Accountants have vital role to keep country’s economy vibrant: Minister Bhandari

By A Staff Reporter,Kathmandu, Apr. 19: Minister for Industry, Commerce and Supplies Damodar Bhandari has said that there has been an improvement in the economy which was sluggish for some time.

Addressing the 3rd National Conference of Accounting Professionals entitled 'Sustainable Accounting Practices' organised by the Institute of Chartered Accountants of Nepal (ICAN), Minister Bhandari said that in the current situation where some indicators of the economy are improving, it is necessary to make the economy more sustainable through the development of business and domestic industries.

Minister Bhandari said, "For the development of an efficient economy, it is necessary to create new economic opportunities by increasing the morale of industrialists. 

On the one hand, this will send a positive message to the economy and on the other hand, employment opportunities will be created within the country.”

“In this task, the role of the accountants and the ICAN is even more important. I believe it will happen,” he said. Stating that incorrect accounting has a direct negative impact on the country's economy, he asked the accountants to keep the accounts transparently. Minister Bhandari said that the overall development of the country is not possible without the development of the economic sector and said, "It is well known that accountants play an important role in the development of the economic sector. 

Even though keeping accounts is a routine task, its reliability and transparency are very important for the overall economic development."

He expressed his commitment to discuss with the Prime Minister Pushpa Kamal Dahal 'Prachanda' and submit it to the Council of Ministers to take action according to the conclusions and suggestions obtained from the Conference.

ICAN, which is taking initiatives to create a separate position for accountants in government agencies, is also going to raise this issue with priority during the convention.

Key speaker of the conference, President of the International Federation of Accountants (IFAC), Asmaa Resmouki said that it is necessary to promote issues of public interest for sustainable accounting practice. 

As there are many opportunities in the field of accounting practice and professional accounting, Resmouki suggested to move forward quickly to achieve them.

Resmouki said that since all sectors have recently adopted the concept of sustainable development, the accounting business should also be promoted accordingly.

Governor of Nepal Rastra Bank Maha Prasad Adhikari said that CAs are playing an important role in the country's economy.  He said that the Conference would highlight the important role of accountants for the sustainable development of the country. 

“The International Monetary Fund (IMF) has published a report that Nepal will achieve an economic growth rate of 3.2 per cent this year. 

It is noticed that the country's economy is also improving. Even at this situation, this profession is moving forward with transparency,” he said.

ICAN president CA Sujan Kumar Kafle said that the third conference would help in the study of accounting practices from around the world and the promotion and expansion of this sector.  He said that the conference would focus on sustainable accounting practice and also discuss the contemporary role of public audit. 

He said that the conference would give a new direction regarding the challenges faced in the field of accounting business in the current situation and the efforts that should be made for their long-term solution.

About 1,000 accountants from all over the country are participating in the conference which will last until Friday.