The Institute of Chartered Accountants of India (ICAI) and the Institute of Singapore Chartered Accountants (ISCA) have initiated further steps towards developing a full Mutual Recognition Agreement (MRA) and examining areas of cooperation in Artificial Intelligence (AI) capability development for the accounting profession.
The presidents of ICAI and ISCA exchanged letters on 21 August 2026, formalising the two institutions’ intention to jointly develop the proposed initiatives. Discussions and institutional engagement between the organisations have been ongoing since 2023.
The proposed MRA is intended to establish a broader framework for reciprocal recognition of professional qualifications and membership between ICAI and ISCA. The detailed scope, eligibility requirements and operational framework are yet to be jointly finalised.
Professional Recognition Between ICAI and ISCA
ISCA included the ICAI qualification in its Recognised Professional Qualifications list in February 2023. This enabled eligible Indian Chartered Accountants based in Singapore to apply for ISCA Associate Membership, subject to applicable requirements.
The latest development is aimed at progressing from this existing recognition arrangement towards a more comprehensive professional recognition framework between the two accounting bodies.
Alongside the MRA initiative, ICAI and ISCA will also explore cooperation relating to Artificial Intelligence capability building, with the objective of supporting the accounting profession in developing relevant skills and capabilities in emerging technologies.
Both initiatives remain at the development stage, and their final structure and scope will be determined through further discussions between the institutes.
ICAI currently represents more than 4.67 lakh members and has established eight qualification reciprocity agreements or MRAs and 16 Memoranda of Understanding (MoUs) with professional organisations outside India. CA Sansaar