Ican Annual Report 2012 13

The Institute of Chartered
Accountants of Nepal (ICAN)

(Established under the Nepal Chartered Accountants Act, 1997)
ANNUAL REPORT
2012/2013
The Institute of Chartered Accountants of Nepal

6th Council Members 2013 - 2014 (Second Term)
CA. Mahesh Kumar Guragain

President (2013/14)
CA. Narendra Bhattarai

Vice President (2013/14)
CA. Madhu Bir Pande

Immediate Past President
CA. Achyut Raj Joshi
CA. Prakash Lamsal
CA. Jitendra Kumar Mishra
CA. Bhaskar Singh Lala
CA. Nirajan Simkhada
CA. Suresh Devkota
CA. Tek Nath Acharya
RA. Badri Prasad Bhattarai
RA. Dol Prasad Dahal
RA. Mohan Kumar Parajuli
RA. Mohan Kumar Subedi
Mr. Guna Raj Shrestha
Mr. Krishna Prasad Devkota
Mr. Jaya Dev Shrestha
CA. Binay Prakash Shrestha

Executive Director
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]jhgfM
k'gGt' dg;f lwoM .
k'gGt' ljZjf e"tflg
hftj]bM k'gLlx df ..
Literally, k'gGt' dg;f lwoM means:

Purity of mind and clarity of wisdom.
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.
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Mission Statement/Objectives
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.
Annual Report 2012 - 13

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Table of Contents
Report of the President
Brief Outline of the Institute of Chartered Accountants of Nepal
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

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Fundamental Principles of Professional Ethics
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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^\; ;+:yf

(Established under the Nepal Chartered Accountants Act, 1997)
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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.
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 Development
As 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 Program
With 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
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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 members capacity
building for its members 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.
Publication
During 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

Acc o u n t a n t s
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N e p a l
Accounting/Auditing Standards
The 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.
Education
The 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.
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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 students 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.
Examination
As 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.
Acc o u n t a n t s
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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-operation
ICAN 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 Institutes effective participation
in the International Forum has provided platform in
enchancing recognition of the Institute.
Human Recourse Development
In 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.

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Financial Result Review

On 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 institutes 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.
Acknowledgement
I 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.

Acc o u n t a n t s
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N e p a l
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

President
31st January 2014
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Brief Outline of the Institute of Chartered

Accountants of Nepal
Council
The 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- Laws
The 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 Director
An 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.
Committees
The 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 NonStanding Committees. The name of Committees and the member is exhibited in the Annex I.
Organization Structure
The 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.

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Facts about ICAN

Establishment
Amendment
Regulation
Amendment
Amendment
Amendment
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:
:
:
Nepal Chartered Accountants Act, 1997

Nepal Chartered Accountants Act, First Amendment 2002
Nepal Chartered Accountants Regulation, 2004
Nepal Chartered Accountants Regulation, First Amendment, 2006
Nepal Chartered Accountants Regulation, Second Amendment 2010
Nepal Chartered Accountants Regulation, Third Amendment 2011
Past Presidents
First President
Second President
Third President
Fourth President
Fifth President
Sixth President
Seventh President
Eight President
Ninth President
Tenth President
Eleventh President
Twelfth President
Thirteenth President
Fourteenth President
Fifteenth President
Sixteenth President
:
:
:
:
:
:
:
:
:
:
:
:
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:
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CA. Komal Bahadur Chitracar (1997-1998)

CA. Tirtha Raj Upadhaya (1998-1999)
CA. Kaushalendra Kumar Singh (1999-2000)
CA. Gopal Prasad Rajbahak (2000-2001)
CA. Prabhu Ram Bhandary (2001-2002)
CA. Bijay Kumar Agrawal (2002-2003)
CA. Pradeep Kumar Shrestha (2003-2004)
CA. Puspha Lall Shrestha (2004-2005)
CA. Narayan Bajaj (2005-2006)
Late CA. Binod B. Rajbhandary (2006-2007)
CA. Ratna Raj Bajracharya (2007-2008)
CA. Tanka Prasad Paneru (2008-2009)
CA. Suvod Kumar Karn (2009-2010)
CA. Sunir Kumar Dhungel (2010-2011)
CA. Sudarshan Raj Pandey (2011-2012)
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
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International Participation
and Co-operation
Meeting with ICAI President and
Vice-President
ICAN 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, Pakistan
A 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 10 th 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 committees 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 12 th-13 th 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

