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ANNUAL REPORT 2014/015

(Established under the Nepal Chartered Accountants Act, 1997)

The Institute of Chartered Accountants of Nepal (ICAN)

The Institute of Chartered Accountants of Nepal7th Council Members 2015 - 2016 (First Term)

CA. Prakash Jung Thapa CA. Bharat Rijal CA. Suresh Devkota CA. Ram Prabodh Shah

CA. Sunil Jakibanja CA. Bhaskar Singh Lala

CA. Mahesh Khanal Vice President (2015/16)

CA. Bhava Nath Dahal CA. Jagannath Upadhyay (Niraula)

RA. Yadav Prasad Nyaupane

Mr. Baburam Gautam

RA. Surya Prasad Adhikari

Mr. Mukunda Raj Panthi

RA. Ganesh Raj Rai

Mr. Jagannath Devkota

RA. Dhruba Prasad Paudel

CA. Binay Prakash ShresthaExecutive Director

CA. Prakash Lamsal President (2015/16)

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 2014 - 15The Institute of Chartered Accountants of Nepal2

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

Vision Establish ICAN as a “ Credible professional accounting body.”

Mission

Enhance and promote the reputation and role of accounting profession and ensure the highest

professional quality of members to make them globally competent.

Core Values Our core values are trust, mutual respect, innovation, relevance, accountability, integrity and

professional excellence.

Objectives• To play the role of regulatory body to encourage the members to carry on accounting profession

being within the extent of the code of the conduct in order to consolidate and develop accounting

profession as a cause for economic development of the nation.

• To enhance social recognition and faith in accounting profession by raising awareness of the

general public towards the importance of accounting profession and the economic and social

responsibility of professional accountants.

• To develop, protect and promote the accounting profession by enabling professional accountants

understand their responsibility towards the importance of the accounting profession and

accountancy.

• To develop mechanism of registration, evaluation and examination of accounting professionals

in consonance with international norms and practice so as to make the accounting profession

respectable and reliable.

Mission Statement/Objectives

ANNUAL REPORT 2014 - 15The Institute of Chartered Accountants of Nepal 3


Table of Contents

President’s Message 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 14

Seminar, workshop and Training 20

Member Affairs 24

Student Affairs 26

Staff Affairs 30

Audit Report and Financial Statements 33

Annexure

Annexure 1: Standing and Non Standing Committees 46

Annexure 2: Accounting and Auditing Standards 51

Annexure 3: Organizational Structure of the Institute 55

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

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Independence -:jtGq_

Integrity -st{Jo_

Objectivity -j:t'lgi7tf_

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

Confidentiality -uf]kgLotf_

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g]kfn rf^{*{ PsfpG^]G^\; ;+:yfTHE INSTITUTE OF CHARTERED ACCOUNTANTS OF NEPAL(Established under the Nepal Chartered Accountants Act, 1997)



of Asian and Pacific Accountants (CAPA), The Institute of Chartered Accountants of Bangladesh (ICAB), The Institute of Cost and Management Accountants of Bangladesh (ICMAB) and The Institute of Chartered Accountants of India (ICAI) with the initiation of the Institute have contributed a generous amount to the Prime Minister’s Disaster Relief Fund. Total Rs. 6,902,496 (Six Million Nine Hundred Two Thousand Four Hundred and Ninety Six) has been donated to the Prime Minister’s Disaster Relief Fund. I would like to express my sincere thanks and gratitude to all the members and CA bodies for the contribution.

It is my immense pleasure to mention that the construction work of the Institute’s own building has been completed and the Institute has been shifted in its newly constructed building. I express my sincere thanks to all the members and stakeholders for their generosity for contributing donation to the building construction.

Membership During the year, a total of 122 members were granted new chartered accountants membership and a total of 16 chartered accountant members were granted fellow chartered accountant membership. Similarly, 54 chartered accountant members were granted COP during the same year.

The number of qualified chartered accountant members as on July 16th, 2015 is 874 out of them 326 are holding certificate of practice. Among them 214 members are qualified from the Institute.

Similarly, 4413 RA members renewed their membership during the year out of them 3471 are holding certificate of practice.

Continuing Professional DevelopmentThe Institute has given high priority for the enhancement and development of the capacity and skill of members.

President’s Message

Dear ColleaguesIt is my great pleasure to welcome you all to the 19th anniversary of The Institute of Chartered Accountants of Nepal. I on behalf of my predecessor CA. Narendra Bhattarai take pride and honor to present before you the annual report for the fiscal year 2071/072. The Institute is marching ahead gloriously in its 19th year and with great sense of pride, I would like to mention that the Institute has contributed for the development of the accounting profession and economic development of the country.

First of all, I would like to express my sincere gratitude to all the members and council members for bestowing faith on me and giving me an opportunity to serve the Institute as 19th President of the Institute. Dear Friends, it requires a team to build a great organization and I have newly elected and energetic team and I am fully confident that I will get cooperation and support for our endeavour for the upliftment of the Institute and accounting profession to a new greater height.

I am also confident that I will get due support from past presidents, council members, members of the Institute and all stakeholders to achieve the objectives of the Institute that ultimately leads to the economic development of the country.

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.

Dear Friends, the devastating earthquake of April 25, 2015 and after shocks has knock-on effects on a myriad aspects such as labour cost and availability, rental and property cost burdens, urbanization, private and public debt burdens, mental health, tourism, disease, and damage to the healthcare system.

Members of the Institute and International Chartered Accountancy bodies like CPA Australia, Confederation



Focusing on this, the Institute has been regularly conducting continuing professional education (CPE)training to its members. 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 32 CPE trainings were conducted in and outside Kathmandu. Out of these 22 trainings were outsourced. Around 3430 members benefitted from the CPE trainings.

Seminar, Workshop and TrainingWith a viewpoint of providing exposure and knowledge and to keep the member abreast with the current changes in the profession and to enhance the professional skill of the members various seminars, workshops, trainings and interaction programs inside and outside the valley were conducted. 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 with the technical assistance from ICAI. Altogether 30 members participated in the course.

During the year 5 seminars including first ICAN summit 2015 and 2 International seminars were conducted. Similarly, the Institute conducted 3 training on members capacity building 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 will be conducted for our members with topics pertaining to the profession.

Code of Ethics Inorder to maintain professional integrity and highest ethical standard, the Institute is committed to fully enforce the code of ethics. Inorder to maintain ethics and professional integrity of its members, the Institute has adopted the International Federation of Accountants (IFAC) Code of Ethics 2014. I sincerely urge all the members to work towards making our profession more effective, independent and more responsible towards the nation and further enhance the reputation of this profession by carrying out professional conduct with utmost honesty and sincerity.

Student ActivitiesEducationDuring the year, a good response was received from students pursuing chartered accountancy course and accounting technician course. This is reflected in the enrolment status of the students registering for chartered accountancy and accounting technician course which has been increasing year by year. I believe this development is a trust and confidence bestowed in accountancy profession by the young talents. During the year 2005 students enrolled for different levels of the chartered accountancy course.

In order to develop the middle level accounting professionals, the Institute has launched the accounting technician course. Currently 308 students are pursuing this course.

To keep the chartered accountancy curriculum at 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 has been 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, the Institute has been providing scholarship to the outstanding and underprivileged students pursuing chartered accountancy education. This year full and partial scholarship were awarded to 50 students pursuing different level of chartered accountancy course.

With a view to raise awareness about the chartered accountancy education and accounting technician course, the Institute organized career counselling 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 parts 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 courses.

As a part of the chartered accountancy curriculum, the Institute conducted General Management and Communication Skill (GMCS) training. Altogether 44 students participated in the training. Similarly as a part of the curriculum, the Institute conducted IT training for students of CAP II, CAP III and accounting technician courses. I believe that such training will enhance the skill of our students.

