Ican Annual Report 2010 11

The Institute of Chartered
Accountants of Nepal (ICAN)

(Established under the Nepal Chartered Accountants Act, 1997)
ANNUAL REPORT
2010/2011
The Institute of Chartered Accountants of Nepal

5th Council Members 2010 - 2011,(Third Term)
CA. Sudarshan Raj Pandey

President (2011/12)
CA. Sunir Kumar Dhungel

President (2010/11)
CA. Mahesh Khanal
RA. Mohan Raj Regmi
Dev Bahadur Bohara
CA. Madhu Bir Pande

Vice President (2011/12)
CA. Suvod Kumar Karn

President (2009/10)
CA. Gopal Prasad Pokharel
CA. Krishna Prasad Acharya
CA. Sujan Kumar Kafle
CA. Narendra Bhattarai
CA. Suresh Devkota
RA. Laxman Prasad Khanal
Bharat Prasad Paudel
RA. Bhuvan Prasad Acharya
Suresh Pradhan
RA. Krishna Prasad Paudel
CA. Binay Prakash Shrestha

Executive Director/ Secretary
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 standards, 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 accountants 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 disclosure in
financial reporting practices.
Annual Report 2010 - 11

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Table of Contents
Report of the President
Brief outline of the Institute of Chartered Accountants of Nepal
Facts about ICAN
International Participation and co-operation
10
Events and Activities
13
Seminar, workshop and Training
15
Members Affairs
18
Students Affairs
21
Staff Affairs
25
Financial Statement
27
Annexure
Standing and Non Standing Committees
38
Organizational Chart of the Institute
41
Accounting/Auditing Standards
42

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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 privilege and honor to present before you the
annual report for the fiscal year 2067/068 on behalf
of my predecessor CA. Sunir Kumar Dhungel. The
preceding year was significant for the Institute as it
has implemented many plans and programs and major
decision were taken keeping in view for the development
of the accounting and auditing profession.
I would like to present some of the major achievements
that took place during the year in the overall development
of the Institute. One of the major achievements was the
SAFA Summit on Sustainable Development in SAARC
Region; the Institute has successfully organized, on
December 2010 and was attended by professionals
of SAARC region. This is the first SAFA Summit held
since the 25 years of establishment of SAFA, which is
a landmark achievement in the history of SAFA and for
the Institute.
It is my immense pleasure to mention that the Institute
endevour for the construction of its own building at
Satdo Bato, Lalitpur at the land received on lease from
the Government of Nepal has been finally fulfilled, the
construction work is going on full swing and is expected
to be completed within next one year.
Another major achievement, is the end of provision of
listing of auditors with the concerned authorities, with
continuous consultation and dialogue the provision of
listing of auditors for the purpose of audit of District
Development Committee and Education Department
has been discarded finally, last year too, the Institute
has ended the provision of listing of auditors from Nepal
Rastra Bank, Beema Samiti and Co-Operatives. This
has ended the hassle of the members for listing in those
entities
Membership
During the year a total of 49 members were granted
new CA membership and a total of 9 CA members were
granted Fellow Chartered Accountant. Similarly 41 CA
members were granted COP during the same year.
The number of qualified CA members till date has

reached 538 as compared to 488 in the previous year,
out of them 497 are holding certificate of practice as
compared to 456 in the previous year. Out of that 107
are qualified from ICAN.
A total of 4875 RA members renewed their membership
this year as compared to 5014 in the previous year,
out of them 4013 are holding certificate of practice as
compared to 4169.
Similarly, a total of total of 6 C Class Registered Auditor
Members were upgraded to B Class and 2 D Class
Registered Auditor Member were upgraded to C Class.
Continuing Professional Development
The institute commitment for optimum compliance of
Continuing Professional Education (CPE) to its members
has conducted CPE training in different part of Nepal to
enhance the capacity and skill of members. Similarly,
various interaction programs inside the valley and
outside the valley were also conducted in different part of
the country. Such interaction programs provided platform
to understand their needs, grievances, future plans and
action plan of the Institute. CPE training focused on
the Accounting/Auditing Standards, taxation and other
topics on International and National issue related with
the profession.
During the year a total of 41 CPE trainings were
conducted in and outside Kathmandu, out of these 27
trainings were outsourced. Altogether around 4,050
members benefitted from the CPE trainings.
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I would like to express my sincere thanks to the CPE

Committee members and the ICAN employees for
painstakingly conducting the CPE Program, volunteers
and the resource person for the training
Seminar, Workshop and Training
With a view to update the members on the recent
development in the field of accounting and auditing,
the Institute conducted various seminars, training and
workshop on the issue pertaining to the profession.
The most attainable and remarkable SAFA Summit was
conducted in December 2010 at Kathmandu on the
theme Sustainable Development of SAARC Region
which was participated by around 200 participants from
SAARC region, by successfully organizing it we have
demonstrated our International capability in International
frontiers.
During the year seven national seminar and one
International seminar was conducted. Similarly the
Institute conducted four training for the members
capacity building in different parts of the country on the
topics pertaining to accounting, auditing and taxation.
With a view to keep abreast with the Information
Technology related to accounting and auditing profession,
the Institute organized an ISA Course with the technical
assistance from ICAI. Altogether 27 participated in the
course.
Code of Ethics
To intensify that the members adhere to compliance to
code of ethics and professional conduct while discharging
function, the Institute during the year investigated 24
cases pertaining for professional misconduct, and
the council has taken disciplinary action against four
members, for non compliance with the code of ethics
and professional misconduct.
As per the council decision to adopt the IFAC Code
of Ethics, the Institute is in the process of publishing
the handbook on Code of Ethics which will be an easy
reference of the IFAC Code of Ethics.
Publication
As regular process four issues of the Nepal Chartered
Accountant Journal along with one special issue of
SAFA Conference and four issues of newsletter has
been published. Similarly, CAP I and CAP II level study
materials has also been published and CAP III level study
material is in the publishing stage.

Acc o u n t a n t s
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N e p a l
Accounting/ Accounting Standards

The accounting and Auditing standards Boards have
closely worked with the Institute in pronouncing
Accounting and Auditing Standards. Till date the
institute has declared 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 for
their tiring effort in formulating the standards.
Education
During the year, overwhelmed response has been
received from the students interested in pursuing CA
education. This is reflected in the enrollment status
of students pursuing CA Course and during the year
altogether 1,904 students enrolled for different level of
the CA Course. I believe this development as a trust and
confidence bestowed in accountancy profession by the
young talents.
Keeping with the practice of reviewing and developing
the study material, the Institute has published the study
material for all the six papers of the CAP I Level and
CAP II Level, the publication of study material of CAP
III Level is on the process.
To facilitate the students for the preparation for the CA
examination, questions banks and suggested answers
of past examinations were published. Similarly RTPs
of certain subject were also published. Similarly crash
courses was conducted twice on various subjects for
CAP II level. All together 223 students attended the
classes.
The Institute has been providing scholarship to the
talented and underprivileged students desire of pursuing
chartered accountancy education, this year full and
partial scholarship was awarded to 27 students pursuing
different level of chartered accountancy course.
In order, to give exposure to students in the international
arena, two students from CAP III level were sent
to participate in the students exchange program at
Colombo, Sri-Lanka, organized by the Institute of
Chartered Accountants of Sri-Lanka.
With a view to raise awareness about Chartered
Accountancy Education and Accounting Technician
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Course, the Institute organized career counseling