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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.
Technical Staff of the Member Bodies at SAFA BPA Marking Session 2012
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
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 AGM
President 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 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 Program
The Institute of Chartered Accountants of Sri Lanka

(ICASL) hosted the SAFA Board and Committee
12

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 Conference
President 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
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C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
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
Newly Elected President takes Oath of Office from Honble Finance Minister
On Shrawan 7, 2069 newly elected President CA Madhu

Bir Pande was administered oath of office by Honble
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 Honble 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
Honble Finance Minister presenting BPA Award to the winner
Amidst a program held on Shrawan 7, 2069 Chief Guest

Honble 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.
S. No.
Category
Public Sector Entities

1
Nepal Telecom Ltd.
Winner
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
Standard Chartered Bank Ltd.
First Runner-Up
NIC Bank Ltd.
Second Runner-Up

13
T h e
I n s tit u t e
o f
C h a rt e r e d
16th Anniversary of the Institute
Acc o u n t a n t s
o f
N e p a l
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.
CA Madhu Bir Pande delivering speech in 16th Anniversary Program

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 Institutes future plans.
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
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.
CA Madhu Bir Pande in CAPA Conference with foreign delegates
On the occasion, Chief Guest Acting Auditor General

Mrs. Bimala Subedi felicitated the students who secured
highest rank in different level of Chartered Accountancy
Chief Guest Mrs. Bimala Subedi presenting medal & certificate to student
14

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
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
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 Generals 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 Table

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
Nepals 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
Participants of Public Sector Round Table
and introduction followed by discussions. Altogether 42

participants from various organizations participated in
the meeting.
Information System Audit (ISA) Course
Participants of ISA Course along with ICAN Officials

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
Agreement
On July 22nd, 2012 a day workshop on DTAA and Bilateral
Investment Promotion and Protection Agreement with
India and Contemporary Issues on Income Tax was
15
T h e
I n s tit u t e
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C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
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.
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.
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
Discussion Program on IFRS

Implementation
MIA President Mr. Datuk Mohd Nasir Ahmed and ICAN President
CA. Madhu Bir Pande at MOU signing ceremony
Preview of Discussion Program on Implementation of IFRS
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.
16

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
T h e
I n s tit u t e
o f
C h a rt e r e d
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 four th branch of the Institute of Char tered

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
Acc o u n t a n t s
o f
N e p a l
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.
23rd SAFA Committee and Board Meeting
Delegates at the 23rd SAFA Board Meeting

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 .
17
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
Seminar, Workshop and Training

Workshop on Income Tax
The 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 Training

The 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.
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
Training on Cooperative
ICAN President speaking at the program
Delegates at the training
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
18

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,
T h e
I n s tit u t e
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C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
Participants of IFRS Certification Course with ICAN Officials
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 Asite Taiwatte, Chairperson, Corporate Governance

Committee, Sri Lanka, CA Madhu Bir Pande, ICAN President, &
Mr. Babu Ram Shrestha, Chairman, SEBON at the seminar
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.
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
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. Narendra Bhattarai, Council Member delivering vote of thanks

19
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Interaction Program on Lets Join

Hands for a Better Professional
Environment
Acc o u n t a n t s
o f
N e p a l
paper on the topics Lets 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 Trainings
CA. Bijay Kumar Agrawal, Past President & Chairman of

Committee for Members in Industry delivering speech
A day interaction program on the theme Lets 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
20

CPE 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.
T h e
I n s tit u t e
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C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
Member Affairs
Status of Membership
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.
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.
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
FCA Conferred
The 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 Practice
During 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.
Member Status
The member status for the fiscal year 2069/070 is as follows:
Category
Membership
COP
Firm
Total No.
Renewal No.
Total No.
Renewal No.
Total No.
Renewal No.
FCA
228
163
183
108
CA
436
318
375
142
465
219
RA- B
3372
2154
3126
RA- C
1611
963
1474
1621
906
689
798
318
208
RA -D
2294
1408
2100
1251
215
156
Total
7941
5006
7258
3920
1906
1272