ExaminationWith increasing numbers of registration in the chartered accountancy course, the number of students appearing in the examination has also risen sharply. Altogether 4332 candidates appeared in different level of chartered accountancy examination and 470 candidates appeared for the CA membership examination. Similarly 4 candidates appeared for the accounting technician examination.

During the year, 65 students in the CAP III/Final level examination, 191 students in CAP II level and 788 students in CAP I level were declared successful. Similarly, 87 students qualified in the CA Membership examination and 1 student was declared successful in the accounting technician examination.

Inorder to make hassle free environment to the students the Institute has set up examination centres at branches namely Biratnagar, Butwal, Birgung and Pokhara. Altogether 95, 19, 38 & 93 students respectively appeared in the examination.

PublicationDuring the year, the Institute has published four issues of the Nepal Chartered Accountant Journal along with one special issue of earthquake. Likewise the Institute has published four issues of newsletter.

Similarly, study materials of CAP I, CAP II and CAP III level of chartered accountancy course have also been published. As a reference material for the students, the Institute has been regularly publishing revisional test papers and suggested answers of past examinations which have been a guiding tool to the students.

Accounting/Auditing StandardsThe Institute has been closely working with Nepal Accounting Standards Board and Nepal Auditing Standards Board in pronouncing Accounting and Auditing Standards. The Institute has already announced the roll out plan of implementation of NFRS in a phase wise manner. NFRS will be fully implemented from F/Y 2016/017. The Institute is organizing various workshop and program for the effective implementation of NFRS in collaboration with other regulatory bodies and stakeholders. Similarly, the Institute pronounced new set of Nepal Auditing Standards applicable from 2073/04/01 which are prepared based on International Standards on Auditing 2012 edition.

International RelationsThe Institute has given a high priority to International membership and relation and has shown a strong presence in various International forums of International Federation of Accountant (IFAC), Confederation of Asia and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA) and put forward our issues and ideas and has accomplished task assigned with capability. The Institute participated in various board meetings, assembly and committee meetings of these accounting bodies on regular basis. The Institute’s effective participation has assisted in enhancing the recognition of the institute.

Human Resources DevelopmentInorder to enhance 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 two days in-house training was organized for all level of staff. The training focused on the skill development and operation of advanced excel.

During the year, two senior level staff visited The Institute of Chartered Accountants of Bangladesh (ICAB) and exchanged the idea and knowledge with senior officials of ICAB.



Financial Result ReviewOn review of the financial statements for the year 2071/072, income from education activities has been decreased by 11.03% to Rs. 60.66 million against Rs. 68.18 million of the previous year. Likewise, income from membership has been increased by 144.68%. Similarly, income from professional development activities has been increased by 14.93% and publication activities has been increased by 145.23% as compared to the previous year. Income from examination activities has been increased by 45.89%. The overall core activities income has been increased by 15.6%. The office overhead and employee expenses has been increased by 31.88% and 11.17% respectively as compared to the previous year. Overall the Institute’s income for 2071/072 has been increased by 15.95% to Rs. 130.84 million (last year Rs. 112.85 million).

The retained surplus for the year is Rs. 48.14 million against Rs. 33.66 million in the previous year. The size of balance sheet as on this year-end is Rs. 284.18 million against Rs. 232.44 million in previous year and net cash outflow for the year is Rs. 90.87 million against Rs. 45.87 million of the previous year.

AcknowledgementThe Institute has been working hard on enhancing the professional capabilities of its members and development of the Institute. 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 committees, boards and various task forces and members of the Institute.

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

I assure that ICAN as a regulatory body in the profession of accountancy in Nepal will focus its role in maintaining financial transparency. I look forward with anticipation and expectation for the same support and contribution for the members in bringing the Institute to a greater height of Glory.

Last but not the least, I cannot conclude without giving thanks and recognising the spirit of team work and hard work of the staffs led by CA. Binay Prakash Shrestha, Executive Director of the Institute for their untiring effort to drive the Institute to progress and look forward to their bigger role in the days ahead.

Best Wishes

CA. Prakash LamsalPresident31st January 2016



CouncilThe Council as constituted under the Nepal Chartered Accountants Act,1997 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 Council are elected every three years. The President and Vice President are elected from the Fellow Chartered Accountants members of the Council by the council members 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 the act.

Regulations and Bye-LawsThe activities of the Institute are administered under the Nepal Chartered Accountants Regulation, 2004. In addition the Council has approved various procedures for conducting its activities:

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 in the Disciplinary Committee, the President and Vice-President of the Council are Ex-officio Chairman and Vice-Chairman respectively of all Standing Committees. The Council has also constituted various Non-Standing Committees and Boards. The names of Committees, Boards and its member are exhibited in the Annex 1.

Organisational StructureThe organisational structure of ICAN comprises of the Council and six departments namely Members and Professional Development, Administration, Education, Examination, Financial Management and Information Technology. The structure is exhibited in the Annex 3.

Brief Outline of the Institute of Chartered Accountants of Nepal



Facts about ICANEstablishment : 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 2011Amendment : Nepal Chartered Accountants Regulation, Fourth Amendment 2013Amendment : Nepal Chartered Accountants Regulation, Fifth Amendment 2015

Past Presidents of ICANFirst President : CA. Komal Bahadur Chitracar (1997-1998)Second president : CA. Thirtha Raj Upadhyay (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)Seventeenth President : CA. Mahesh Kumar Guragain (2013-2014)Eighteenth President : CA. Narendra Bhattarai (2014-2015)

Present President : CA. Prakash Lamsal (2015-2016)

Recognition and Achievement = First Council of ICAN formed on 1 August 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 in 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 Institute of Accountants (MIA) in May 10, 2013= Government of Nepal Provided land to ICAN on 09 November 2009= Building Inauguration by Rt. Hon’ble President Dr. Ram Baran Yadav on 13 July 2014= Total Member (July 16, 2015): Chartered Accountants: 874 (FCA-254, CA-620) Registered Auditor: 7267= ICAN office shifted to its own building at Satdobato, Lalitpur, on 4 Falgun 2071.



International Participation and Co-operation

Bangladesh VisitA four member delegation led by President CA. Narendra Bhattarai visited Bangladesh on 8-10 September 2014 to attend workshop, conference and various SAFA Committee meetings and Board meeting organized by the Institute of Chartered Accountants of Bangladesh (ICAB). The other member of the delegations were Vice President CA. Prakash Lamsal, Council Mamber CA. Achyut Raj Joshi and Past President CA. Suvod Kumar Karn.

During the visit President CA. Narendra Bhattarai and Vice President CA. Prakash Lamsal had a Meeting with President, Vice President and Past Presidents of ICAB on 8 September, 2014.

The meeting discussed about the examination and education system of both the Institute. Similarly, the delegation attend the SAFA Workshop on impact of BASEL-II organized by ICAB on 8 September 2014. President CA. Narendra Bhattarai presented the paper from Nepal.

The delegates also participated in the SAFA International Conference on Accountants for Growth – Perspective South Asia organized by ICAB on 9 September 2014.

Various SAFA committees/task force meetings were held on 10 September 2014. President CA. Narendra Bhattarai attended the SAFA Committees/Task Force Meetings which included SAFA Committee on Professional Ethics and Independence, SAFA Task Force to Implement BASEL II Report in SAARC Countries and SAFA Committee for Improvement in Transparency Accountability and Governance (ITAG).

SAFA Board Meeting was held on 10 September, 2014. In the meeting various reports were submitted by the committees and task force. Various activities undertaken by the SAFA members bodies were discussed during board meeting.