program on chartered accountancy education which
included college visits, free seminar, TV and Radio
promotional program, 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.
Accounting Technician Course
In order, to develop the middle level accounting
professional, the Institute has launched the Accounting
Technician Course under the Accounting Technician
Board. Currently 103 students are pursuing this course.
Examination
The number of students appearing in the examination
rose sharply; altogether 2,886 candidates appeared
in different level of CA examination and 61 candidates
appeared for the CA membership examination. The trend
of passing rate in different level of examination is also
increasing; during the year out of 208 candidates 15
students qualified in the CAP III/Final level examination.
Similarly, 22 candidates passed the CA membership
examination.
International Relation
The Institute has been regularly participating in various
International events of the SAFA, CAPA and IFAC. The
Institute participated in the various board meeting,
assembly and committee meeting of these accounting
bodies and put forward our issues and ideas and has
accomplished task assigned with capability.
Human Recourse Development
In order to cope with growing workload the Institute has
recruited new staff. During the year one senior officer,
one officer, eight assistant, nine junior assistants and
three office helpers were recruited. Similarly, one senior
officer, one officer and one senior assistant resigned
from their respective post.
For the human resource development, employees
were given training on accounting package, business
communication, report writing and English proficiency on
need basis. 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.
Acc o u n t a n t s
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N e p a l
Financial Result Review

On review of the financial statement for the year
2010/011, income from education activities increased
by 47% to Rs. 52.17 million against Rs 35.46 million of
the previous year. Likewise, income from membership
increased by 10%. Similarly, income from professional
development activities increased by 30% and publication
activities increased by 46% as compared to previous
year. Income from examination activities increased by
34%. The overall core activities income has increased
by 39%. The office overhead and employee expenses
increased by 73% and 5% respectively as compared to
previous year. Overall the institutes income for 2067/068
increased by 41% to Rs 90.85 million (last year Rs.
64.58 million).
The retained surplus for the year was Rs. 36.00 million
against Rs 18.01 million in previous year.
The size of balance sheet as on this year-end was Rs
105.51 million against Rs 62.64 million in previous year
and net cash outflow for the year was Rs 21.86 million
against Rs 3.79 million of the previous year.
Acknowledgement
I would like mention that all these developments
and achievements is the outcome of hard-work,
perseverance and valuable support and guidance
received from the Council Members, Past Presidents,
Regulating Authorities, Government Officials, Members
of the various standing and non standing committee,
Board and various task force, Members of the Institute,
stakeholders and staff, without their support and cooperation would not have achieved the desired results.
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 to recognize the spirit of team work and hard
works of the staffs led by CA. Binay Prakash Shrestha,
Executive Director of the Institute for their tiring effort to
drive the Institute to a greater height of progress.
Best Wishes
President
31st January 2012

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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 Council is elected every three
years. The president and vice president are elected from the fellow chartered accountants members of the Council
for the 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 Act, 2053 and Nepal Chartered
Accountants Regulation, 2061. In addition the Council has approved the following procedures for conducting its day
to day 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)
Nepal Chartered Accountants Students Association Operating Procedure - 2010
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 facilitates 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 constituted various non-standing committees. The name of
committees and the member is exhibited in the Annex 1.
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
Act
Amendment
Regulation
Amendment
Amendment
: 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
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
:
:
:
:
:
:
:
:
:
:
:
:
:
:
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)
CA. Binod B. Rajbhandari (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)
Recognition and Achievement

= First Council formed on August 1, 1997.
= ICAN became Member of SAFA in 1998
= ICAN signed MOU with ICAI in May 1998
= ICAN became Member of CAPA in 1999
= ICAN first CA Examination held in November 2000
= ICAN became Associate Member of IFAC in 2003
= ICAN signed supplementary MOU with ICAI in July 2004
= ICAN became Member of IFAC in November 2008
= Total member (July 16, 2011): Chartered Accountants: 538 (FCA-216, CA-322) Registered Auditor: 7282
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International Participation and Co-operation
President of SAFA Visits SAARC

Secretariat: Cooperation between
SAARC and SAFA.
Dignitaries at 14th SAFA Board Meeting, Dhaka, Bangladesh.
SAFA President CA. Komal Bahadur Chitracar with Director of SAARC

Secretariat Mr. Ghulam Dastgir.
CA. Komal Bahadur Chitracar, SAFA President and CA.

Paramananda Adhikari, SAFA Executive Secretary met
Mr. Ghulam Dastgir, Director of SAARC Secretariat, at
the latters office at Tridevi Marga, Kathmandu, Nepal on
7th July, 2010. During the meeting CA. Komal Bahadur
Chitracar highlighted the various activities initiated by
SAFA and programs that are to be scheduled during
2010. The SAFA President also gave a brief description
about the first SAFA Summit to be hosted by ICAN on the
theme of Sustainable Development in SAARC Region
on December 10-12, 2010 at Kathmandu. This is the first
summit to be organized in the 26 years of the history of
SAFA. Mr. Dastgir assured that SAARC Secretariat will
support such prestigious event of the SAFA.
the Institute of Chartered Accountants of Bangladesh.

On the occasion The Institute of Chartered Accountants
of Bangladesh organized an International Conference
on the theme Role of Chartered Accountants in the
Mobilization of Resources . Other delegates from ICAN
were CA. Komal Bahadur Chitracar, SAFA president,
CA. Sudarshan Raj Pandey, vice president, CA. Suvod
Kumar Karn, council member and immediate past
president, and CA. Paramananda Adhikari Executive
Secretary SAFA.
SAFA i-tag Committee Meeting,

Regional Standard Setters Conference,
India
14th SAFA Board Meeting, Committee

and Task Force Meeting - DHAKA,
BANGLADESH
A five member delegation led by CA. Sunir Kumar
Dhungel president, attended the 14th SAFA Board
Meeting, various committees meeting and 71st SAFA
assembly meeting from August 8th-9th 2010 hosted by
10

Delegates at SAFA I-TAG committee meeting .
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During the Congress four preliminary sessions and thirty

five concurrent sessions were organized. During the
program SAFA organized a forum on Implementation of
IFRS and IPSAS in developing countries.
Delegates at RSS conference.
CA. Sunir Kumar Dhungel, president and CA.

