Deliberations with the UK and Canada are at an advanced stage and the deal is likely to be struck soon, sources said. The move would facilitate mobility of professionals and lead to greater international collaboration in the field of research and accounting. The ICAI's deal with UK could be struck at its international conference in Jaipur later this week, sources added.

The institute is likely to enter into similar alliances based on reciprocity with Australia and Singapore which would open up opportunities for professionals from both sides. It would give equal rights to CAs from both sides to practice in the other country. "Once an understanding is reached between these (foreign) institutes, it would facilitate mobility of members across the borders," ICAI president Ved Jain said.The three-day international conference organised by the ICAI on `accounting profession-shining bridge between global economies', where the pact with UK is likely to be signed, will see participation of delegates from the International Federation of Accountants (IFAC), Indo-UK Accountancy Task Force apart from Asian and South-Asian accounting bodies.

Officials said that the provisions of reciprocity will be a key safeguard before the country opens up its accounting practice domain for foreign professionals. Presently, global accounting firms have their offices in India but their work is restricted to consultancy services. The idea is to develop a strategic partnership with the UK, which has on several instances expressed its intent to enter the professional practices arena in India.