21
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
9000
8000
7000
6000
5000
Membership Total No.
Membership Renewal No.
4000
3000
2000
1000
0
FCA
CA
RA- B
RA- C
RA- D
Total
Member & Renewal Status (2069/70)
8000
7000
2500
6000
2000
5000
4000
COP Total No.
1500
Firm Total No.
COP Renewal No.
3000
Firm Renewal No.
1000
2000
500
1000
0
FCA
CA
RA- B
RA- C
RA- D
Total
COP & Renewal Status (2069/70)
22

FCA\CA
RA- B
RA- C
RA- D
Total
Firm & Renewal Status (2069/70)
T h e
I n s tit u t e
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C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
Student Affairs
Students 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:
Course
CAP I
CAP II
CAP III
AT
No of Students
1038
625
211
88
Scholarship Distribution
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
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 Char tered 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
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.

23
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I n s tit u t e
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C h a rt e r e d
Study Material Published
Acc o u n t a n t s
o f
N e p a l
Accounting Technician (AT)

Examination
The 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.
The Institute conducted Accounting Technician

examination in September 2012. Altogether 5 examinee
appeared for the examination and 4 were declared
successful.
Addition of Books in Library
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.
The 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.
Chartered Accountancy Examination
The 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:
Details of the Result of December 2012
Foundation
Group I Group II
Intermediate
Both
Group I Group II
Final
Both
CAP I
Group I Group II
Both
CAP II
Group I Group II
Both
Group I Group II
CAP III
Both
Group I Group II
Both
Applicants
20
12
111
57
384
189
189
605
46
61
82
Appeared
17
107
49
360
136
164
578
42
55
82
Passed
11
45
51
132
55
81
40
17
Qualified
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 June 2013:
CAP I (old)
CAP II
CAP III
CAP I
(New)
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
31
83
44
20
Qualified
442
44
98
14
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.
24

T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
Chartered Accountancy Membership Examination

In 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.
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

S.No
Regd.No
Name of recipients
1.
Medal fund
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
Ms. Reema Khanal (Regd. No. KF006463) Scoring 452 marks stood First Rank in CAP-I (Foundation Level) Examination in 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.

25
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
Staff Affairs
Staff Felicitation
On 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 TiwariSenior 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
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
Preview of Blood Donation 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.
In house Training for

ICAN Staffs
The 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.
Participants at the In-house training
26

I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
Staff Members of ICAN
T h e

27
T h e
28
I n s tit u t e

o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l

29
T h e
30
I n s tit u t e

o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l

31
T h e
32
I n s tit u t e

o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l

33
T h e
34
I n s tit u t e

o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l

35
T h e
36
I n s tit u t e

o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l

37
T h e
38
I n s tit u t e

o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l

39
T h e
40
I n s tit u t e

o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
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 committees /board and members for 2012-2013 are as follows:
Standing Committees
4. Examination Committee
1. Executive Committee
S.N
Name
Position
S.N
Name
Position
CA. Madhu Bir Pande
President
CA. Madhu Bir Pande
Chairman
Vice-President
Vice-Chairman
Member
CA. Suresh Devkota
Member
Member
Member
Member Secretary
Mr. Jaydev Shrestha
Member
CA. Purneswor Shrestha
Member
CA. Prabin Dhoj Joshi
Member
Mr. Shyam Mani Dahal
Secretary
2. Professional Development Committee

S.N
Name
Position
CA. Madhu Bir Pande
Chairman
Vice-Chairman
Member
Member
Mr. Mahesh Prasad Dahal
Member
CA. Jagadish Agrawal
Member
RA. Dhruba Prasad Poudel
Member
Mr. Binod Neupane
Secretary
3. Disciplinary Committee
Non Standing Committees

1. Editorial Committee
S.N
Name
Position
CA. Madhu Bir Pande
Chairman
S.N
Name
Position
Vice-Chairman
Chairman
CA. Jagannath Upadhyay
Member
CA. Prakash Lamsal
Member
CA. Kiran Subedi
Member
Member
CA. Anjuli Shrestha
Member
Member
CA. Hem Kumar Kafle
Member
CA. Sujan Kumar Kafle
Member
CA. Roshan Pokhrel
Member
RA. Mohan Raj Regmi
Member
RA. Murari Bhattarai
Member
Mr. Ishwor Nepal
Member
RA. Sankar Gyawali
Member
Ms. Goma Raut
Secretary
10
Mr. Binod Neupane
Secretary