Paramananda Adhikari Executive Secretary SAFA
attended the SAFA I-TAG Committee meeting on
November 29th -30th 2010 and RSS Conference
held from November 30th -1st December 2010 at New
Delhi, India. In the conference discussion were made
on current activities for Accounting Standard in SAFA
Countries and the process of convergence and adoption
of IFRS. The I-TAG committee meeting also finalized
the winner of the SAFA BPA Award 2009, the award
was distributed during the SAFA Summit, 2010 held in
Kathmandu.
18TH World Congress of Accountants
CA. Komal Bahadur Chitracar, SAFA President, CA. Sunir

Kumar Dhungel, President, CA. Sudarshan Raj Pandey,
Vice President, CA. Suvod Kumar Karn, Immediate past
president CA. Mudhu Bir Pande, Council Member, CA.
Sujan Kumar Kafle, Council Member, RA. Mohan Raj
Regmi, Council Member, RA. Dev Bahadur Bohara, RA.
Krishna Prasad Poudel and CA. Paramananda Adhikari,
SAFA Executive Secretary participated in the congress.
International conference on the theme:

Accountancy Profession: Catalyst to
Sustained Economic Growth
CA. Sunir Kumar Dhungel, president led a seven member
delegation to participate in the International conference
organized by The Institute of Chartered Accountants
of India (ICAI) on the theme:Accountancy Profession:
Catalyst to Sustained Economic Growth on January 4th
- 6th in New Delhi. The conference dealt on the issue
of contemporary relevance to accountancy profession,
and deliberated on issue related to governance, financial
engineering, regulatory compliance, creation of stake
holder values, corporate social responsibility etc.
Around 1100 delegates attended the conference from
across the world. This conference proved to be an
apt opportunity for accountancy professionals and
provide opportunity to update themselves on emerging
paradigms in the context of International Economic
Development and changes.
Nepalese Delegates at WCOA 2010 with Nepalese Ambassador to Malaysia

Dr. Rishi Adhikari
The 18th world Congress of Accountants was held in

Kuala Lumpur, Malaysia on November 8th - 11th 2010
CA. Sunir Kumar Dhungel, president and panelists

at the session remarked that he was proud to be a
member of ICAI and highlighted about the close relation

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between ICAN and ICAI and various arrangements and

memorandums that the Institute had undergone in the
past.
The other members of delegation were CA. Sudarshan
Raj Pandey, vice president, CA. Binay Prakash Shrestha,
Executive Director ICAN, CA. Paramananda Adhikari
SAFA executive secretary, Mr. Binod Neupane joint
director, and CA. Achyut Raj Joshi.
CAPA AND IPSAS Meeting - Korea

CA. Sunir Kumar Dhungel, president participated in the
CAPA board meeting and IPSAS meeting held in Korea
on May, 2011. The other delegates were CA. Sudarshan
Raj Pandey, vice president, CA. Sujan Kumar Kafle,
council member and RA Mohan Raj Regmi, council
member.
Acc o u n t a n t s
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N e p a l
Accountants of Pakistan on April 9th -10th , 2011 at

Karachi, Pakistan. The other member of the delegation
was CA. Suvod Kumar Karn, Council Member and
Immediate past president.
72nd SAFA Assembly Meeting, Chennai,

India
The 72nd SAFA Assembly meeting was hosted by
the Institute of Cost and Works Accountants of India
(ICWA)on January 9th 2011, at Chennai, India. CA.
Sudarshan Raj Pandey, vice president, CA. Komal
Bahadur Chitracar, president SAFA, CA. Suvod Kumar
Karn, Immediate past president and Board Member
SAFA Board Meeting and Committee

Meeting- Pakistan
Participants at the 72nd SAFA Assembly Meeting at Chennai, India.
CA. Sunir Kumar Dhungel, president led a delegation

to attend the 16th SAFA board meeting and committee
meeting hosted by the Institute of Cost and Management
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and CA. Paramananda Adhikari, Executive Secretary

of SAFA attended the meeting. On the occasion, Mr. AN
Raman of ICWAI was elected as a President of SAFA
for the year 2011.
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Events and Activities
Oath taking ceremony of the newly

elected President and Vice President
Officiating Auditor General Mr. Khem Prasad Dahal administering oath of

office to the newly elected president.
Newly elected president CA. Sunir Kumar Dhungel and

vice president CA. Sudarshan Raj Pandey took oath
of office for the 2nd tenure of 5th Council for the year
2067/068 amidst a function held on Shrawan 7, 2067.
During the program Chief Guest Officiating Auditor
General Mr. Khem Prasad Dahal administered oath of
office to the newly elected president. Likewise newly
elected vice president CA. Sudarshan Raj Pandey
was administered oath of office by the newly elected
president CA. Sunir Kumar Dhungel. In the inaugural
speech, president CA. Sunir Kumar Dhungel expressed
his appreciation on and seeked co-operation from all
concerned for the implementation of plans and programs
that will be launched during his tenure.
Similarly, immediate Chief Guest Mr. Khem Prasad
Dahal, CA. Komal Bahadur Chitrakar, SAFA president
congratulated the newly elected president and vice
president and wished them for their successful tenure.
Similarly immediate past president CA. Suvod Kumar
Karn highlighted the various achievements and initiatives
taken during his tenure. The program concluded with a
vote of thanks from the newly elected vice president,
National BPA Award- 2009
Representative of Butwal Power Company Limited receiving the BPA

Award.
Amidst a ceremony held on Shrawan 7, 2067 the national BPA

Award 2009 was awarded to organization for their adequate
disclosures in financial statement and in the annual report.
The criteria for evaluation for the BPA awards are done as
per criteria laid down by the SAFA. Chief Guest, Officiating
Auditor General Mr. Khem Prasad Dahal distributed the
award to the winning organizations and certificates to the
participant organizations. The winner of the national BPA will
be nominated for the SAFA BPA Awards 2009. Following
organizations were awarded the National BPA awards 2009.
S.N
Sector
Winner
1st Runner-up
2nd Runner Up
1.
Banking Sector Subject

to Prudential Supervision
Nabil Bank Ltd.
Global Bank
Ltd.
Everest Bank
Ltd.
2.
Non-Banking Financial
Sector Not Subject to
Prudential Supervision
(Financial
Institutions)
Annapurna
Finance Co. Ltd.
Ace Development Bank Ltd.
United Finance
Ltd.
3.
Non-Banking Financial
Sector Not subject to
prudential Supervision
(Insurance
Companies)
Everest
Insurance Co.
Ltd.
Prudential
Insurance Co.
Ltd.
Nepal
Insurance
Co. Ltd.
4.
Manufacturing Sector
Butwal Power
Company Ltd.
Unilever
Limited
5.
Hospitality, Health,
Transportation and
shipping Sector etc
Orientals Hotels
Ltd.
6.
Public Sector Entities
Karja Suchana
Kendra Ltd.

