Financial Daily from THE HINDU group of publications
Saturday, May 27, 2006
Financial Daily from THE HINDU group of publications Saturday, May 27, 2006 |
|
|
|
|
|
|
|
Corporate
-
Accountancy ICAI accounting standards soon for local bodies Prakash Kamat
Panaji , May 26 The Institute of Chartered Accountants of India (ICAI), in association with Government Finance Officers' Association, will soon come out with separate accounting standards for local self- government bodies, including village panchayats and municipal bodies. Mr Sunil H. Talati, Vice-President of ICAI, who is here attending a two-day meeting of the Western India Regional Council (WIRC), told Business Line that the draft of the accounting standards has been finalised and the same would be thrown open for discussions on June 6. Thereafter, the same would be open for public responses for 60 days. Once that was done, the committee headed by Mr. S.C. Vasudev would make the final draft and submit it to the ICAI Council for approval. On the on-going task of the ICAI to formulate accounting standards for State Governments and local self-government bodies, Mr Talati said the Delhi Municipal Corporation has adopted the accounting standards formulated by the institute and they are doing well. The next was Kolkata Municipal Corporation. "Many other cities would soon follow suit", Mr Talati said and added that 25 CA firms have joined hands to work out accounting standards for the Ahmedabad Municipal Corporation. The institute has also been assigned the task of formulating standard procedures for inventory and valuation of stocks and assets of various government departments and bodies, including that of forest departments, Railways, etc.
More Stories on : Accountancy | Politics
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|