various medals incepted by the members. Following are the recipient of the medal for the December 2012 and June 2013 examination.

Recipients of Awards for the CA Examination, December 2012

Recipients of Awards for the CA Examination, June 2013

S.No Medal fund Regd.No Name of recipients

1. K.B. Chitracar Gold Medal Standing Rank First in CAP - III ( Final Level) Examination FN00369 Mr. Anupam Kharel

2. B.K. Agrawal Gold Medal Standing Rank First in CAP-II (Intermediate level) Examination KI003048 Mr. Navin Upadhayay

3. Narayan Bajaj Silver Medal Standing Rank Second in CAP-II (Intermediate Level) Examination KI003080 Ms. Sarita Duwal

4. Prakash Jung Thapa Gold Medal Securing Highest marks in Advanced Financial Reporting (Advanced Accounting) in CAP - III (Final Level) Examination

FN00369 Mr. Anupam Kharel

5. Dr. Govind Ram Agrawal Gold Medal

Securing Highest marks in Strategic Management and Decision Making Analysis in CAP-III (Final Level) Examination

FN00369 Mr. Anupam Kharel

Ms. Neeru Shrestha (Regd. No. KF006664), scoring 261 marks stood First Rank in CAP-I (Foundation Level) Examination in June 2013.



Staff Affairs

Staff FelicitationOn the occasion of the 16th Anniversary of the Institute, Chief Guest Auditor General of the Auditor General Office Mrs. Bimala Subedi felicitated with appreciation certificates and cash amount to Mr. Bipin Raj Tiwari- Senior Assistant and Mr. Sanoj Bhattarai- Assistant as best staff of the year for their outstanding Contribution to the Institute.

Blood Donation Program and Other Activities Preview of Blood Donation Program

Participants at the In-house training

On the occasion of 16th Anniversary of the Institute, Nepal Chartered Accountants employee Organisation (NeON) and Nepal Chartered Accountant Student Association (NCASA) in association with the Institute organized blood donation program with the slogan “Donate Blood Save Life “ at ICAN premises on Magh 7, 2069. The program was supported by Nepal Red Cross Society. Vice president CA. Mahesh Kumar Guragain

In house Training for ICAN StaffsThe Institute organized two day training on Interpersonal Skill/Behavioural and Motivational Training for its staff members on June 28-29, 2013. The aim of the training was to empower the management capacity of staff members of ICAN. Dr Madan Manandhar and Mr. Bharat Thapa were the resource persons. Altogether 25 staff members participated in the training program.

deliberated speech of the importance of blood donation. Staff members of ICAN and Students donated blood. Altogether 107 donated blood during the program.

Similarly the Nepal Chartered Accountants employee union (NeON) in association with the Institute organized various indoor games like chess tournament, quiz contest etc.



Staff

Mem

bers

of I

CAN



Annexure - 1

Standing and Non Standing Committees and Member for the year 2012-2013

As per the Nepal Chartered Accountant Act, four standing committee, 15 non standing committee, peer Review Board and Accounting Technician Board were formed to advise and facilitate the Council in its decisions. The name of committee’s /board and members for 2012-2013 are as follows:

1. Executive Committee

S.N Name Position

1 CA. Madhu Bir Pande President

2 CA. Mahesh Kumar Guragain Vice-President

3 CA. Suresh Devkota Member

4 RA. Badri Prasad Bhattarai Member

5 CA. Binay Prakash Shrestha Member Secretary

2. Professional Development Committee

S.N Name position

1 CA. Madhu Bir Pande Chairman

2 CA. Mahesh Kumar Guragain Vice-Chairman

3 CA. Bhaskar Singh Lala Member

4 RA. Mohan Kumar Parajuli Member

5 Mr. Mahesh Prasad Dahal Member

6 CA. Jagadish Agrawal Member

7 RA. Dhruba Prasad Poudel Member

8 Mr. Binod Neupane Secretary

3. Disciplinary Committee

S.N Name Position

1 CA. Narendra Bhattarai Chairman

2 CA. Prakash Lamsal Member

3 CA. Nirajan Simkhada Member

4 RA. Dol Prasad Dahal Member

5 CA. Sujan Kumar Kafle Member

6 RA. Mohan Raj Regmi Member

7 Mr. Ishwor Nepal Member

8 Ms. Goma Raut Secretary

4. Examination Committee

S.N Name position



3 CA. Achyut Raj Joshi Member

4 RA. Mohan Kumar Subedi Member

5 Mr. Jaydev Shrestha Member

6 CA. Purneswor Shrestha Member

7 CA. Prabin Dhoj Joshi Member

8 Mr. Shyam Mani Dahal Secretary

Non Standing Committees

Standing Committees

1. Editorial Committee

S.N Name Position



3 CA. Jagannath Upadhyay Member

4 CA. Kiran Subedi Member

5 CA. Anjuli Shrestha Member

6 CA. Hem Kumar Kafle Member

7 CA. Roshan Pokhrel Member

8 RA. Murari Bhattarai Member

9 RA. Sankar Gyawali Member




2. Education Committee

S.N Name Position


2 CA. Achyut Raj Joshi Member

3 CA. Suresh Devkota Member

4 RA. Dol Prasad Dahal Member

5 CA. Dr. Govinda Ram Agrawal Member

6 CA. Hari Kumar Silwal Member

7 CA. Badri Guragain Member

8 RA. Prem Bahadur Shrestha Member

9 Dr. Kashev Kumar Shrestha Member

10 CA. Paramananda Adhikari Secretary

3. Ethics Committee

S.N Name Position

1 CA. Kaushalendra Kumar Singh Chairman

2 CA. Jitendra Kumar Mishra Member

3 RA. Mohan Kumar Subedi Member

4 CA. Surendra Shrestha Member

5 CA. Anil Regmi Member

6 RA. Navraj Sapkota Member

7 RA. Bholanath Pathak Member

8 Ms. Goma Raut Secretary

4. Continuous Professional Education Committee

S.N Name Position

1 CA. Suvod Kumar Karn Chairman

2 CA. Jitendra Kumar Mishra Member

3 CA. Gopal Prasad Pokharel Member

4 CA. Navaraj Thapalia Member

5 CA. Mukunda Dev Adhikari Member

6 CA. Peeyush Anand Member

7 CA. Suman Dangol Member

8 CA. Sujan Shrestha Member

9 CA. Keshab Prasad Neupane Member

10 RA. Mira Shrestha Member

11 RA. Tul Bahadur Shrestha Member

12 Mr Binod Neupane Secretary

5. IFRS Implementation Committee

S.N Name Position

1 CA. Mahesh Kumar Guragain Chairman

2 CA. Bhaskar Singh Lala Member

3 CA. Anup Kumar Shrestha Member

4 CA. Surya Bhakta Pokharel Member

5 CA. Roshan Shakya Member

6 CA. Lekhnath Koirala Member

7 CA. Krishna Raj Pandey Member8 RA. Kedarnath Poudel Member9 Representative MOF Member10 Representative CRO Member11 Mr. Shiva Nath Pandey Member12 Mr. Binay Dev Acharya Member13 Mr. Santosh Prasai Member14 CA. Paramananda Adhikari Secretary

6. Audit Committee

S.N Name Position

1 CA. Narendra Bhattarai Chairman2 RA. Mohan Kumar Parajuli Member3 Mr. Ishwor Nepal Member4 Ms. Goma Raut Secretary

7. Scholarship Selection Committee

S.N Name Position

1 CA. Madhu Bir Pande Chairman2 CA. Mahesh Kumar Guragain Vice-Chairman3 CA. Narendra Bhattarai Member4 CA. Dr. Govinda Ram Agrawal Member5 CA. Rajesh Prasad Giri Member6 CA. Chetra Gopal Pradhan Member7 RA. Yadav Prasad Nyaupane Member8 CA. Paramananda Adhikari Secretary

8. Expert Advisory Committee

S.N Name Position

1 CA. Pradeep Kumar Shrestha Chairman2 Mr. Jaydev Shrestha Member3 CA. Shiva Nath Pandey Member4 CA. Jagadish Bahttarai Member5 CA. Pravin Basnet Member6 RA. Kamal Kharel Member7 RA. Dr. Durgananda Chaudhary Member8 CA. Binay Prakash Shrestha Secretary