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N e p a l
14th Anniversary of the Institute
Rt. Honorable Prime Minister Mr. Madhav Kumar Nepal inaugurating 14th anniversary programme .
Similarly, Guest of Honor Mr. Rameswore Khanal,

Finance Secretary addressing the program appaluded
the Institute for its positive step for the development of
the accounting profession in a very short period. Mr.
Khanal also pointed some short comings prevailing in
the accounting profession and hope to correct such short
comings in future.
Rt. Honarable Prime Minister receiving token of gratitude from

The Institute celebrated its 14th Anniversary amidst a

function held on Magh 17, 2067. The Chief Guest Rt.
Honorable Prime Minister Mr. Madhav Kumar Nepal
inaugurated the function. While addressing the program
Mr. Nepal expressed his appreciation to the Institute for
its endeavor in the development of accounting profession
in the country. Mr. Nepal, also emphasized that the
auditors should abide by their Code of Ethics while
auditing and also urged them to audit within the frame
work as prescribed by the professional standards and
wished the Institute in achieving its goal.
14

Similarly Guest of Honor Officiating Auditor General

Mr. Khem Prasad Dahal expressed appreciation to
the institute for its contributions for development and
expansion of accounting profession.
During the occasion, students securing highest mark
at various levels of chartered accountancy course
examination were felicitated by the Chief Guest Rt.
Honorable Prime Minister Mr. Madhav Kumar Nepal
with medals and certificates. Similarly staff for their
outstanding contribution to Institute was awarded the
best staff for the year. The program concluded with a
vote of thanks from CA. Sudarshan Raj Pandey vicepresident.
Amendment in ICAN Regulation, 2061

Certain provision in the Nepal Chartered Accountant
Regulations has been amended with effect from Poush
20, 2067 as per the decision of Ministerial Level.
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
SAFA Summit -2010
His Excellency Dr. Ram Baran Yadav, President of Nepal inaugurating the
first SAFA Summit
His Excellency Dr. Ram Baran Yadav, President of

Nepal inaugurated the first SAFA Summit organized
by the Institute of Chartered Accountants of Nepal on
December 10-12, 2010, at Kathmandu on the theme
Sustainable Development in SAARC Region. President
Dr. Ram Baran Yadav in his opening remarks stressed
on developing sustainable program for the benefit and
welfare of the people in SAARC region. This is the first
time that a SAFA Summit was held in the 25 yrs of
establishment of SAFA. During the Summit technical
papers were presented by reputed experts from South
Asian Countries. The summit was attended by eminent
personalities from the SAFA countries. The summit
concluded with a SAFA declaration 2010.
During the occasion SAFA Board Meeting and SAFA

Committee Meeting on Harmonization of Fiscal Tariff Regime
and SAFA I-TAG Committee Meeting were also held.
SAFA BPA Award 2009 winners with Finance Minister Mr. Surendra Pandey.
On the last day of the summit SAFA BPA Award 2009

were presented to the winners by the Chief Guest
Honorable Finance Minister Mr. Surendra Pandey.
Seminar on IFRS Issues and Challenges
CA. Pradeep Kumar Shrestha presenting the technical paper.
Delegates at the meeting on SAFA Harmonization of Fiscal Laws and Tariff

Regime.
The Institute organized a seminar on the theme IFRS:

Issues and Challenges on 31st January 2011(17th Magh
2067). The seminar was inaugurated with a welcome
speech by CA. Sunir Kumar Dhungel, president ICAN.
In his welcome speech Mr. Dhungel highlighted the
importance and challenges of IFRS keeping in view on
the pretext the Institutes forwarding to adopt the IFRS.
15
T h e
I n s tit u t e
o f
C h a rt e r e d
Workshop for Strategic Partners on

Institutional Annual Audit
Danida Hugou organized a day workshop program
on 5th August 2010 at Hotel Malla, Kathmandu to its
partner organizations on the theme Institutional Annual
Audit. The workshop was conducted by the Institute.
The workshop facilitates to enhance the quality of
Acc o u n t a n t s
o f
N e p a l
of accounting and auditing training on member capacity

building was organized for the members. The training were
held at Dhangadi, Chitwan, Nepalgunj and Pokhara on
25th and 26th Chaitra, 2067, 23rd and 24th Baishakh, 2068,
9th, 10th and 11th Ashad, 2068 and 18th and 19th Ashad,
2068 respectively. Atogether 160 participants participated
in the program.
ISA Course
To enhance the Information System Auditing Capacity of
chartered accountant member, the Institute organized ISA
Course with technical assistance from ICAI. The training was
facilitated by expert from ICAI, India. Twenty seven chartered
accountant members participated in this program.
Similarly, the Institute conducted ISA eligibility test on May
31st, 2011. Out of 23 Chartered Accountants who sat for the
ISA eligibility test, 14 received the ISA course certification.
Participants at the workshop for strategic partners on Institutional Annual

Audit.
CPE Training
audit and audit reports. The resource persons of the

workshop were CA. Paramananda Adhikari, technical
director of ICAN, CA. Mahesh Khanal, council member
and CA. Gyanendra Bahadur Bhari. The workshop was
participated by senior executives and finance chiefs from
all the Strategic Partner Organization.
During the year, a total of 41 CPE training were conducted.

The Institute conducted 11 trainings inside Kathmandu
and 5 trainings outside Kathmandu and 27 trainings were
outsourced out of which 9 trainings were conducted inside
Kathmandu and 18 trainings outside Kathmandu.
Members Capacity Building Training
Various topics relating to accounting, auditing, taxation

and others topics relating to auditing profession were
included in the training program. Altogether 4050
participants benefited from the training program.
With a view to enhance the skill and knowledge and to

update the members on the recent development in the field
International Financial
Reporting Standards
(IFRS) Certification Course
Group photo of IFRS Certification course resource person and participants.
16

ICAN organized an IFRS certification

course from 3rd to 14th June, with the
technical assistance from the Institute
of Chartered Accountants of India. The
course was designed to provide indepth
knowledge of IFRS as Nepal is schedule
to converge to IFRS effective from mid July
2012. The program was inaugurated by
CA. Amarjit Chopra chairperson of IFRS
Implementation Committee of ICAI, The
designated resource person from India
shared not only the technical aspects but
T h e
I n s tit u t e
o f
C h a rt e r e d
also the practical experiences relating to IFRS.The certification

course was participated by members of ICAN along with
officials from different organizations.The main objectives of the
course was to enhance the confidence among the investor,
bankers and the general public towards capital market by
Acc o u n t a n t s
o f
N e p a l
pronouncing the standards of disclosure in financial reporting

practices. Altogeter, 47 participants participated in the seven
day training. CA. Sunir Kumar Dhungel, President ICAN, and
CA. Sudarshan Raj Pandey, vice president ICAN were also
present on the occasion.
Interaction Program with Beema Samiti
Participants of interaction programme with Beema Samiti
An interaction program with Beema Samiti was held on

Asadh 26th 2068. The interaction program focused on the
existing act and regulations, professional standard and
problem arising during audit of the insurance companies.
The program was chaired by CA. Sunir Kumar Dhungel,
President ICAN. Dr. Fatta Bahadur K.C, Chairman of

Beema Samiti was also present during the program.
Mr. Prakash Khanal, Deputy Director of Beema Samiti
presented the working paper regarding the challenges on
auditing of insurance companies.

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
Member Affairs
New Members
During the year, altogether 49 new chartered accountants
have been enrolled as chartered accountant member
of the Institute. With this addition, the total number of
chartered accountant members has reached 538.
number of registered auditor members holding COP has

thus reached 6688 including upgraded.
FCA Conferred
The total Registered Auditor Members as on July 16th,

2011 is 7282
The Institute conferred Fellow Chartered Accountant

Member to 9 chartered accountant members upon
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 41 chartered accountant members.
The number of chartered accountant member holding
COP has thus reached 497.
CA qualified from ICAI obtain

membership
Similarly, the Institute has granted Certificate of Practice

(COP) to 19 registered auditor members. With this the
The Institute has granted membership to 36 Chartered

Accountants qualified from ICAI, upon fulfilling the
requirement as per the Nepal Chartered Accountant Act
Member Status
The status of member for the year 2067/068 is as follows:
Renew Figures From 2067.04.01 To 2068.03.32
Membership
Total
18
COP
Renewed
Total
Firms
Renewed
Total
FCA
216
168
77.78
FCA
187
133
71.12
CA
322
266
82.61
CA
310
199
64.19
Sub Total
538
434
80.67
Sub Total
497
332
66.8
RA-B
3363
2320
68.99
RA-B
3109
1771
RA-C
1578
1005
63.69
RA-C
1437
RA-D
2341
1549
66.17
RA-D
Sub Total
7282
4874
66.93
Grand Total
7820
5308
67.88
Renewed
FCA/CA
406
261
64.29
56.96
RA-B
870
668
76.78
844
58.73
RA-C
302
205
67.88
2142
1398
65.27
RA-D
193
147
76.17
Sub Total
6688
4013
60
Sub Total
1366
1020
74.67
Grand Total
7185
4345
60.47
Grand Total
1772
1281
72.29

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
3500
3500
3000
3000
2500
2500
2000
2000
1500
1500
1000
1000
500
500
o f
N e p a l
0
FCA
CA
RAB
RAC
RAD
FCA
CA
RAB
RAC
RAD
COP Status (2067/68)
Member Status (2067/68)
900
800
700
600
500
400
300
200
100
0
FCA/ CA
RAB
RAC
RAD
Audit Firm Status (2067/68)
Listing of Auditors by the District Development Committee for the Audit of VDCs
Abolished
As a result of continuous consultation and dialogues in various stages between the officials of Ministry of Local
Development (MoLD) and the Institute, the Government of Nepal (Secretary Level) has decided to end the provision
of listing of auditors in the respective entities. As per the agreement between the Institute and MoLD, the former shall
provide and updated list of valid COP holder Members to the entire 75 district Development Committees.
In the similar way the provision of annual listing of auditors for the purpose of audit of education department has
also been discarded.

19
T h e
I n s tit u t e
o f
C h a rt e r e d
o f
N e p a l
Disciplinary Action Taken
CA Membership Examination
In pursuance of section 14(5)(c) of the Nepal Chartered

Accountants Act 1997, the council of the Institute
has debarred the following members from practicing
accounting profession as they were found guilty of
professional misconduct and non compliance with code
of ethics.
The result of the CA membership Examination held on

November 2009 and May 2010 is as follows:
1. RA. Tej Narayan Lal Kayastha, Membership No 1351 COP No - 458 Debarred from Practising for 3
months
CA Membership Examination held on

November 2010
Total appeared Candidate 32
Qualified 9
CA Membership Examination held on May 2010
2. RA. Sanjay Raj Ghurugharana, Membership No 3173 COP No - 3046 Debarred from practicing for
6 months
Total appeared Candidate - 29

Qualified 13
3. RA. Narendra Luitel, Membership No - 6676 COP

No - 2432 Debarred from practicing for 6 months
Upgradation of COP of Registered

Auditor Members.
4. RA. Rameswore Narayan Suwal, Membership No

- 1498 COP No - 58 Debarred from Practicing for 3
months
20
Acc o u n t a n t s

As per the provision of upgradation as laid down in the

Nepal Chartered Accountants Act, registered auditors
members upgraded from their respective class in the
fiscal year 2010/2011 is as follows:
From C to B 6
From D to C 2
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
Student Affairs
Students Enrollment
Scholarship Distribution
During the year, overwhelmed response has been

received from the students interested in pursuing
chartered accountancy education. This is reflected in
the enrollment status of students pursuing chartered
accountancy course, during the year altogether 1916
students enrolled for different level of the chartered
accountancy course and 30 students enrolled for the
accounting technician course. This development is a trust
and confidence bestowed in accountancy profession by
the young talents
The Institute in its endevour to provide CA education to

the underprivileged and needy students and academic
excellence has been providing partial and full scholarship
every year to student pursuing chartered accountancy
course. A program was organized to announce the full
and partial scholarship to the CA students studying
at different levels of chartered accountancy course.
Altogether, 27 students studying at different levels
The status of student enrollment for the various levels

of chartered accountancy course and accounting
technician course during the past 5 years is as follows
Level
063/64
064/65
065/66
066/67
2067/68
Foundation
672
898
Intermediate
147
217
Final
47
58
CAP I
1113
954
1223
CAP II
461
608
590
CAP III
68
101
103
AT
73
30
CA. Sunir Kumar Dhungel handing over the scholarship amount to the
student.
Status of Student Enrollment
1400
1200
1000
800
2063/64
600
2064/65
400
2065/66
2066/67
200
2067/68
0
Foundation Intermediate
Final
CAP I
CAP II
CAP III
AT

21
T h e
I n s tit u t e
o f
C h a rt e r e d
received the scholarship. The scholarship amount has

been provided to the students on the basis of need
cum merit basis selected by the scholarship selection
committee. CA. Sunir Kumar Dhungel presented the
scholarship to the students. During the program CA.
Paramananda Adhikari, Director of the Institute briefed
about the scholarship scheme, objectives and selection
procedure.
S.No
CAP III
CAP II
CAP I
Total
Full
14
23
16
27
Scholarship
Partial
Scholarship
Total
Crash Course
The Institute in its endeavor to provide quality education
to the students, conducted crash course on various
subjects based on the specific needs of the students in
the core subjects. Crash Course for CAP II Level was
organized from 26th September to 11th November 2010
and 4th April to 8th May, 2011 for students appearing for
the December 2010 and June 2011 CA examination
respectively. The course aimed at providing technical
details and short guidance with a special focus on
clarifying the students queries on the course matters.
The course covered accounting, auditing, corporate
Law, finance, costing and tax. A total 109 Students for
December examination and total 114 Students of June
examination attended the classes respectively.
Question Bank, Revision Test Papers

and Suggested Answers Published
With an objective to provide adequate practice for
the students to enhance their performance in the
CA final examination, question bank of the past year
examinations, revision test papers (RTP) and suggested
answer for all levels were published.
student Exchange Program

Inorder to give International exposure to students, Mr.
Anil Odari and Mr. Shiva Hari Shilwal of CAP-III Level
participated in the Student Exchange Program organized
by the practicing accountants chartered students society
22

Acc o u n t a n t s
o f
N e p a l
(PACSS) of the Institute of Chartered Accountants of SriLanka (ICASL) from April 6th to 7th 2011, at Colombo,
Sri Lanka.
Study Material Published

The Institute in its endeavour to publish the study material
has published the study materials of all subjects of CAP
I and six papers of CAP II levels. The study materials are
distributed free of cost to the students registered in the
CAP I and CAP II level. The books are also available on
sale at the institute.
Career Counselling Programme