SAFA Meetings, SAFA BPA Technical Committee and Conference Marking meetingA five member delegation of the Institute led by Vice President CA. Prakash Lamsal participated in the 36th SAFA board meeting, committee meetings, BPA Conference Marking Session, SAFA-IFAC regional SMP forum and SAFA Women Members Empowerment Conference were organized by ICAI, India on 9-11 October 2014.

Delegates at the 36th SAFA Board Meeting



The IFAC Council Meeting appointed Ms. Olivia Kurtley, USA as IFAC President and Ms. Rachael Grimes, Australia as IFAC Deputy President. The Meeting also appointed Mr. K. Raghu, President, ICAI as a board member and approved the application of Institute of Certified Management Accountants of Sri Lanka as a member.

The meeting also announced that the next World Congress of Accountants will be held in Sydney Australia in 2018.

Similarly, ICAN President CA. Narendra Bhattarai and Immediate Past President CA. Mahesh Kumar Guragain attend the CAPA Board Meeting and CAPA Extraordinary General Meeting held on 9 November, 2014 at Italy.

During the visit the delegates from the Institute met representative from China Institute of Certified Public Accountant (CICPA), CPA Australia Ltd. Institute of Chartered Accountants of England and Wales (ICAEW), Malaysian Institute of Accountants (MIA) and Association of Certified Chartered Accountants (ACCA) and discussed about the areas of mutual cooperation and MRA.

Technical Director of the Institute CA. Parmananda Adhikari represent The SAFA best presented annual (BPA) report award-2013 technical committee meeting held on 9-10 October 2014 at New Delhi, India. The technical committee moderated the marks awarded by the member bodies and recommended its finding such as introduction of diversified holding as separate category. Par ticipants from SAFA member bodies represented the marking session and comprehensive discussion were made on marking.

World Congress of Accountants 2014, ITALYPresident CA. Narendra Bhattarai attended The world congress of accountants, 2014 in Italy from 10-13 November 2014 organized by IFAC. The delegation comprised Vice President, CA. Prakash Lamsal, Immediate Past President CA. Mahesh Kumar Guragain, Council Members, CA. Bhaskhar Singh Lala, RA. Badri Prasad Bhattarai, RA. Dol Prasad Dahal, RA. Mohan Kumar Parajuli, RA. Mohan Kumar Subedi, Mr. Krishna Prasad Devkota and Executive Director, CA. Binay Prakash Shrestha.

Delegates of World Congress of Accountants 2014, ITALY



Delegates at the 37th SAFA Board Meeting

SAFA Board Meeting, SAFA Committees Meeting and International Conference in Banglore, India A five member delegation of the Institute led by President CA. Narendra Bhattarai visited Bangalore, India to attend SAFA Board Meeting, SAFA Committees Meeting and International Conference on “Accounting Profession: Building Global Competitiveness; Accelerating Growth”. hosted by ICAI. The other delegates were Past President CA. Suvod Kumar Karn, Past President CA. Madhu Bir Pande, Council Members CA. Achyut Raj Joshi and RA. Mohan Kumar Parajuli.

Exposure Visit of BangladeshAs an exposure visit, a team of two Joint Directors of the Institute CA. Pushpendra Singh and Ms. Goma Raut visited Bangladesh from 12-17 April, 2015. The objective of the visit was to familiarize with the systems and practices in ICAB particularly with respect to education

system, examination system, membership procedure, organisational and governance structure and other areas of services.

During the visit they discussed with the concerned officials of ICAB and shared the practices and experiences of both Institutes. The team was also briefed on general economic system and political system of Bangladesh.

37th SAFA Board Meeting and SAFA, BPA Award at Bhubaneswor, IndiaVice President CA. Prakash Lamsal and council member RA. Badri Prasad Bhattarai participated in the 37th SAFA board meeting at Bhubaneswor, India on 4 December 2014 organized by The Institute if Chartered Accountants of India (ICAI). The delegates attended the 37th SAFA Board meeting and SAFA BPA award distribution ceremony.



Events and Activities

Election of President and Vice President ConductedThe election of President and Vice President for the 3rd term of the 6th Council was held on July 2014. CA. Narendra Bhattarai was elected as President and CA. Prakash Lamsal was elected as Vice President. CA. Narendra Bhattarai has served as Vice President and CA. Prakash Lamsal was the council Member for 2nd tenure of 6th council.

Oath Taking Ceremony of the Newly Elected President and Vice President and BPA Award DistributionOn 18 July 2014 President CA. Narendra Bhattarai took the oath of office from the Auditor General Mr. Bhanu Prasad Acharya as the 18th President of ICAN.

Speaking on the occasion the outgoing President CA. Mahesh Kumar Guragain highlighted the key achievement made in his presidential tenure and various aspects of the program. Expressing his best wishes to newly elected President and Vice President. CA. Guragain handed over the president medallion to the newly elected President. Outgoing President CA. Guragain thanked all the stakeholders for their support for making its tenure successful.

Similarly, Newly elected Vice President CA. Prakash Lamsal took oath of office from President CA. Narendra Bhattarai.

On the special occasion, Chief Guest of the program Honourable Finance Minister of Nepal Dr. Ram Sharan Mahat released the strategic Plan for 2014/15 to 2016/17 of the Institute.

Delivering the acceptance speech the newly elected President CA. Narendra Bhattarai thanked all the council members for electing him unanimously as the 18th President of the Institute and urged for co-operation from all stakeholders to make the tenure successful.

Speaking on the occasion Chief Guest, Honourable Finance Minister Dr. Ram Sharan Mahat congratulated the newly elected President and Vice- President and expressed best wishes for the success of their tenure. Chief Guest Dr. Mahat stressed on the role of accounts and accounting professionals in the economic development and also emphasized on fair and unbiased audit practice for development of accounting profession and to create investment friendly atmosphere in the country. Mahat further exemplified the situation of East Asian and South Asian Countries and mentioned on the priorities set by the Government for the nations development and announced that the Ministry of Finance is always ready to support for the development of accountancy profession in the nation.

On the occasion Chief Guest Dr. Mahat distributed awards and certificate to the winner of the National Best Presented Accountants (BPA) award in different categories.

Newly elected President CA. Narendra Bhattarai taking oath from Auditor General

Newly elected Vice President CA. Prakash Lamsal taking oath from President



The Institute has been holding the the National Best Presented (BPA) awards in different catagories to promote better standards and disclosure in presentation of information in the annual report of the organizations. The annual reports were evaluated as per the criteria set by SAFA. This year the winner of the National BPA awards in different categorise is as follows.

S. No. Sector Winner Runner Up1 Banking

Sector (Private and Public)

Nabil Bank Limited

Standard Chartered Bank (Nepal) Limited.

2 Manufacturing and General Sector

Butwal Power Company Limited

-

3 Public Sector Entities

Employees Provident Fund

-

The winner of the National BPA award will be nominated for the SAFA BPA Award.

The program concluded with vote of thanks from the newly elected Vice President CA. Prakash Lamsal.

Meeting with Auditor GeneralA delegation of the Institute led by President CA. Narendra Bhattarai met Auditor General Mr. Bhanu Prasad Acharya and discussed on contemporary issues like implementation of NFRS in state owned enterprises, audit of VDCs and some other relevant issues on 29 August 2014. The delegation comprises Vice President, CA. Prakash Lamsal, Executive Committee members and Executive Director CA. Binay Prakash Shrestha.

Meeting with Public Accounts Committee A delegation from ICAN made a courtesy call on Honourable Public Accounts Committee Chairman Mr. Janardan Sharma on 10 December 2014.

The officials briefed about the historical event of the Institute the first ICAN Summit, 2015 , that is to be organized in Magh 17 and 18, 2071. The delegation also appraised on other professional matters and activities of the Institute. The delegation comprised of ICAN President CA. Narendra Bhattarai, Vice President CA. Prakash Lamsal, Executive Director CA. Binay Prakash Shrestha and Joint Director Mr. Binod Neupane.

Honourable Finance Minister Dr. Ram Sharan Mahat Address The Conference.

BPA Winner Receiving Award from Honurable Finance Minister Dr. Ram Sharan Mahat

President & Vice President with Chairperson of Public Account Committee, Honourable Mr. Janardan Sharma



• Preparation of Manual of Standard OperatingProcedures

• PreparationandMaintenanceofDatabase

• ArrangementofTaxBenefit

18th Anniversary Program of the Institute The Institute marked its 18th Anniversary on 31 January 2015 by organizing special program at hotel Soaltee Crown Plaza. Program was formally inaugurated by the Chief Guest Honourable Finance Minister of Nepal Dr. Ram Sharan Mahat with lightning the lamp. During the program President CA. Narendra Bhattarai presented the annual report of the fiscal year 2070/71 and also highlight the achievement made by the Institute during the period.

On the occasion first President of ICAN CA. Komal Bahadur Chitracar was felicitated by the Chief guest Honourable Finance Minister on behalf of the Institute for his contribution in the field of accounting profession.

During the program Honourable Finance Minister of Nepal Dr. Ram Sharan Mahat awarded away the

Suggestion Submitted to the Government for the management of Prime Minister’s Disaster Relief FundThe Institute has submitted 10 points suggestion to the Government for the effective management of the Prime Minister’s Disaster Relief Fund generated for the earthquake victims. The Institute suggested the following 10 points to increase the effectiveness of relief fund by check and balance and decentralization policy. • ConstituteanentityasaSpecialPurposeVehicle

to Implement Reconstruction and Rehabilitation Program as a special Project

• ConstituteaCentralLevelCommittee

• ConstituteaCentralLevelMonitoringCommittee

• ConstituteaDistrictLevelCommittee

• ImproveCapacityandCapabilityatServiceDeliveryFront

• Provide Option of Reimbursement System toDevelopment Partners

• ArrangementofPerformanceMonitoring,Reportingand Internal Audit

Chief Guest Honourable Finance Minister of Nepal Dr. Ram Sharan Mahat Delevering Speech.



medal and certificate to the merit holder students of December 2013 and June 2014 chartered accountancy examination.

Similarly, Honourable Finance Minister distributed prize to the winner and first runner-up of chess tournament

organized by the National employee union of Nepal (NEON/ICAN) on the occasion of 18th anniversary of the Institute.

Addressing on the occasion, Honourable Finance Minister Dr. Ram Sharan Mahat urged that the audit report issued should be fair and trustworthy to the general public to make assure of its credibility. Dr. Mahat stressed on the importance of foreign direct investment in our nations and hence auditor should play an important role for attracting such investments to the nation.

The programme concluded with a closing remarks from Vice President CA. Prakash Lamsal.

First ICAN Summit - 2015The Institute organized First ICAN Summit- 2015 on the theme “New Dynamics in the Accounting Professions” on 1 February 2015.

Council Member of ICAI V. Murali presented first technical paper on the topics “New Dynamics of Accounting

ICAN First Presedent CA Komal Bdr. Chitrakar felicitated by Presedent CA. Narendra Bhattarai

Delegates at the 18th Anniversary



Profession- Drivers of Change and its Impact.” ICAN Past President CA. Madhu Bir Pande and ACAN Past President CA. LD Mahat commented on the paper. The session was chaired by the ICAN Past President CA. Prabhu Ram Bhandary.

In the second session of the summit, ICAN Past President CA. Pradeep Kumar Shrestha presented a paper on “Accounting Professionals to Improve Governance and Financial Management System in Corporate and PFM Sector”. The session was chaired by the First President of ICAN CA. Komal Bahadur Chitracar.

In the third session of the summit, two papers were presented namely “Foreign Aid management- Professional Accountant Prospective” and “Areas of other Value Added Services for Professional Accountant.” The paper presenter were CA. Mahesh Kumar Guragain and CA. Suresh Devkota respectively. The session was chaired by Past Chairman of AuSB, CA. Madan Krishna Sharma.

The last session of the summit was on the topics “Audit Expectation Gap and its Impact on Accounting Profession” was presented by CA. Nanda Kishore Sharma, Past Chairperson of AuSB. The commentator of the session was Mr. Suresh Pradhan, Joint Secretary of the Nepal Government and Mr. Baburam Gautam, Assistant Auditor General. They suggested that the auditors need to focus on the public financial accounting also. President CA. Narendra Bhattarai chaired the session.

The queries raised from the floor were answered by the paper presenter and the commentators. The chairpersons shared their views on the respective topics of the session.

Collection of Relief Fund by the Institute for Earthquake VictimsThe Institute collected the earthquake relief amount for devastated earthquake victims of April, May 2015. The Institute has received 10,000 Australian Dollars and

President CA. Narendra Bhattarai handing over the Relief Fund.



4,100 American Dollars from CPA Australia Ltd. and Confederation of Asia & Pacific Accountants (CAPA) respectively. Similarly, The Institute of Chartered Accountants of Bangladesh (ICAB) and The Institute of Cost and Management Accountants of Bangladesh (ICMAB) directly deposited 1,000,000/- (one Million) Taka and 500,000/- (Half Million) Taka respectively to Prime Minister Disaster Relief Fund through Nepalese embassy in Bangladesh.

The donation amount collected from various chartered accountancy bodies and member of the Institute amounting Nrs. 27,04,408/-(Twenty Seven Lakhs Four Thousand Four Hundred and Eight Rupees) handed over to Honourable Prime Minister Sushil Koirala for the Prime Minister’s Disaster Relief Fund.

Similarly, the Institute also distributed blankets to the victims at Sankhu, Kathmandu in its own initiation.

7th Council Member Election The Institute successfully conducted seventh Council election on June 12, 2015 in Kathmandu. 18 chartered accountant members and 8 registered auditor members filed their nomination for the election. Among them 10 chartered accountant members and 4 registered auditor members were elected.

The name of the elected council member is as follows.S. No. Name of the Elected Candidates1 CA. Prakash Lamsal

2 CA. Prakash Jung Thapa

3 CA. Bharat Rijal

4 CA. Suresh Devkota

5 CA. Ram Prabodh Shah

6 CA. Sunil Jakibanja

7 CA. Bhaskar Singh Lala

8 CA. Mahesh Khanal

9 CA. Bhava Nath Dahal

10 CA. Jagannath Upadhyaya (Niraula)

11 RA. Yadav Prasad Nyaupane

12 RA. Surya Prasad Adhikari

13 RA. Ganesh Raj Rai

14 RA. Dhruba Prasad Paudel

Spokesman DesignatedThe decision of 190th Council Meeting designated CA. Binay Prakash Shrestha, Executive Director as a spokesperson of the Institute.

Chartered Accountancy Career ExpoThe Institute of Chartered Accountants of Nepal organized two days career expo in association with the accredited Institutions on 19-20 June, 2015 in Kathmandu. In the expo 7 stalls were installed to provide counselling of chartered accountancy education to the general public. Along with ICAN, CAI Pvt. Ltd., CCMA College Pvt. Ltd., CIMA Academics Pvt. Ltd. Elite Institute of Management Pvt. Ltd.(EIM), School of Banking, Business and Research Pvt. Ltd. (SBBR) and Chaitanya Institute of Management (CIM) were participated the in the expo.

ICAN Shifted to the New Office BuildingThe Institute shifted its office from rented building at Babarmahal to its own newly constructed building at Satdobato, Lalitpur on Falgun 2071. The Institute has started its regular operations from its newly constructed building.

Elected Council Member and Election Officer.