9. Information Technology Committee

S.N Name Position


2 CA. Pramod Nath Pyakurel Member

3 CA. Narayan Krishna Joshi Member

3 CA. Mukunda Pokheral Member

4 RA. Dinker Man Singh Pradhan Member

5 CA. Pushpendra Singh Secretary



14. Committee for Members in Industry

15. Career Counseling Committee

S.N Name Position


2 CA. Sachet Thapa Member

3 CA. Ashmita Gorkhali Member

4 CA. Suresh Khakurel Member

5 CA. Him Bahadur Chhetri Member

6 RA. Niranjan Prasad Neupane Member

7 RA. Dharanidhar Adhikari Member


16. Accounting Technician Board

S.N Name Position


2 CA. Tek Nath Acharya Member

3 CA. Subash Kumar Jhunjhunwala Member

4 RA. Laxman Khanal Member

5 Mr. Mahesh Prasad Dahal Member

6 Mr. Ram Chandra Poudel Member

7 CA. Paramananda Adhikari Secretary

17. Peer Review Board

S.N Name Position

1 CA. Sunir Kumar Dhungel Chairman

2 Mr. Suk Dev Khatri Member

3 CA. Sashi Satyal Member

4 CA. Yagya Raj Bhatta Member

5 RA. Krishna Prasad Poudel Member

6 CA. Binay Prakash Shrestha Secretary

12. Recruitment Committee

S.N Name Position


2 CA. Prakash Lamsal Member



S.N Name Position

1 CA. Bijay Kumar Agrawal Chairman


3 CA. Prasanna Khadka Member

4 CA. Krishna Prasad Acharya Member

5 CA. Bikram Khadka Member

6 RA. Radha Krishna Ghimire Member

7 RA. Tanka Prasad Pandey Member


13. Building Committee

S.N Name Position




4 Mr. Jaydev Shrestha Member

5 CA. Subash Kumar Jhunjhunwala Member

6 CA. Mahesh Khanal Member

7 CA. Umesh Dhakal Member

8 RA. Rajendra Shrestha Member

9 RA. Dilip Kumar Dhungana Member

10 RA. Ganesh Raj Rai Member

11 RA. Mohan Raj Regmi Member

12 Mr. Dev Bahadur Bohara Member


10. Small and Medium Practice Committee

S.N Name Position

1 CA. Bhaskar Singh Lala Chairman

2 CA. Nirajan Simkhada Member

3 CA. Manish Amatya Member

4 CA. Jyoti Prakash Pandey Member

5 CA. Ananda Raj Sharma Member

6 RA. Shiva Prasad Acharya Member

7 RA. Kamal Kumar Shrestha Member


11. Monitoring Committee

S.N Name Position

1 CA. Komal Bahadur Chitrakar Chairman

2 CA. Parameshwor Mahaseth Member

3 CA. Ram Prabodh Shah Member

4 CA. Vinay Raman Poudel Member

5 RA. Udaya Kanta Jha Member

6 RA. Surya Prasad Adhikari Member

7 RA. Prem Kumar Biswokarma Member




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Accounting and Auditing Standards

The Institute has adopted the following Accounting/Auditing Standards for mandatory/voluntary compliances with effective from the date as mentioned below.

1. Nepal Accounting Standards (NAS’s)

As per the decision of the Council, the following Nepal Accounting Standards have been made Mandatory for Compliances.

Annexure - 3

S.No. NASs IASs Name Effective Date (Original) Revised Date

Framework for the Preparation and Presentation of Financial Statements

1 1 1 Presentation of Financial Statements 1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

2 2 8 Accounting Policies, Changes Accounting Estimates & Errors 1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

3 3 7 Cash Flow Statements 1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

4 4 2 Inventories 1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

5 5 10 Events After the Balance Sheet Date 1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

6 6 16 Property, Plant and Equipment 1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

7 7 18 Revenue 1 Shrawan 2062 (16 July 2005)

1 Shrawan 2065 (16 July 2008)

8 8 23 Borrowing Costs 1 Shrawan 2062 (16 July 2005)

1 Shrawan 2065 (16 July 2008)

9 9 12 Income Taxes 1 Shrawan 2064 (16 July 2007)