With a view to raise awareness about chartered accountancy
education, the Institute during the year organized career
counselling program on chartered accountancy education,
which included college visits, free seminar, TV and Radio
promotional program and participated in career fair in
different part of the country. The program highlighted a
detailed deliberation on the eligibility criteria for enrollment
in CA course, future prospectus, 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.
Chartered Accountancy Examination

The Chartered Accountancy Examinations of the
December 2010 and June 2011 have been conducted
successfully. In December 2010 CA Examination,
altogether 593 students of CAP-I/Foundation, 654
students of CAP-II/ Intermediate and 98 students of
CAP-III/Final level students appeared their examination.
Similarly, in June 2011 CA examination, altogether 651
students of CAP-I/Foundation, 772 students of CAP-II/
Intermediate and 118 students of CAP-III/ Final level
students appeared their examination.
161 students of CAP-I/Foundation, 49 students of
CAP-II/ Intermediate and 3 students of CAP-III/Final
level students were qualified in December 2010 CA
Examination. Similarly, altogether 249 students of CAP-I/
Foundation, 57 students of CAP-II/Intermediate and 12
students of CAP-III/ Final level students were qualified
in June 2011 CA Examination.
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
The details of the result of the chartered accountancy Examinations are as Follows:
Details of the Result of December 2010

Foundation
Group
Group
Intermediate
Both
Group
Group
Final
Both
Group
Group
CAP I
Both
Group
CAP II
Group
Both
Group
Group
CAP III
Both
Group
Group
Both
II
II
II
II
II
II
Applicants
10
13
25
13
14
15
17
24
69
66
471
114
106
414
13
27
Appeared
10
10
24
13
13
14
14
23
63
59
448
99
99
406
12
27
Passed
45
51
132
12
44
32
Qualified
157
44
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 2011

Foundation
Group
Group
Intermediate
Both
Group
Group
Final
Both
Group
Group
CAP I
Both
Group
CAP II
Group
Both
Group
Group
CAP III
Both
Group
Group
Both
II
II
II
II
II
II
Applicants
16
20
15
16
77
73
510
126
118
531
17
15
45
Appeared
15
17
13
16
73
71
492
119
102
522
16
13
43
Passed
11
73
61
196
62
11
17
Qualified
10
246
50

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.
The Institute has awarding merit holder students with various medals incepted by the members. Following are the
recipient of the medal for the December 2010 and June 2011exaination.
Recipients of Awards for the CA Examination, December 2010

S.No
Medal fund
Regd.No
1.
K.B Chitracar Gold Medal
Standing Rank First in CA Final
2.
B.K Agrawal Gold Medal
Standing Rank First in CAP-II
Name of recipients
FN 00140
Mr. Sijan Shrestha
KI 1555
Mr. Priyatam
level examination
(Intermediate Level) examination
3.
Narayan Bajaj Silver Medal
Standing Rank Second in CAP-II
Shrestha
KI 1577
(Intermediate Level) Examination

4.
Prakash Jung Thapa Gold Medal
Securing Highest marks in
Ms. Manisha
Acharya
FN 00140
Mr. Sijan Shrestha
Advanced Accounting in CA Final

level examination
Ms. Pramila Shrestha (Regd No.KF 004127) Scoring 445 marks stood First Rank in CAP-I (Foundation Level)
Examination in December 2010.

23
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
Recipients of Awards for the CA Examination, June 2011

S.No
1.
Medal fund
K.B Chitracar Gold Medal
Regd.No
Standing Rank First in CAP - III ( Final FN 00240
Name of recipients
Mr. Umesh Raj Pandey
Level) examination
2.
B.K Agrawal Gold Medal
Standing Rank First in CAP-II
KI 1914
Mr. Bipin Raj Amatya
KI 1982
Ms. Alisha Shrestha
(Intermediate level) examination

3.
Narayan Bajaj Silver Medal
Standing Rank Second in CAP-II

(Intermediate Level) examination
4.
Prakash Jung Thapa Gold Medal
Securing Highest marks in Advanced FN 00240
Financial Reporting (Advanced Accounting)

in CAP III (Final Level) examination
5.
Dr. Govind Ram Agrawal Gold Medal
Securing Highest marks in Strategic FN 00240
Management& Decision Making Analysis

in CAP-III (Final Level) examination
Mr. Samir Raj Satyal (Regd No.KF 004647) Scoring 457 marks stood First Rank in CAP-I (Foundation Level)
Examination in June 2011.

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
Staff Affairs
To cope with the increasing work-load as the Institute

venturing with new activities, the Institute has appointed
the following staff.
Mr. Chudamani Acharya
Mr. Manoj Giri
Mr. Sanoj bhattarai
Ms. Kumari Jyotsna
Mr. Ram Kumar Nepal
Mr. Amod Khanal
Mr. Umesh Regmi
Ms. Sweta Chitracar
Mr. Kumar Thapa
Ms. Krishna BC
Ms. Samita Dangol
Mr. Prayas Shakya
Ms. Sabina Maharjan
Ms. Binu Thapa
Mr. Hardulal Chaudhary
Ms. Anima Maharjan
Ms. Anita Bhandari
Mr. Anup Maharjan
Mr. Shivahari Nepal
Mrs. Sarita Ghimire
Mr. Shiva Bhattarai
Sr. Officer
Officer
Assistant
Assistant
Assistant
Assistant
Assistant
Assistant
Assistant
Assistant
Jr. Assistant
Jr. Assistant
Jr. Assistant
Jr. Assistant
Jr. Assistant
Jr. Assistant
Jr. Assistant
Jr. Assistant
Office Helper
Office Helper
Office Helper
Staff resignation
during the year following staff members have resigned
from their respective posts.
1.
2.
3.
Mr. Bishnu Prasad Subedi Senior Officer

Mr. Manoj Giri Officer
Mr. Pramod Nepal Senior Assistant
Staff Felicitation
On the occasion of the 14th Anniversary of the Institute
Mr. Mahesh Chitrakar, Senior Officer, and Mrs. Sita
Adhikari were felicitated as best staff by Rt. Honorable
Prime Minister Mr. Madhav Kumar Nepal for their
outstanding performance and contribution to ICAN.
Blood Donation Program

Nepal Chartered Accountants Employee Union and
Nepal Chartered Accountants Students Association has
jointly organized blood donation program on Magh 5th
2067 at the premises of the institute. Nepal Red Cross
Society facilitated the program. All together 120 donors
donated the blood.
In-House Staff Training Leadership

through Excellence
The Institute organized a two days in-house training
for the staff members of the Institute with a view to
upgrade skill and knowledge of the staff. The training
focused on the skill development, time management and
motivational process and meditation. Thirty six Staffs
participated in the in-house training.
Extracurricular activities
Nepal chartered Accountants Employee union with the
Institute organized various outdoor and indoor games
like Chess tournament, Quiz Contest etc facilitated by
the Institute.

