Political Parties’ accounting: ICAI gives more time for stakeholder response

KR Srivats | Updated on April 15, 2019

Responses can now be sent till June 10

Call this the election fever effect gripping the country. The CA Institute has extended the last date for sending in stakeholders comments on the exposure draft for its proposed revised Guidance Note on ‘Accounting for Political Parties’.

“In view of the preoccupation of stakeholders in the on-going elections to the 17th Lok Sabha Parliamentary Constituencies across the Country and legislative assembly elections in a few States, the last date for comments on aforesaid Exposure Draft i.e. April 6 now stands rescheduled and extended till June 10”, the CA Institute said in an announcement.

It may be recalled that the revised version of Guidance Note—which is quite elaborative and clear—had sought to raise the bar on quality of financial disclosures of political parties.

It had among other things spelt out accounting treatment for electoral bonds, a new source of funding for major political parties.

The exposure draft incorporates the provisions of various Acts relevant to political parties and guidelines issued by the Election Commission in this regard.

Also, for the first time, political parties will now be required to disclose the nature and type of services-in-kind received by them. However, they may not be required to measure the same.

Published on April 15, 2019

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