The Institute of Chartered Accountants of Nepal
(ICAN) was established in 1997 in accordance with the Chartered Accountants Act 1997 of the Nepalese
Parliament. Komal Bahadur Chitracar, FCA was the first and founder president of the ICAN from 1997 to 1998. It accepted its first students in 1999 and graduated its first class in December 2003. As of 2005, it has produced six chartered accountants
and 7600 members mostly registered auditors including 270 Chartered Accountants from the Institute of Chartered Accountants of India. The Institute has its head office in Babarmahal, Kathmandu.
The Institute of Chartered Accountants of India has signed a Memorandum of Understanding for providing Technical Assistance to the ICAN in designing course of material, conducting examinations etc.
The Institute has formed two standard-setting committees: the Nepal Accounting Standard Board and the Nepal Auditing Standard Board. Both set standards compatible with International Federation of Accountants. The Institute's code of conduct is also similar to the IFAC Code of Ethics.