25
26

o f
Mr. Krishna BC, Mr. Binaya Paudel, Mr. Anup Maharjan, Mr. Bipin Tiwari, Mr. Shiva Chauhan, Mr. Shiva Bhattarai,
Mr. Shiva Nepal, Mrs. Binu Thapa, Ms. Samita Dangol, Mr. Bhola Ghimire
Mr. Ram Kumar Nepal, Mr. Basanta K.L. Ranjitkar, Mr. Sanoj Bhattarai, Mr. Mahesh Chitrakar, Ms. Anita Bhandari,
Ms. Pragya Aryal, Ms. Radhika Khatri, Ms. Sweta Chitrakar, Ms. Anima Maharjan, Mrs. Sita Adhikari, Mrs. Ganga
Chaudhari, Mr. Hardulal Chaudhari, Mr. Bhakta Bdr. Karki, Mrs. Meena Budhathoki, Mr. Kumar Thapa, Mr. Chudamani
Adhikari, Mr. Madav Narayan Kachhyapati
Staff Members of ICAN

Acc o u n t a n t s
Third Row
:
L-R :

L-R :
C h a rt e r e d
Second Row :
Ms. Goma Raut, Mr. Shyam Mani Dahal, Mr. Pushpendra Singh, Mr. Binay P. Shrestha, Mr. Paramananda Adhikari,
Mr. Binod Neupane, Mrs. Samjhana U. Tuladhar, Mr. Khor Nath Lamichhane.
o f
L-R :
I n s tit u t e
First Row
T h e
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

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
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 - I
Standing and Non Standing Committees and Member for the year 2010-2011
As per the Nepal Chartered Accountant Act, four standing committee, 14 non standing,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 2010-2011 are as follows:
Standing Committees
4. Examination Committee
1. Executive Committee
S.N
Name
Position
S.N
Name
Position
President
Chairman
Vice President
Chairman
Member
CA. Mahesh Khanal
Member
Member
Member
Secretary
Mr. Suresh Pradhan
Member
CA. Bhaskar Singh Lala
Member
CA. Prabin Dhoj Joshi
Member
Mr. Shyam Mani Dahal
Secretary
2. Professional Development Committee

S.N
Name
Position
Chairman
CA.Sudarshan Raj Pandey
Vice Chairman
CA. Suresh Devkota
Member
RA. Bhuwan Prasad Acharya
Member
Mr. Dev Bahadur Bohora
Member
CA. Jagadish Agrawal
Member
RA. Dol Prasad Dahal, RA
Member
Mr. Binod Prasad Neupane
Secretary
3. Disciplinary Committee
38
Non Standing Committees

1. Editorial Committee
S.N
Name
Position
Chairman
S.N
Name
Position
Member
CA. Madhu Bir Pande
Chairman
CA. Bishnu Prasad Bhandari
Member
Member
CA. Prakash Basyal
Member
Member
CA. Santosh Jha
Member
RA. Mohan Raj Regmi
Member
CA. Prakriti Tuladhar
Member
CA. Bharat Rijal
Member
CA. Bikram Khadka
Member
RA. Badri Prasad Bhattarai
Member
CA. Santosh Ghimire
Member
Mr. Ghanshyam Upadhyay
Member
RA. Kedar Nath Paudel
Member
Ms Goma Raut
Secretary
10
Mr. Binod Prasad Neupane
Secretary

T h e
I n s tit u t e
o f
C h a rt e r e d
2. Education Committee
Acc o u n t a n t s
o f
N e p a l
Mr. Nava Raj Bhandari
Member
CA. Vijay Bahadur Shah
Member
S.N
Name
Position
CA. Parmeshwor Mahaseth
Member
Chairman
RA. Ambika Prasad Ghimire
Member
CA. Suresh Devkota
Member
Secretary
CA. Dr. Govind Ram Agrawal
Member
CA. Kumud Tripathy
Member
6.
Audit Committee
CA. Parakram Nath Sharma
Member
S.N
Name
Position
CA. Bijaya Raj Ghimire
Member
Chairman
CA. Achyut Raj Joshi
Member
RA. Mohan Raj Regmi
Member
CA. Chandra Kanta Bhandari
Member
Mr. Suresh Pradhan
Member
RA. Dhruba Paudel
Member
Ms. Goma Raut
Secretary
10
CA. Paramananda Adhikari
Secretary
3. Ethics Committee
7. Scholarship Selection Committee

S.N
Name
Position
S.N
Name
Position
Chairman
CA. Kaushalendra Kumar Singh
Chairman
Member
Member
Member
Member
CA. Dr. Govind Ram Agrawal
Member
CA. Anup Kumar Shrestha
Member
CA. Bhuban Kandel
Member
CA. Sushant Shrestha
Member
CA. Chhetra Gopal Pradhan
Member
RA. Balkrishna Ghimire
Member
Mr. Yadav Prasad Neupane
Member
RA. Nava Raj Sapkota
Member
Secretary
Ms. Goma Raut
Secretary
8.
Law Reform Committee
4. CPE Committee
S.N
Name
Position
S.N
Name
Position
Chairman
Chairman
RA. Bhuwan Prasad Acharya
Member
CA. Madhu Bir Pande
Member
CA. Harisharan KC
Member
CA. Surendra Man Pradhan
Member
CA. Nirajan Simkhada
Member
CA. Sudhir Sharma
Member
CA. Madhu Sudan Jangam
Member
CA. Shyam Kumar Mahato
Member
RA. Dinkar Man Singh Pradhan
Member
CA. Ashish Garg
Member
RA. Murari Bhattarai
Member
CA. Suraj Basnet
Member
CA. Pushpendra Singh
Secretary
CA. Ranjit Kumar Yadav
Member
CA. Abhisek Man Singh
Member
10
RA. Mira Shrestha
Member
S.N
Name
Position
11
RA. Tul Bahadur Shrestha
Member
Chairman
12
Mr. Binod Neupane
Secretary
Mr. Naba Raj Bhandari
Member
CA. Shiva Nath Pandey
Member
5. International Affairs Committee
9. Expert Advisory Committee
CA. Gopal Kumar Shrestha
Member
S.N
Name
Position
CA. Gopal Kumar Agrawal
Member
CA. Bijay Kumar Agrawal
Chairman
RA. Parbat Acharya
Member
Member
RA. Hari Sharan Pudasaini
Member
Member
Secretary

39
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. Information Technology Committee

S.N
Name
Position
CA. Suman Rayamaghi
Member
RA. Nutan Bajracharya
Member
Mr. Binod Neupane
Secretary
Chairman
CA. Pramod Nath Pyakurel
Member
CA. Narayan Krishna Joshi
Member
CA. Sanjay Chaudhary
Member
14. Accounting Technician Boardme
RA. Hem Raj Lamichhane
Member
S.N
Name
Position
Secretary
Chairman
CA. Mahesh Khanal
Member
CA. Pramod Kumar Swarnakar
Member
Mr. Suresh Pradhan
Member
RA. Tanka Prasad Pandey
Member
Mr. Ram Chandra Poudel, (R.C Bimal)
Member
Secretary
CA. Pushpendra Singh
11. Small and Medium Practice (SMP)