Seminar, Workshop and Training

34th SAFA Board Meeting and SAFA International ConferenceThe Institute organized SAFA International conference on the topic “Governance for Creating Enabling Environment for Economic Development” on July 19, 2014.

On the occasion 34th SAFA Board meeting was also held. Representatives from SAFA member Bodies attended the Board meeting. In the meeting various issues pertaining SAFA member bodies were discussed.

Interaction Program in BiratnagarThe Institute’s Branch Office at Biratnagar organized an interaction program with the newly elected president CA. Narendra Bhattarai on August 1, 2014 in Biratnagar, Morang.

The chairperson of Biratnagar Branch coordination Committee CA. Aswini Bansal chaired the program. CA. Bansal welcomed the Chief Guest, other guests and invitees in the program. Chairperson CA. Aswini Bansal highlighted the current activities, plans and programs of Biratnagar Branch. Vice Chancellor, Purbanchal University, ICAN President, Constitutional Assembly member, DIG of Eastern region, Council member, Assistant CDO, Past Biratnagar Branch Coordinator, AuDAN Regional Chairman and Biratnagar Branch Coordinator Committee Members were present during the program. Addressing the program President CA. Narendra Bhattarai spoke on the expectation gap that the stakeholders expect from the Institute. Altogether 60 individuals participated in the program.

Workshop on Taxation in Biratnagar

The Institute’s Branch Office Biratnagar organized a workshop on taxation on the topic “Amendments in Income Tax, VAT and Excise by Finance Bill 2071” on August 1, 2014 in Biratnagar.

During the program President CA. Narendra Bhattarai emphasized on the role of such regional program and the benefit to the accountants and stakeholders of the eastern region.

In the closing session CA. Aswini Bansal stressed the need of such regional program that helps to update knowledge

Delegates at the SAFA International Conference

Delegates at 34th SAFA Board Meeting

Interaction Program in Biratnagar



of the members and stakeholders about latest changes in tax legislation. The workshop concluded with a vote of thanks by RA. Prakash Narayan Chaudhary. Altogether 90 individuals of different sectors participated in the workshop.

Workshop at BirgunjThe Institute organized a workshop on “Amendments in Income Tax, VAT and Excise by Finance Bill 2071, Introduction of IFRS & Anti Money Laundering” at Birgunj on 19 September 2014. The workshop was formally inaugurated by the ICAN President CA. Narendra Bhattarai.

Interaction Program on IFAC Code EthicsThe Institute organized an interaction program on IFAC Code of Ethics on 17 October 2014 in Kathmandu. ICAN Past Presidents, Council Members and member of Ethics Committee participated in the program.

Information System Audit (ISA) CourseThe Institute organized ISA course with the technical collaboration of the Institute of Chartered Accountants of India (ICAI) from 1 February to 12 February, 2015. The duration of the course was of 12 days. The aim of the

course was to enhance the professional skills of chartered accountants in the field of information system audit.

Interaction Program on Income Tax and VATThe Institute organized a half-day interaction program on Income Tax and VAT in Kathmandu on 10 March 2015. The purpose of the interaction program was to collect policy level suggestions from the members on overall improvement in administration and enforcement of revenue laws and to compile the suggestions so as to forward it to High Level Tax Review Suggestion Commission.

Interaction Program on NFRS for BanksThe Institute organized an interaction program on “NFRS for Banks” on Jestha 13, 2072 at ICAN premises Satdobato, Lalitpur.

This interaction program was participated by Council Members and members of IFRS and ISA committee, Committee for Implementation of NFRS-Bank, Committee for Implementation of NFRS- Insurance. CA. Mukunda Dev Adhikari presented a paper in the program.

Participants at the Interaction Program on NFRS for Banks



Interaction Program on Unified Directives of NRB.The Institute organized a half day interaction program on Unified Directives of NRB on 4, Ashar 2072 in ICAN premises at Satdobato, Lalitpur. Interaction program was attended by President, Vice President, Council Members and the auditing professional of the Institute. 20 participants attended the Program.

Member Capacity BuildingThe Institute organized a two days member capacity building training in Dhangadi and Janakpur on Asar 4-5 and Asar 11-12 2072, respectively. The training comprises topics related to “company financial statement preparation and presentation” and “audit process and documentation”. Around 40 and 47 members participated in capacity building training in Dhangadi and Janakpur respectively.

Diploma In IFRSThe Institute conducted Diploma in IFRS course Jointly with Association of Chartered Certified Accountants (ACCA), UK on 4-10 April 2015 in Kathmandu.

The seven days course was designed to provide knowledge of International Financial Reporting System (NFRS).

SAFA Board MeetingThe Institute successfully hosted the 39th SAFA Board meeting in Kathmandu on 27 March 2015. The meeting discussed various topics pertaining to SAFA member bodies.

President CA. Narendra Bhattarai addressing the participantsof Diploma in IFRS

Delegates at SAFA Board Meeting



CAPA/PSFM Round Table Committee MeetingCAPA/PSFM Committee MeetingThe Institute hosted the Confederation of Asian and Pacific Accountants (CAPA) Public Sector Financial Management (PSFM) Committee meeting on 27 March, 2015 in Kathmandu.

Roundtable on Public Sector ManagementThe Institute jointly with the World Bank and the Confederation of Asian and Pacific Accountants (CAPA) organized a roundtable on Public Sector Financial Management on March 28, 2015 in Kathmandu to

share the views and experience in relation to Nepal’s ongoing initiative to improve PFM system and to share how International experience and best practices could be beneficial to Nepal to improve its PFM System. High ranking government officials and experts from Nepal and abroad attended the roundtable. The roundtable was facilitated by ICAN President CA. Narendra Bhattarai.

Public Sector Financial Management (PFM) Conference The Institute jointly with the World Bank and CAPA organized an International conference on ‘PFM Reform for Nation Building - Global and Nepalese Perspective’ on 28 – 29 March, 2015 in Kathmandu. The purpose of this Conference was to discuss with relevant stakeholders to share views and experiences in relation to Nepal’s ongoing initiatives to improve public sector financial management system and how international experience and best practices could be beneficial to Nepal to improve its PFM System to bring about resilience for better governance and economic development. The Conference was attended by high ranking government officials and experts from Nepal, International speakers discussed the challenges and exchanged their experiences in reforming and improving public financial management in Nepal. The program was formally inaugurated by the Chief Guest Honourable Finance Minister Dr. Ram Sharan Mahat.

Delegates in Roundtable on Public Sector Management

Chief Guest Honourable Finance Minister Dr. Ram Sharan Mahat Inaugurating the Conference.



Member Affairs

Status of Membership During the year altogether 122 chartered accountants have been enrolled as chartered accountants members. With this, total number of chartered accountants and registered auditor members as on 16 July 2015 is 874 and 7267 respectively. During the year a total numbers of 825 Chartered Accountant and 4413 Registered Auditor Members renewed their membership.

FCA ConferredDuring the year the Institute conferred Fellow chartered accountant (FCA) Member to 16 Chartered Accountant upon the completion of necessary requirements as per the Nepal Chartered Accountants Act. With this, the total number of FCA members has reached to 254.

Certificate of PracticeDuring the year, the Institute has granted Certificate of Practice (COP) to 54 Chartered Accountant MembersThe numbers of chartered accountants member holding COP has thus reached 607. Out of which 326 member have renewed their COP.

Similarly during the year the Institute has granted certificate of practice (COP) to 12 register auditor members. With this the number of register auditors

member holding COP had reached 7367 out of them 3571 have renewed their COP.

Audit Firm During the year, the Institute has registered new 51 are CA and 1380 RA audit firms. With this a total number ofaudit firms have reached 3430 . Out of which 560 CA firms and 2870 are RA firms.

