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

The government endorsed Act submitted to parliament by Dhaandhoo constituency MP Yaugoob Abdulla, was approved by the People’s Majlis on August 26 with the vote of 67 MPs.

The Act states that once it comes into effect, an independent institution will be formed under the title of "Institute of Chartered Accountants of the Maldives".

As such, the institute will have the authority to press charges 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.

Following ratification, the Act has been published on the government gazette.