Committee
40
S.N
Name
Position
Chairman
Member
CA. Gyanendra Bahadur Bhari
Member
CA. Prakash Lamsal
Member
CA. Navaraj Thapaliya
Member
RA. Ram Prasad Bidari
Member
RA. Rajan Regmi
Member
Secretary
12
Advisory Committee
S.N
Name
Position
CA. Tirtha Raj Upadhayay
Chairman
Member
CA. Gopal Prasad Rajbahak
Member
CA. Prabhu Ram Bhandary
Member
Member
CA. Pradeep Kumar Shrestha
Member
CA. Pushpa Lall Shrestha
Member
CA. Narayan Bajaj
Member
CA. Binod Bdr Rajbhandary
Member
10
CA. Ratna Raj Bajracharya
Member
11
CA. Tanka Prasad Paneru
Member
12
Secretary
13
Monitoring Committee
S.N
Name
Position
Chairman
CA. Muralidhar Tiwari
Member
CA. Jagadish Bhattarai
Member
CA. Jeeban Prasad Paudel
Member
CA. Shanker Kharel
Member

15. Peer Review Board

S.N
Name
Position
Chairman
CA. Satish Chandra Lal
Member
CA. Sashi Satyal
Member
CA. Mahesh Kumar Guragain
Member
RA. Kamal Kharel
Member
Secretary
16. Building Committee

S.N
Name
Position
Chairman
2
3
CA. Mahesh Khanal
Member
RA. Mohan Raj Regmi
Member
Mr. Dev Bahadur Bohara
Member
CA. Subash Kumar Jhunjhunwala
Member
CA. Umesh Dhakal
Member
RA. Dilip Dhungana
Member
RA. Ganesh Raj Rai
Member
RA. Rajendra Shrestha
Member
10
Secretary

41
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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
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 - III
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.
42
NASs
IASs
Effective Date
(Original)
Name
Revised Date
Framewor k for the Preparation and Presentation of Financial

Statements
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)

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
IFRS 5
Non-current Assets Held for Sale and Discontinued Operations
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
The following Nepal Accounting Standards are for voluntary compliances:

S.No.
NASs
IASs
Name
Effective Date
(Original)
Effective Date
14
19
Employee Benefits
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
21
IFRS 3
Business Combinations
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
23
14
Segment Reporting
1 Shrawan 2064
(17 July 2007)
6 Shrawan 2064
(22 July 2007)
24
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)
2. Nepal Standards on Auditing (NSAs)

Standards on Quality Control.
NSAs
Revised
Serial
Number
Existing
NSAs
S. No.
Effective Date
(Original)
Name
Revised Date
01
NSQC 1
Nepal Standards on Quality Control (NSQC)1: Quality

control for firms that perform audits and review of historical
Financial Information and other. Assurance and related
Service Engagement
1 Shrawan 2065
(16 July 2008)
02
Preface to the Nepal Standards on Quality Control,

Auditing, Review, and other Assurance and related Service.
1 Shrawan 2065
(16 July 2008)
03
Nepal Framework for Assurance Engagements
1 Shrawan 2062
(16 July 2005)
1 Shrawan 2065
(16 July 2008)

43
T h e
44
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 Statements
1 Shrawan 2060
(17 July 2003)
1 Shrawan 2065
(16 July 2008)
05
02
210
Terms of Audit Engagements
1 Shrawan 2060
(17 July 2003)
1 Shrawan 2065
(16 July 2008)
06
03
230
Audit Documentation
1 Magh 2060
(15 January
2004)
1 Shrawan 2065
(16 July 2008)
07
04
500
Audit Evidence
1 Magh 2060
(15 January
2004)
08
05
240
The Auditors 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

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

1 Magh 2061(14
January 2005)

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
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 Auditors Report on Special Purpose Audit

Engagements
1 Shrawan 2062
(16 July 2005
28
220
Quality Control for Audit of Historical Financial Information
1 Magh 2067 (15

January 2011)
29
315
Understanding the entity and its Environment and

Assessing the Risks or Material Misstatement
1 Magh 2067 (15

January 2011)
30
330
The Auditors 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 Auditors Report
1 Magh 2067 (15

January 2011)
Nepal Standards on Related Services (NSREs):
S. No.
Existing NSAs
NSAs Revised Serial

Number (Effective
from 2064-2-22)
Name
Effective Date
01
27
4400
Engagements to
perform Agreed upon
Procedures Regarding
Financial Information
1 Shrawan 2062 (16

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

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

July 2005)
Effective From

45

Past Presidents
CA. Komal Bahadur Chitracar

(1997-1998)
CA. Tirtha Raj Upadhyay

(1998-1999)

(1999-2000)
CA. Gopal Prasad Rajbaha

(2000-2001)
CA. Prabhu Ram Bhandary

(2001-2002)

(2002-2003)
CA. Pradeep Kumar Shrestha

(2003-2004)

(2004-2005)
CA. Narayan Bajaj

(2005-2006)
CA. Binod B. Rajbhandary

(2006-2007)

(2007-2008)
CA. Tanka Prasad Paneru

(2008-2009)

(2009-2010)

(2010-2011)

Babar Mahal, P O Box 5289, Kathmandu
Tel. No. 4269130, 4258569, 2030021
Fax No. 4258568
E-mail: ican@ntc.net.np,
Website: www.ican.org.np

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Ican Annual Report 2010 11

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The Institute of Chartered

Accountants of Nepal (ICAN)

The Institute of Chartered Accountants of Nepal

CA. Sudarshan Raj Pandey

CA. Sunir Kumar Dhungel

CA. Mahesh Khanal

RA. Mohan Raj Regmi

Dev Bahadur Bohara

CA. Madhu Bir Pande

CA. Suvod Kumar Karn

CA. Gopal Prasad Pokharel

CA. Krishna Prasad Acharya

CA. Sujan Kumar Kafle

CA. Narendra Bhattarai

CA. Suresh Devkota

RA. Laxman Prasad Khanal

Bharat Prasad Paudel

RA. Bhuvan Prasad Acharya

RA. Krishna Prasad Paudel

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 2010 - 11

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

Organizational Chart of the Institute

Annual Report 2010 - 11

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Professional Competencies and Due care

Professional Behaviour -Jofj;flos Jojxf/_

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The Institute of Chartered Accountants of Nepal

Report of the President

The number of qualified CA members till date has

I would like to express my sincere thanks to the CPE

Annual Report 2010 - 11

Accounting/ Accounting Standards

Course, the Institute organized career counseling

Financial Result Review

Annual Report 2010 - 11

Brief Outline of the Institute of Chartered

Regulations and Bye- Laws

The Executive Director

Annual Report 2010 - 11

Facts about ICAN

: Nepal Chartered Accountants Act, 1997

CA. Komal Bahadur Chitracar (1997-1998)

Recognition and Achievement

International Participation and Co-operation

President of SAFA Visits SAARC

Dignitaries at 14th SAFA Board Meeting, Dhaka, Bangladesh.

SAFA President CA. Komal Bahadur Chitracar with Director of SAARC

CA. Komal Bahadur Chitracar, SAFA President and CA.

the Institute of Chartered Accountants of Bangladesh.

SAFA i-tag Committee Meeting,

14th SAFA Board Meeting, Committee

Annual Report 2010 - 11

Delegates at SAFA I-TAG committee meeting .