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New Delhi, April 6

THE Institute of Chartered Accountants of India (ICAI) has issued a draft guidance note on `Accounting by Schools' for public comment.

A release issued by the ICAI held that the implementation of this Guidance Note would impart greater transparency and uniformity in the financial statements of schools and thereby increase accountability of the financial resources used by the schools.This Guidance Note would be applicable to all non-governmental schools whether government-aided or not and whether established by a trust or a society or by any other form of organisation.

(This article was published in the Business Line print edition dated April 7, 2005)
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