Registered Auditor (RA) COP Up-gradationThe registered auditor upgrade written examination was held on June 2014. Based on the result published, 8 registered auditor members were upgraded. Accordingly, 5 C class registered auditors were upgraded to B class and 3 D class auditor members were upgraded to C class.

CategoryMembership COP Firm

Total No. Renewal No. Total No. Renewal No. Total No. Renewal No.FCA 254 220 183 121

560 310CA 620 605 479 205

RA-B 3375 2110 3138 1542 1297 1055

RA-C 1607 931 1474 734 647 518

RA-D 2285 1374 2093 1195 924 841

Total 8141 5240 7367 3797 3428 2724

Member StatusThe member status of the fiscal year 2071/072 is as follows:

COP Status



Pi-chart of Firm

CategoryMEMBERSHIP Total

MemberCertificate of

PracticeFemale Male Pass from ICAN Pass from OthersFCA/CA 82 792 214 660 874 662

Renewal 825 825 326

Non Renewal 49 49 336

RA. 148 7119 0 0 7267 6705

Renewal 4413 0 0 4413 3471

Non Renewal 2854 0 0 2854 3234

Total 230 7911 214 660 8141 8125

Firm Status



Student Affairs

Student Enrolment During the year altogether 2029 students enrolled for different level of chartered accountancy course and accounting technician course. Overwhelmed response has been received from students interested in pursuing chartered accountancy course. This development is trust and confidence bestowed in accountancy profession by young talent.

The status of student enrolment for various levels of chartered accountancy course and accounting technician course during the year is as follows.

Fiscal Year 2071/72

CAP I CAP II CAP III AT Total

Number of Students Level wise

1016 803 186 24 2029

Scholarship DistributionThe Institute awarded the scholarship to the needy and meritious students with academic excellence pursuing different level of chartered accountancy courses for the Fiscal year 2071/72. The Institute has been providing full and partial scholarship every year to student pursuing chartered accountants 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 50 students studying at different levels of chartered accountancy course received the scholarship.

S. No. Full Scholarship

Partial Scholarship

Total

CAP I 4 16 20

CAP II 5 20 25

CAP III 0 5 5

Total 9 41 50

Student Exchange Program International exposure for the students is necessary to disseminate their knowledge and ideas in International forum. Considering this fact the Institute has made arrangement to provide opportunity to the students to participate in the International Student Exchange Program. In this connection students from ICAN participated in the International Students Conference was organized by the Institute of Chartered Accountants of India (ICAI). During the two days program, (27-28 December 2014) 5 students (three students from CAP III and two students from CAP II) from ICAN participated in the program.

Career CounsellingThe Institute has been organizing career counselling program in different parts of the country with the aim of providing the importance and awareness of chartered accountancy education . The program highlighted a detail deliberation on the eligibility criteria of enrolment, future prospects, recognition, and membership criteria of the Institute.

Crash CourseThe Institute has been regularly conducting crash course to facilitate specific needs of student in the core subjects. The institute in its endeavour to provide quality education to the student, have conducted crash course on various subjects based on the specific need of the students. The course aimed at providing technical details and guidance

Student Enrolment on F/Y 2071/72



with a special focus on clarifying the student’s querries on the course matter. The Institute conducted crash course for CAP II and CAP III level.

Study MaterialsThe Institute has published the study materials 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.

General Management and Communication Skills The Institute has been regularly organizing GMCS

training since 2011 to enhance the communication and management skills of newly qualified chartered accountants of the Institutes. Kathmandu University School of Management (KUSOM) conducted the training as per the agreement entered with KUSOM and the Institute. The 6th and 7th batch GMCS training were conducted from 10-26 November, 2014 and 9-27 March, 2015, respectively. 9 and 35 students participated in the training. Institute has been organizing GMCS training at an interval of 6 month.

The training has been made mandatory to obtain membership of the Institute.

Participants at the GMCS Training



Recipients of Awards for the CA Examination, December 2014S.No. Medal Fund Regd. No. Name of Recipients1 K.B Chitracar Gold Medal Standing Rank First in CAP - III

(Final level) ExaminationFN00385 Mr. Lekhnath Gautam

2 Shiva Man Singh and Chandra Bhandari Silver Medal

Standing Rank Second in CAP-III (Final Level) Examination

FN00450 Mr. Sakar Poudyal

3 B.K Agrawal Gold Medal Standing Rank First in CAP-II (Intermediate Level) Examination

KI004008 Mr. Mandip Adhikari

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

KI004417 Mr. Suman Karki

5 Prakash Jung Thapa Gold Medal

Securing Highest marks in Advanced Financial Reporting (Advanced Accounting ) in CAP-III (Final level ) Examination

FN00616 Ms. Roshani Karki

6 Dr. Govind Ram Agrawal Gold Medal

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

FN00616 Ms. Roshani Karki

7 Narendra Vashishtha Gold Medal

Securing Highest marks in Advanced Audit and Assurance in CAP-III (Final Level) Examination

FN00365 Mr. Pramod Lingden

Mr. Utsab Maharjan (Regd. No. KF008208) Scoring 253 marks stood First Rank in CAP-I (Foundation Level)Examination in December 2014.

Recipients of Awards for the CA Examination, June 2015S. No. Medal Fund Regd. No. Name of Recipients1 K.B Chitracar Gold Medal Standing Rank First in CAP-III

(Final Level) ExaminationFN00713 Mr. Sagar Khadka

2 Shiva Man Singh and Chandra Bhandari Silver Medal

Standing Rank Second in CAP-III (Final Level) Examination

FN00682 Ms. Shreesha Shrestha

3 B.K Agrawal Gold Medal Standing Rank First in CAP-II (Intermediate Level) Examination

KI005034 Mr. Bhim Bahadur Chand

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

KI004941 Mr. Anil Lamichhane

5 Prakash Jung Thapa Gold Medal

Securing Highest marks in Advanced Financial Reporting (Advanced Accounting) in CAP-III (Final Level) Examination

FN00723 Mr. Manoj Thapaliya

6 Dr. Govind Ram Agrawal Gold Medal

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

FN00628 Ms. Pramila Shrestha

7 Narendra Vashishtha Gold Medal

Securing Highest marks in Advanced Audit and Assurance in CAP-III (Final Level) Examination

FN00713 Mr. Sagar Khadka

Ms. Priyanka Gupta (Regd. No. KF008978), scoring 239 marks stood First Rank in CAP-I (Foundation Level) Examination in June 2015.



CHARTERED ACCOUNTANCY EXAMINATIONThe Chartered Accountancy Examinations of December 2014 and June 2015 have been conducted successfully. In December 2014 CA Examination, altogether 692 students of CAP-I, 1252 students of CAP-II and 361 students of CAP-III (Final) level students appeared for the examination. Similarly, in June 2015 CA Examination, altogether 446 students of CAP-I, 1135 students of CAP-II and 446 students of CAP-III (Final) level students appeared the examination.

493 students of CAP-I, 109 students of CAP-II, 29 students of CAP-III (Final) level qualified in December 2014 chartered accountancy examination. Similarly, 295 students of CAP-I, 82 students of CAP-II and 36 students of CAP-III (Final) level were qualified in June 2015 chartered accounatancy examination.

