sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 How to save income tax and earn high returns? Problem solved! Invest in these schemes - From PPF to NPS,
 Non-filers will have 21 days to file I-T returns, submit response: CBDT
 Deduction Of Tax At Source-Income-Tax Deduction From Salaries Under Section 192 Of The Income-Tax Act, 1961
 Deduction Of Tax At Source-Income-Tax Deduction From Salaries Under Section 192 Of The Income-Tax Act, 1961
 5 mistakes you should avoid while filing income tax returnsa
 Income tax exemption, relief for farmers? 5 expectations from interim budget 2019
 PCIT vs. Perfect Circle India Pvt. Ltd (Bombay High Court)
 The National Company Law Tribunal (Amendment) Rules, 2019 notified
 Get income tax refund in one day from 2020
 Your ITR filing will soon get processed in just one day
 Here's how These new tax laws allow you to save more tax in FY2018-19

ICAI to help EPFO with accrual accounting system
December, 16th 2014

ICAI, the apex body of chartered accountants, will help Employees' Provident Fund Organisation (EPFO) to migrate to accrual accounting system.

In this regard, the Institute of Chartered Accountants of India (ICAI) would take up a pilot project for EPFO.

A Memorandum of Understanding has been inked between ICAI Accounting Research Foundation (ICAI ARF) and EPFO.

"The project with EPFO represents the first phase wherein the ICAI ARF will study EPFO's existing accounting system with an intent to design the strategy for a smooth migration and transition to accrual system of accounting," ICAI said in a statement today.

Accrual accounting, in general, refers to a system where the financial position of an entity is evaluated irrespective of cash payment or receipt.

ICAI President K Raghu said the accrual accounting system would further allow EPFO to structure a financial management and reporting framework aligned to the international standards.

The ICAI ARF would submit a report on the migration strategy at EPFO with respect to the accounting system.

Globally, government organisations are moving towards adoption of accrual accounting.

"The proposed system is also expected to provide for improved levels of financial management and performance evaluation to support EPFO's objective to continue to strive to provide best services for the overall benefit of its subscribers," Raghu noted.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions