Tuesday, April 26

ICAI prepares draft accounting standards for political parties

Accounting regulator
Institute of Chartered
Accountants of India today
said it has prepared draft
accounting standards for political parties on a
request from the Election
Commission. "The council
has approved uniform
financial statement and
accounting and auditing framework for political
parties," said ICAI
President G Ramaswamy.
"We are going to present it
to the Election
Commission," he said. Once the Election Commission
approves it, the new
accounting standard would
be applicable to all political
parties registered in India.
ICAI will shortly submit its draft framework to the
Election Commission, which
will notify the guidelines.
The accounting framework
would include disclosures
like gift in form of kind, he said, adding, the
contribution of individual
and corporates would be
part of the new system.
The proposed norms
would to ensure accountability, financial
discipline and proper
utilisation of funds by
political parties.

Courtsey : IBNlive

Speak your mind