New Delhi, Aug 25 (IANS): The Union Cabinet on Wednesday approved a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Institute of Professional Accountants of Russia (IPAR).

The proposed MoU aims to strengthen cooperation in matters of accountancy profession through exchange of views and information with respect to professional accountancy training, professional ethics, technical research, professional development of accountants etc.

It is also intended to promote mutual cooperation through seminars, conferences and joint activities mutually beneficial to both the parties, and provide updates on the development of the accountancy profession in India and Russia to promote the profession. The parties will also create a linkage to each other's websites as a means of information support.

The MoU between ICAI and IPAR is expected to provide an additional impetus to the prospects of the ICAI members to get professional opportunities in Russia in short to long-term future.

ICAI is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of CAs in India.

The IPAR is the largest non-profit association of accountants in Russia.