10 10 20 Accounting for Government Grants and Disclosure of Government Assistance

1 Shrawan 2063 (16 July 2006)

1 Shrawan 2065 (16 July 2008)

11 11 21 The Effects of Changes in Foreign Exchange Rates 1 Shrawan 2063 (16 July 2006)

1 Shrawan 2065 (16 July 2008)

12 12 37 Provisions, Contingent Liabilities and Contingent Assets 1 Shrawan 2063 (16 July 2006)

1 Shrawan 2065 (16 July 2008)

13 13 11 Construction Contract 1 Shrawan 2063 (16 July 2006)

1 Shrawan 2065 (16 July 2008)

14 15 17 Leases 1 Shrawan 2064 (17 July 2007)

1 Shrawan 2065 (16 July 2008)



15 16 24 Related Party Disclosures 1 Shrawan 2064 (17 July 2007)

1 Shrawan 2065 (16 July 2008)

16 17 34 Interim Financial Reporting 1 Shrawan 2064 (17 July 2007)

1 Shrawan 2065 (16 July 2008)

17 18 36 Impairment of Assets 1 Shrawan 2064 (17 July 2007)

6 Shrawan 2064 (22 July 2007)

18 19 40 Investment Property 1 Shrawan 2064 (17 July 2007)

6 Shrawan 2064 (22 July 2007)

19 20 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 1 Shrawan 2064 (17 July 2007)

6 Shrawan 2064 (22 July 2007)

The following Nepal Accounting Standards are for voluntary compliances:

S.No. NASs IASs Name Effective Date (Original) Effective Date

1 14 19 Employee Benefits 1 Shrawan 2064 (17 July 2007)

6 Shrawan 2064 (22 July 2007)

2 21 IFRS 3 Business Combinations 1 Shrawan 2064

(17 July 2007)6 Shrawan 2064 (22 July 2007)

3 23 14 Segment Reporting 1 Shrawan 2064 (17 July 2007)

6 Shrawan 2064 (22 July 2007)

4 24 26 Accounting and Reporting by Retirement Benefit Plans 24 Magh, 2064 (7February 2008)

24 Magh, 2064 (7February 2008)

5 25 28 Investment in Associates 1 Shrawan 2064 (17 July 2007)

6 Shrawan 2064 (22 July 2007)

6 26 33 Earning per Share 1 Shrawan 2064 (17 July 2007)

6 Shrawan 2064 (22 July 2007)

7 27 38 Intangible Assets 1 Shrawan 2064 (17 July 2007)

6 Shrawan 2064 (22 July 2007)

2. Nepal Standards on Auditing (NSAs)

Nepal Standards on Auditing (NSAs) for Mandatory Compliances:

Standards on Quality Control.

S. No. Existing NSAs

NSAs Revised Serial

NumberName Effective Date

(Original) Revised Date

01 NSQC 1

Nepal Standards on Quality Control (NSQC)1: Quality control for firm's that perform audits and review of historical Financial Information and other. Assurance and related Service Engagement

1 Shrawan 2065 (16 July 2008)

02 Preface to the Nepal Standards on Quality Control, Auditing, Review, and other Assurance and related Service. 1 Shrawan 2065

(16 July 2008)

03 Nepal Framework for Assurance Engagements 1 Shrawan 2062 (16 July 2005)

1 Shrawan 2065 (16 July 2008)



04 01 200 Objectives and General Principles Governing an Audit of Financial Statements

1 Shrawan 2060 (17 July 2003)

1 Shrawan 2065 (16 July 2008)

05 02 210 Terms of Audit Engagements 1 Shrawan 2060 (17 July 2003)

1 Shrawan 2065 (16 July 2008)

06 03 230 Audit Documentation 1 Magh 2060 (15 January 2004)

1 Shrawan 2065 (16 July 2008)

07 04 500 Audit Evidence 1 Magh 2060 (15 January 2004)

08 05 240 The Auditor's Responsibility to Consider Fraud and Error in an Audit of Financial Statements

1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

09 06 320 Audit Materiality 1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

10 07 300 Planning an Audit of Financial Statements 1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (16 July 2008)

