The Chartered Accountants Bill has been presented to the people's parliament on Sunday.

The bill was presented by MP for Dhaandhoo constituency, Yaugoob Abdulla.

According to the bill, an independent organisation named the "Institute of Chartered Accountants of the Maldives" is established once the legislation comes into effect.

As such, the institute will have the authority to raise charges in the required circumstances in addition to conducting communications in its own name.

The main objectives of this institute include regulating and developing the field of charted accountancy in the country, as well as facilitating the training and education of the institute's members. Additional objectives include ensuring training and education for charted accountants in both the private and public sectors of the country.

The institute's jurisdiction also covers the registration of accountants and other such services required of an accountancy institute. This will encompass protecting the interests of the institute's members while providing members with job opportunities abroad. Moreover, the institute will provide courses in financial accounting, management accounting, financial accounting standards in addition to audit and assurance courses.