Accounting Standards for efficient functioning of local bodies

Mangalore, Sep 8 (UNI) Institute of Chartered Accountants of India (ICAI) Council has finalised the preface to the statement of accounting standards for local bodies to enable it gain accountability, transparency and operational efficiency.

Talking to reporters here, ICAI President Manoharan said the Council had set up various committees on accounting standards. The accounting standards was in the formulation stage and the Council had asked the committee on accounting standards for local bodies to expedite its work which would be forwarded to the Union Urban Development Ministry for endorsement and recommendation to state governments.

Atleast four accounting standards were expected for operation during the year, he added.

He said following a request from the Securities and Exchange Board of India (SEBI), the ICAI had finalised a format for financial statements for stock brokers operating in non-corporate forms. The formats of financial statements would be finalised in near future by taking in further inputs and comments from the council members and forwarded to SEBI for consideration.

Briefing about the decisions taken at the three-day Council meeting, Mr Manoharan said it had decided to establish branches of ICAI in Bellary, Kakinada (Andhra Pradesh), Bharuch (Gujarat), Gorakhpur (UP) and Sangrur (Punjab) to increase the total to 112.

Mr Manoharan announced that the South Asian Federation of Accountants (SAFA), the apex body of SAARC nations comprising acounting bodies in the region would hold its committee meetings in Chennai from September 29 to October one.

He said the ICAI would organise the SAFA international conference on ''Accounting profession in South Asian region-values and perspectives.'' Over 1000 delegates were expected to attend the event.

UNI MA RG SKB1930