41
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
2. Education Committee
S.N
Name
Position
CA. Krishna Raj Pandey
Member
RA. Kedarnath Poudel
Member
CA. Madhu Bir Pande
Chairman
Member
Representative MOF
Member
CA. Suresh Devkota
Member
10
Representative CRO
Member
Member
11
Mr. Shiva Nath Pandey
Member
CA. Dr. Govinda Ram Agrawal
Member
12
Mr. Binay Dev Acharya
Member
CA. Hari Kumar Silwal
Member
13
Mr. Santosh Prasai
Member
CA. Badri Guragain
Member
14
CA. Paramananda Adhikari
Secretary
RA. Prem Bahadur Shrestha
Member
Dr. Kashev Kumar Shrestha
Member
10
Secretary
3. Ethics Committee
S.N
Name
Position
Chairman
Member
Mr. Ishwor Nepal
Member
Ms. Goma Raut
Secretary
S.N
Name
Position
CA. Kaushalendra Kumar Singh
Chairman
Member
7. Scholarship Selection Committee
Member
CA. Surendra Shrestha
Member
S.N
Name
Position
CA. Anil Regmi
Member
CA. Madhu Bir Pande
Chairman
RA. Navraj Sapkota
Member
Vice-Chairman
Member
RA. Bholanath Pathak
Member
CA. Dr. Govinda Ram Agrawal
Member
Ms. Goma Raut
Secretary
CA. Rajesh Prasad Giri
Member
CA. Chetra Gopal Pradhan
Member
RA. Yadav Prasad Nyaupane
Member
Secretary
4. Continuous Professional Education Committee

S.N
Name
Position
CA. Suvod Kumar Karn
Chairman
Member
CA. Gopal Prasad Pokharel
Member
S.N
Name
Position
CA. Navaraj Thapalia
Member
CA. Pradeep Kumar Shrestha
Chairman
CA. Mukunda Dev Adhikari
Member
Mr. Jaydev Shrestha
Member
CA. Peeyush Anand
Member
CA. Shiva Nath Pandey
Member
CA. Suman Dangol
Member
CA. Jagadish Bahttarai
Member
CA. Sujan Shrestha
Member
CA. Pravin Basnet
Member
CA. Keshab Prasad Neupane
Member
RA. Kamal Kharel
Member
10
RA. Mira Shrestha
Member
RA. Dr. Durgananda Chaudhary
Member
11
RA. Tul Bahadur Shrestha
Member
Secretary
12
Mr Binod Neupane
Secretary
5. IFRS Implementation Committee
42
6. Audit Committee
S.N
Name
Position
Chairman
Member
CA. Anup Kumar Shrestha
Member
CA. Surya Bhakta Pokharel
Member
CA. Roshan Shakya
Member
CA. Lekhnath Koirala
Member