11 08 700 The Independent Auditors Report on a Complete Set of General Purpose Financial Statement

1 Shrawan 2061 (16 July 2004)

12 09 530 Audit Sampling and other Selective Testing Procedures 1 Shrawan 2061 (16 July 2004)

13 10 570 Going Concern 1 Shrawan 2061 (16 July 2004)

14 11 580 Management Representation 1 Shrawan 2061 (16 July 2004)

15 13 260 Communication of Audit Matters with Those Charged with Governance

1 Magh 2061(14 January 2005)

1 Shrawan 2065 (16 July 2008)

16 15 250 Consideration of Laws and Regulations in an Audit of Financial Statements

1 Magh 2061(14 January 2005)

1 Shrawan 2065 (16 July 2008)

17 16 560 Subsequent Events 1 Magh 2061(14 January 2005)

18 17 505 External Confirmations 1 Magh 2061(14 January 2005)

19 18 600 Using the work of Another Auditor 1 Magh 2061(14 January 2005)

20 19 610 Considering the Work of Internal Auditor 1 Magh 2061(14 January 2005)

21 20 620 Using the Work of an Expert 1 Magh 2061(14 January 2005)

22 21 510 Initial Engagements- Opening Balances 1 Magh 2061(14 January 2005)

23 22 720 Other Information in Documents Containing Audited Financial Statements

1 Magh 2061(14 January 2005)

24 23 540 Audit of Accounting Estimates 1 Shrawan 2062 (16 July 2005

25 24 710 Comparatives 1 Shrawan 2062 (16 July 2005

26 25 550 Related Parties 1 Shrawan 2062 (16 July 2005

27 26 800 The Auditor's Report on Special Purpose Audit Engagements 1 Shrawan 2062 (16 July 2005

28 220 Quality Control for Audit of Historical Financial Information 1 Magh 2067 (15 January 2011)



29 315 Understanding the entity and its Environment and Assessing the Risks or Material Misstatement

1 Magh 2067 (15 January 2011)

30 330 The Auditor's Procedures in Response to Assessed Risks 1 Magh 2067 (15 January 2011)

31 520 Analytical Procedures 1 Magh 2067 (15 January 2011)

32 701 Modifications to the Independent Auditor's Report 1 Magh 2067 (15 January 2011)

Nepal Standards on Related Services (NSREs):

S. No.

Existing NSAs

Revised Serial Number (Effective from 2064-2-22)

Name Effective Date Effective From

01 27 4400 Engagements to perform Agreed upon Procedures Regarding Financial Information

1 Shrawan 2062 (16 July 2005

02 28 2400 Engagements to Review Financial Statements 1 Shrawan 2062 (16 July 2005

03 29 4410 Engagements to Compile Financial Information 1 Shrawan 2062 (16 July 2005)

Guidance Note:

S. No. Guidance Note Name

01 201 Guidance Notes on Independence of Auditors

02 202 Guidance Notes on Preparation of Financial Statements on Letter-Heads and Stationery of Auditors

CA. Madhu Bir Pande(2012-2013)

The Institute of Chartered Accountants of NepalPast Presidents

CA. Sunir Kumar Dhungel(2010-2011)

CA. Sudarshan Raj Pandey (2011-2012)

CA. Suvod Kumar Karn(2009-2010)

CA. Komal Bahadur Chitracar (1997-1998)

CA. Gopal Prasad Rajbahak(2000-2001)

CA. Pradeep Kumar Shrestha (2003-2004)

Late. CA. Binod B. Rajbhandary (2006-2007)

CA. Ratna Raj Bajracharya (2007-2008)

CA. Tanka Prasad Paneru (2008-2009)

CA. Pushpa Lall Shrestha (2004-2005)

CA. Narayan Bajaj(2005-2006)

CA. Prabhu Ram Bhandary (2001-2002)

CA. Bijay Kumar Agrawal (2002-2003)

CA. Tirtha Raj Upadhyay (1998-1999)

CA. Kaushalendra Kumar Singh (1999-2000)

The Institute of Chartered Accountants of NepalBabar Mahal, P O Box 5289, KathmanduTel. No. 4269130, 4258569Fax No. 4258568E-mail: [email protected]: www.ican.org.np