Mutual recognition between ICASL and NIA Australia

Accountancy education in Sri Lanka reached a landmark recently with The Institute of Chartered Accountants of Sri Lanka (ICASL), the Premier National Accounting body of the country which has a distinctive global reputation joining hands with the National Institute of Accountants (NIA), one of the three most recognized professional accounting bodies of Australia through the signing of a Mutual Recognition Agreement (MRA) in the presence of High Commissioner of Australia in Sri Lanka Mrs. Kathy Klugman. This significant MRA was signed by President of ICASL, Nishan Fernando and Chief Executive Officer of NIA Andrew Conway. Nishan Fernando, President ICASL commented that" The substantial importance of this agreement is that it had benefited both the countries in broad capacity towards the development of Accounting and the Profession. One of the significant features of this agreement is that it grants members of both institutes the eligibility of admission to the other body, paving the way for Sri Lankan Accountants to practice in Australia or vice-versa".

The mutual recognition between these two prestigious institutes should be lauded for the many avenues that would be opened for ambitious students of both institutes. Furthermore both the Institutes have come under a mutual concurrence to transfer the skills through study tours, joint conferences, seminars and other educational endeavours thus opening many avenues for our local students to explore the modern techniques of Accountancy which would be of great use for them and for the country's future in whole.

Commenting on this new combination the Chief Executive Officer of ICASL Aruna Alwis commented that "We as the leading accountancy education provider in the country always are ready to embrace the companionship of the world arena towards giving our students the very best of the new fangled knowledge on the subject". The Chief Executive Officer of NIA Australia, Andrew Conway while releasing a statement concerning the MRA stated that "The Accounting industry with its international standards, allowed accountants to work around the globe and this mutual recognition between the institutes would help facilitate this".

The MRA most certainly has many other beneficial characteristics that would do greater good to the broad student population under it, shaping them to be resolute in order to face the recent trends of the subject. The NIA is a full member of the International Federation of Accountants (IFAC) and has over 22,000 members and students across 51 countries. Formed 85 years ago the NIA is one of Australia's largest and oldest professional accounting bodies and has seven offices throughout Australia as well as offices in Beijing and Kuala Lumpur. The ICASL is also one of the leading education providers of the country with a record number of registered students exceeding over 30,000; the Institute has done well to earn a genuine reputation in the world over through the integrity and commitment of its membership who today excel in diverse business entities.

The local students of ICASL have now gained the eligibility to set foot into the globalized world of Accountancy through this significant Agreement.

More information pertaining to this MRA are available for our students at websites of both institutes www.nia.org.au and www.icasrilanka.com.