8. Expert Advisory Committee
9. Information Technology Committee

S.N
Name
Position
CA. Madhu Bir Pande
Chairman
CA. Pramod Nath Pyakurel
Member
CA. Narayan Krishna Joshi
Member
CA. Mukunda Pokheral
Member
RA. Dinker Man Singh Pradhan
Member
CA. Pushpendra Singh
Secretary
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
10. Small and Medium Practice Committee
14. Committee for Members in Industry
S.N
Name
Position
S.N
Name
Position
Chairman
CA. Bijay Kumar Agrawal
Chairman
Member
Member
CA. Manish Amatya
Member
CA. Prasanna Khadka
Member
CA. Jyoti Prakash Pandey
Member
CA. Krishna Prasad Acharya
Member
CA. Ananda Raj Sharma
Member
RA. Shiva Prasad Acharya
Member
CA. Bikram Khadka
Member
RA. Kamal Kumar Shrestha
Member
RA. Radha Krishna Ghimire
Member
Secretary
RA. Tanka Prasad Pandey
Member
Secretary
11. Monitoring Committee
15. Career Counseling Committee
S.N
Name
Position
CA. Komal Bahadur Chitrakar
Chairman
CA. Parameshwor Mahaseth
Member
CA. Ram Prabodh Shah
S.N
Name
Position
Chairman
Member
CA. Sachet Thapa
Member
CA. Vinay Raman Poudel
Member
CA. Ashmita Gorkhali
Member
RA. Udaya Kanta Jha
Member
CA. Suresh Khakurel
Member
RA. Surya Prasad Adhikari
Member
CA. Him Bahadur Chhetri
Member
RA. Prem Kumar Biswokarma
Member
RA. Niranjan Prasad Neupane
Member
Mr. Binod Neupane
Secretary
RA. Dharanidhar Adhikari
Member
Secretary
12. Recruitment Committee
16. Accounting Technician Board
S.N
Name
Position
Chairman
S.N
CA. Prakash Lamsal
Member
Chairman
Member
Name
Position
Member
Secretary
CA. Subash Kumar Jhunjhunwala
Member
RA. Laxman Khanal
Member
Mr. Mahesh Prasad Dahal
Member
Mr. Ram Chandra Poudel
Member
Secretary
13. Building Committee

S.N
Name
Position
Chairman
Member
Member
Mr. Jaydev Shrestha
Member
S.N
CA. Subash Kumar Jhunjhunwala
Member
CA. Sunir Kumar Dhungel
Chairman
CA. Mahesh Khanal
Member
Mr. Suk Dev Khatri
Member
CA. Umesh Dhakal
Member
CA. Sashi Satyal
Member
RA. Rajendra Shrestha
Member
CA. Yagya Raj Bhatta
Member
RA. Dilip Kumar Dhungana
Member
RA. Krishna Prasad Poudel
Member
10
RA. Ganesh Raj Rai
Member
Secretary
11
RA. Mohan Raj Regmi
Member
12
Mr. Dev Bahadur Bohara
Member
13
Secretary
17. Peer Review Board

Name
Position

43
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T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
Annexure - 3
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 (NASs)

As per the decision of the Council, the following Nepal Accounting Standards have been made Mandatory for
Compliances.
S.No. NASs IASs
Effective Date
(Original)
Name
Framework for the Preparation and Presentation of Financial Statements
Revised Date
Presentation of Financial Statements
1 Shrawan 2061
(16 July 2004)
1 Shrawan 2065
(16 July 2008)
Accounting Policies, Changes Accounting Estimates & Errors
1 Shrawan 2061
(16 July 2004)
1 Shrawan 2065
(16 July 2008)
Cash Flow Statements
1 Shrawan 2061
(16 July 2004)
1 Shrawan 2065
(16 July 2008)
Inventories
1 Shrawan 2061
(16 July 2004)
1 Shrawan 2065
(16 July 2008)
10
Events After the Balance Sheet Date
1 Shrawan 2061
(16 July 2004)
1 Shrawan 2065
(16 July 2008)
16
Property, Plant and Equipment
1 Shrawan 2061
(16 July 2004)
1 Shrawan 2065
(16 July 2008)
18
Revenue
1 Shrawan 2062
(16 July 2005)
1 Shrawan 2065
(16 July 2008)
23
Borrowing Costs
1 Shrawan 2062
(16 July 2005)
1 Shrawan 2065
(16 July 2008)
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)

45
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
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
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
The following Nepal Accounting Standards are for voluntary compliances:

S.No. NASs IASs
Effective Date
(Original)
Name
Effective Date
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
Segment Reporting
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
26
Accounting and Reporting by Retirement Benefit Plans
24 Magh, 2064
(7February 2008)
24 Magh, 2064
(7February 2008)
25
28
Investment in Associates
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
26
33
Earning per Share
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
27
38
Intangible Assets
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
14
19
21
23
14
24
Employee Benefits
IFRS
Business Combinations
3
2. Nepal Standards on Auditing (NSAs)

Nepal Standards on Auditing (NSAs) for Mandatory Compliances:
Standards on Quality Control.

