President ratifies Chartered Accountants Act

President Ibrahim Mohamed Solih ratified the Chartered Accountants Act of the Maldives on September 8, 2020. (Photo/President's Office)

President Ibrahim Mohamed Solih has ratified the Chartered Accountants Act of the Maldives.

The Act was approved by the Parliament on August 26, 2020.

The Chartered Accountants Act specifies the structuring of all aspects of the Maldivian accountancy profession moving the profession in adherence to international procedures and guidelines.

The Act also establishes the Institute of Chartered Accountants of the Maldives (ICAM), mandated under the regulation of the Accounting profession in the Maldives.

Stipulating that the ICAM is authorized to engage in legal proceedings to undertake its responsibilities and will be established as an independent institution with an official seal.

It will further enable ICAM to register Associate Members who hold a membership at the International Federation of Accountants (IFAC).

Following the ratification, the ‎Act has now been ‎published in the Government Gazette.