In an effort to develop and improve the accountancy profession in the country, the government of the Maldives has submitted the Maldives Chartered Accountants Bill to the Parliament. While the bill largely covers procedural aspects, it is set out to establish and incorporate a separate and independent legal entity under the name of the Institute of Chartered Accountants of the Maldives (ICAM), granting it the statutory responsibility of regulating the accountancy profession in the country.

Some of the wider objectives the government wants to achieve through the bill includes;

1. Ensuring that accounting practitioners are aware of these standards and are knowledgeable, proficient and responsible in their practices;
2. Regulating the accounting and audit & assurance standards employed in the private sector; and
3. Assist in implementing accrual basis of accounting in state owned enterprises through professional advice.

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