S. No.
46
Existing
NSAs
NSAs Revised
Serial
Number
Effective Date
(Original)
Name
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
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)

1 Shrawan 2065
(16 July 2008)
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
04
01
200
Objectives and General Principles Governing an Audit of Financial 1 Shrawan 2060

Statements
(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
1 Shrawan 2065
(15 January 2004) (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)

47
T h e
I n s tit u t e
o f
C h a rt e r e d
Acc o u n t a n t s
o f
N e p a l
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)
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)
Name
Effective Date
Effective From
Guidance Note:
48
S.
No.
Guidance Note
01
201
Guidance Notes on Independence of Auditors
02
202
Guidance Notes on Preparation of Financial Statements on Letter-Heads and Stationery of

Auditors
Name


Past Presidents
CA. Komal Bahadur Chitracar

(1997-1998)
CA. Tirtha Raj Upadhyay

(1998-1999)
CA. Kaushalendra Kumar Singh

(1999-2000)
CA. Gopal Prasad Rajbahak

(2000-2001)
CA. Prabhu Ram Bhandary

(2001-2002)
CA. Bijay Kumar Agrawal

(2002-2003)
CA. Pradeep Kumar Shrestha

(2003-2004)
CA. Pushpa Lall Shrestha

(2004-2005)
CA. Narayan Bajaj

(2005-2006)
Late. CA. Binod B. Rajbhandary

(2006-2007)
CA. Ratna Raj Bajracharya

(2007-2008)
CA. Tanka Prasad Paneru

(2008-2009)

(2009-2010)
CA. Sunir Kumar Dhungel

(2010-2011)
CA. Sudarshan Raj Pandey

(2011-2012)
CA. Madhu Bir Pande

(2012-2013)

Babar Mahal, P O Box 5289, Kathmandu
Tel. No. 4269130, 4258569
Fax No. 4258568
E-mail: ican@ntc.net.np
Website: www.ican.org.np

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Ican Annual Report 2012 13

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The Institute of Chartered

Accountants of Nepal (ICAN)

The Institute of Chartered Accountants of Nepal

CA. Mahesh Kumar Guragain

CA. Narendra Bhattarai

CA. Madhu Bir Pande

CA. Achyut Raj Joshi

CA. Prakash Lamsal

CA. Jitendra Kumar Mishra

CA. Bhaskar Singh Lala

CA. Nirajan Simkhada

CA. Suresh Devkota

CA. Tek Nath Acharya

RA. Badri Prasad Bhattarai

RA. Dol Prasad Dahal

RA. Mohan Kumar Parajuli

RA. Mohan Kumar Subedi

Mr. Guna Raj Shrestha

Mr. Krishna Prasad Devkota

Mr. Jaya Dev Shrestha

CA. Binay Prakash Shrestha

The Logo of the Institute of Chartered Accountants of Nepal (ICAN) bears

Literally, k'gGt' dg;f lwoM means:

Annual Report 2012 - 13

Report of the President

Brief Outline of the Institute of Chartered Accountants of Nepal

Facts about ICAN

International Participation and co-operation

Events and Activities

Seminar, Workshop and Training

Annexure II : Organizational Chart of the Institute

Annexure III : Accounting/Auditing Standards

Annual Report 2012 - 13

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;+:yfsf ;b:ox?n] Jofj;flos sfo{ ubf{ b]xfosf

Professional Competencies and Due care

Professional Behaviour -Jofj;flos Jojxf/_

Technical Standards -k|fljlws dfg_

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The Institute of Chartered Accountants of Nepal

Report of the President

As on July 15, 2013 the total number of 481 CA members

with the technical assistance from ICAI. Altogether 33

Annual Report 2012 - 13

Inorder, to provide short guidance and technical details

Similarly 108 students in CAP II level and 726 students

Annual Report 2012 - 13

Financial Result Review

Annual Report 2012 - 13

I once again urge all members and stakeholder to come

CA. Mahesh Kumar Guragain

Brief Outline of the Institute of Chartered

Regulations and Bye- Laws

The Executive Director

Annual Report 2012 - 13

Facts about ICAN

Nepal Chartered Accountants Act, 1997

CA. Komal Bahadur Chitracar (1997-1998)

Recognition and Achievement

Annual Report 2012 - 13

ICAN President CA. Madhu Bir Pande and Executive

SAFA Events at Lahore, Pakistan

A five member delegation from the Institute of Chartered

some of the criterias of best presented annual reports