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

Details of the Result of December 2014 Examination:CAP I CAP II CAP III

Total Group I Group II Both Group I Group II BothApplicants 730 392 240 718 145 121 117

Appeared 692 346 211 695 135 109 117

Passed 493 81 51 54 20 34 9

Qualified 493 109 29

Details of the Result of June 2015 Examination:CAP I CAP II CAP III

Total Group I Group II Both Group I Group II BothApplicants 473 357 254 668 155 165 151

Appeared 446 270 232 633 149 150 147

Passed 295 37 80 29 35 20 7

Qualified 295 82 36(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 CA Membership Examination held in December 2014

Particular NumberApplicants 240

Appeared 212

Qualified 47

Details of AT Examination held in March 2015Particular Number

Applicants 8

Appeared 7

Qualified 0

Details of CA Membership Examination held in June 2015

Particular NumberApplicants 294

Appeared 258

Qualified 40

Details of AT Examination held in September 2015Particular Number

Applicants 8

Appeared 4

Qualified 1

Result of Chartered Accountancy Membership Examination

Result of Accounting Technician Examination



Staff Affairs

Staff FelicitationOn the occasion of the 17th anniversary of the the Institute Honourable Finace Minister Dr. Ram Sharan Mahat felicitated with appreciation certificate and cash amount Rs. 25,000, Rs. 20,000 and Rs. 20,000 to Mr Shiva Hari Nepal, Mr. Ram Kumar Nepal and Mrs. Sabina Maharjan respectively as the best staff of the year for their outstanding performance to the Institute.

Staff Promoted and RecruitedDuring the year Mr. Bhakta Bahadur Karki has been promoted to Officer Similarly Mr. Sanoj Bhattarai has been promoted to Senior Assistant.

In-house Training for Staff MembersThe Institute organized a two days information technology training for the staff members of the Institute . The training comprise various topics related to information technology and advanced excel.

Blood DonationOn the joint initiation of Rastriya Karmachari Sangathan Nepal of ICAN (NEON-ICAN), Nepal Chartered Accountants Students Association (NCASA) along with Nepal Red Cross Blood Transformation Service Centre a blood donation program was organized at ICAN Premises prior to the 18th anniversary of the Institute. Altogether 60 pints of blood were collected.



Staff

Mem

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Annexure - 1

Standing Committees 2071/72

1 Executive Committee

S.N Name Position

1 CA. Narendra Bhattarai President

2 CA. Prakash Lamsal Vice-President

3 CA. Bhaskar Singh Lala Council Member

4 RA. Mohan Kumar Parajuli Council Member

5 CA. Binay Prakash Shrestha Member Secretary

2 Professional Development Committee

S.N Name Position

1 CA. Narendra Bhattarai Chairman

2 CA. Prakash Lamsal Vice-Chairman

3 CA. Suresh Devkota Council Member

4 RA. Mohan Kumar Subedi Council Member

5 Mr. Jaya Dev Shrestha Council Member

6 CA. Sujan Kumar Kafle Member

7 RA. Dhurba Prasad Poudel Member

8 Mr. Binod Neupane Secretary

3 Disciplinary Committee

S.N Name Position

1 CA. Madhu Bir Pande Chairman

2 CA. Nirajan Shimkhada Council Member

3 RA. Dol Prasad Dahal Council Member

4 Mr. Krishna Prasad Devkota Member

5 CA. Parakram Nath Sharma Member

6 RA. Surya Prasad Adhikari Member

7 Mr. Babu Ram Gaiutam Member

8 Ms. Goma Raut Secretary

4 Examination Committee

S.N Name Position



3 CA. Achyut Raj Joshi Council Member

4 RA. Badri Prasad Bhattarai Council Member

5 Mr. Gunaraj Shrestha Council Member

6 CA. Purneswor Shrestha Member

7 CA. Mahesh Khanal Member

8 Mr. Shyam Mani Dahal Secretary

Non Standing Committees1 Editorial Committee

S. N. Name Position



5 CA. Nirmal Aryal Member

3 CA. Chhetra Gopal Pradhan Member

4 CA. Ramesh Kumar Dhital Member

6 RA. Dev Bahadur Bohara Member

7 RA. Shankar Gyawali Member


Standing and Non- Standing Committees

As per the Nepal Chartered Accountants Act, there is a provision for formation of various committees and board to advice and facilitate the council and its decisions. During the year 4 standing, 21 non-standing committee, Peer Review Board, Accounting Technician Board and 4 Branch Advisory Committee are formed. The name of committe’s/board and its members of the fiscal year 2071/072 is as follows:



2 Education Committee

S. N. Name Position



3 CA. Suresh Devkota Council Member


5 CA. Dr. Govinda Ram Agrawal Member

6 CA. Bhoj Raj Pandey Member

7 RA. Dinkar Man Singh Pradhan Member

8 CA. Paramananda Adhikari Secretary

3 Ethics Committee

S. N. Name Position

1 CA. Kaushalendra Kumar Singh Chairman

2 CA. Jitendra Kumar Mishra Council Member

3 CA. Ashish Garg Member

4 CA. Santosh Lamsal Member

5 CA. Gobinda Sharma Gairhe Member

6 RA. Pradip Kumar Yadav Member

7 RA. Balaram Chaudhary Member


4 Continuing Professional Education Committee

S. N. Name Position

1 CA. Mahesh Kumar Guragain Chairman


3 CA. Gyanendra Bahadur Bhari Member

4 CA. Jyoti Prakash Pandey Member

6 CA. Birbhadra Lamichhane Member

5 CA. Rajan Ghimire Member

7 RA. Yadav Prasad Nyaupane Member


5 IFRS & ISA Implementation Committee

S. N. Name Position

1 CA. Mahesh Kumar Guragain Chairman

2 CA. Nanda Kishore Sharma Member

3 CA Satish Raj Joshi Member

4 CA. Umesh Prasad Dhakal Member

5 CA. Nalini Bajracharya Member

6 RA. Bholanath Pathak Member

7 RA. Kedar Nath Poudel Member

8 CA. Narendra Bhattarai Invitee

9 Mr. Baikuntha Adhikari Invitee

10 Representative- MOF Invitee

11 Representative- CRO Invitee

12 Representative-FCGO Invitee

13 Representative- SEBON Invitee


6 Audit Committee

S. N. Name Position

1 CA. Nirajan Simkhada Chairman

2 CA. Jitendra Kumar Mishra Council Member


4 Mr. Mahesh Chitrakar Secretary

7 Scholarship Selection Committee

S. N. Name Position



3 CA. Teknath Acharya Council Member

4 CA. Dr. Govinda Ram Agrawal Member

5 CA. Ramesh Neupane Member

6 RA. Jaya Kumari Jha Member

7 RA. Ratan Kumar Mishra Member




8 Expert Advisory Committee

S. N. Name Position

1 CA. Pradeep Kumar Shrestha Chairman


4 CA. Madan Krishna Sharma Member

3 CA. Bijay Raj Ghimire Member

5 CA. Sunil Jakibanja Member

6 RA. Kamal Kharel Member

7 RA. Prem Bahadur Shrestha Member

8 CA. Pushpendra Singh Secretary

9 Information Technolagy Committee

S. N. Name Position

1 CA. Bhaskar Singh Lala Chairman

2 CA. Pramod Nath Pyakuryal Member

3 CA. Keshav Prasad Neupane Member

4 CA. Abhaya Poudel Member

5 CA. Khomi Shev Dhungana Member

6 RA. Uday Kant Jha Member

7 RA. Basanta Poudel Member

8 CA. Binay Prakash Shrestha Secretary

10 SMP Committee

S. N. Name Position

1 CA. Jitendra Kumar Mishra Chairman

2 CA. Lalit Aryal Chairman

3 CA. Saroj Koirala Member

4 CA. Saurabh Rijal Member

5 CA. Sabin Neupane Member

6 RA. Radha Krishna Ghimire Member

7 RA. Shova Kant Jha Member


11 Monitoring Committee

S. N. Name Position

1 CA. Sudarshan Raj Pandey Chairman

2 CA. Achyut Raj Joshi Council Member

3 CA. Prabin Dhoj Joshi Member

4 CA. Bishnu Prasad Bhandari Member

5 CA. Jeetendra Dhital Member

6 RA. Bharat Kumar Shrestha Member

7 RA. Shivaji Pandey Member


12 Recruitment Committee

S. N. Name Position

1 CA. Prakash Lamsal Chairman


3 Mr. Jaya Dev Shrestha Council Member

4 CA. Binay Prakash Shrestha Member Secretary

13 Committee for Members in Industry

S. N. Name Position

1 CA. Suresh Devkota Chairman

2 CA. Rajesh Prasad Giri Member

3 CA. Devendra Raman Khanal Member

4 CA. Tulsi Raj Rijal Member

5 CA. Gokarna Kattel Member

6 RA. Tanka Prasad Pandey Member

7 RA. Meera Shrestha Member

8 Ms. Samjhana U. Tuladhar Secretary

14 Carrier Counselling Committee

S. N. Name Position

1 CA. Achyut Raj Joshi Chairman


3 CA. Suresh Raj Khakurel Member

5 CA. Suman Kumar Bohara Member

4 CA. Badri Kumar Guragain Member

6 RA. Jeeb Narayan Baral Member

7 RA. Rajendra Prasad Dhungana Member


15 Research & Development Committee

S. N. Name Position


2 CA. Hari Kumar Silwal Member

3 CA. Lila Raj Dhakal Member

4 CA. Binod Kumar Lamsal Member

5 CA. Mahesh Godar Member

6 RA. Ramji Prasad Adhikary Member

7 RA. Bishnu Hari Timilsina Member




16 Committee for Implementation of NFRS - Bank

S. N. Name Position

1 CA. Prakash Lamsal Chairman

2 CA. Anup Kumar Shrestha Member

3 CA. Prakash Jung Thapa Member

4 CA. Chandra Raj Sharma Member

5 CA. Mukunda Dev Adhikari Member

6 RA. Shiva Prasad Acharya Member

7 RA. Maya Bade Shrestha Member

8 Representative - NRB Member


17 Committee for Implementation of NFRS - Insurance

S. N. Name Position

1 CA. Madhu Bir Pande Chairman


3 CA. Yuddha Raj Oli Member

4 CA. Rabindra Shrestha Member

5 CA. Bigyan Shrestha Member

6 RA. Jhalak Mani Lamsal Member

7 RA. Keshab Raj Acharya Member

8 Mr. Santosh Prasai Member


18 Law Reform Committee

S. N. Name Position

1 CA. Tek Nath Acharya Chairman

2 CA. Kabi Raj Adhikari Member

3 CA. Aman Upreti Member

4 CA. Hem Kumar Kafle Member

5 CA. Dhiraj Raj Subedi Member

6 RA. Dharanidhar Adhikari Member

7 RA. Tul Bahadur Shrestha Member


19 Fiscal & Taxation Committee

S. N. Name Position

1 CA. Tirtha Raj Upadhyay Chairman

2 CA. Bhaskar Singh Lala Council Member


4 Mr. Krishna Prasad Devkota Council Member

5 CA. Lumba Dhoj Mahat Member

6 CA. Raju Kumar Sibakoti Member

7 CA. Jagannath Upadhyay Member

8 Expert Invitee


20 RA. Member Capacity Development Committee

S. N. Name Position

1 RA. Mohan Kumar Subedi Chairman

2 CA. Bhaskar Singh Lala Member

3 RA. Badri Prasad Bhattarai Member

4 RA. Dol Prasad Dahal Member

5 RA. Mohan Kumar Parajuli Member

6RA. Dr. Durga Nanda

ChaudharyMember

7 RA. Mitharam Sapkota Member


21 Building Committee

S. N. Name Position

1 CA. Suvod Kumar Karn Chairman


3 Mr. Jaydev Shrestha Member

4CA. Subash Kumar

JhunjhunwalaMember

5 CA. Mahesh Khanal Member

6 CA. Umesh Dhakal Member

7 RA. Rajendra Shrestha Member

8 RA. Dilip Kumar Dhungana Member

9 RA. Ganesh Raj Rai Member

10 RA. Mohan Raj Regmi Member

11 Mr. Dev Bahadur Bohara Member




22 Accounting Technician Board

S. N. Name Position

1 CA. Suvod Kumar Karn Chairman

2 CA. Teknath Acharya Council Member

3 Mr. Krishna Prasad Devkota Member

4 RA. Laxman Khanal Member

5CA. Subash Kumar

JhunjhunwalaMember

6 Mr. Ram Chandra Poudel Member


23 Peer Review Board

S. N. Name Position

1 CA. Sunir Kumar Dhungel Chairman


3 CA. Sashi Satyal Member

4 CA. Yagya Raj Bhatta Member

5 RA. Krishna Prasad Poudel Member


24 Butwal Branch Advisory Committee

S. N. Name Position

1 CA. Rupesh Kumar Maheshwari Co-ordinator

2 CA. Sheo Hari Sharma Member

3 RA. Shridhar Prasad Sharma Member

4 RA. Govinda Raj Regmi Member

5 CA. Hari Lamsal Member

25 Biratnagar Branch Advisory Committee

S. N. Name Position

1 CA. Aswini Bansal Co-ordinator

2 CA. Pawan Rathi Member

3 CA. Kamlesh Kumar Karn Member

4 CA. Sushil Agrawal Member

5RA. Prakash Narayan

ChaudharyMember

6 RA. Gopal Pandey Member

7 RA. Bijay Hari Sharma Member

26 Birgunj Branch Advisory Committee

S. N. Name Position

1CA. Jagadish Prasad

KhandelwalCo-ordinator

2 CA. Arvind Khetan Member

3 CA. Ramesh Agrawal Member

4 CA. Subhash Khandelwal Member

5 RA. Rajendra Lal Das Member

6 RA. Din Nath Rauniyar Member

7 RA. Pradyumna Sedai Member

25 Pokhara Branch Advisory Committee

S. N. Name Position

1 CA. Prakriti Raj Timalsina Co-ordinator

2 CA. Pramesh Parajuli Member

3 RA. Kesh Bahadur K.C Member

4 RA. Chandra Subedi Member

5 RA.Chandra Bahadur Thapa Member

6 CA. Amit Thapa Member



Annexure - 2

Accounting and Auditing StandardsAs per the provision of the Nepal Chartered Accountants Act, 1997, the Institute has pronounce the following Accounting and Auditing Standards for implementation upon the recommendation from the Accounting Standards Board (ASB) and Auditing Standard Board (AuSB) which are prepared in line with the International Financial Reporting Standard (IFRS).









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The Institute of Chartered Accountants of NepalPast Presidents

CA. Madhu Bir Pande(2012-2013)

CA. Mahesh Kumar Guragain(2013-2014)

CA. Narendra Bhattarai(2014-2015)

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. Suvod Kumar Karn(2009-2010)

CA. Tirtha Raj Upadhyay (1998-1999)

CA. Prabhu Ram Bhandary (2001-2002)

CA. Pushpa Lall Shrestha (2004-2005)

CA. Ratna Raj Bajracharya (2007-2008)

CA. Sunir Kumar Dhungel(2010-2011)

CA. Kaushalendra Kumar Singh (1999-2000)

CA. Bijay Kumar Agrawal (2002-2003)

CA. Narayan Bajaj(2005-2006)

CA. Tanka Prasad Paneru (2008-2009)

CA. Sudarshan Raj Pandey (2011-2012)

The Institute of Chartered Accountants of NepalSatdobato, Lalitpur, NepalPhone: 00977-1-5530832, 5530730Fax: 977-1-5550774Email: [email protected] Website: www.ican.org.np

ANNUAL REPORT 2014/015 - Institute of Chartered …€¦ · ANNUAL REPORT 2014/015 (Established under the Nepal Chartered Accountants Act, 1997) The Institute of Chartered ... Bangladesh

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