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 ICAI-Convocation - 2017-18
 Invitation for expression of interest from Social Media Networking Service providers/online marketing solution providers for providing social media solution/ online marketing solutions for publicizing the contents/ activities/other works of the Career Counselling Sub-group under BOS, ICAI by 25th August, 2017.
 Educational Material on Ind AS 16, Property, Plant and Equipment
 The Last Date of Online Filing of Multipurpose Empanelment Form (MEF) for the year 2017-18 is extended from 15th August, 2017 to 25th August, 2017.
 Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations November / December 2017.
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 December, 2017 - Common Proficiency Test (CPT)
 Result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May 2017 declared.
 Result of the International Taxation - Assessment Test held in May 2017 declared.
 President's Message - August 2017

ICAI to frame accounting format for political parties
January, 05th 2011

The Election Commission of India has approached the Institute of Chartered Accountants of India (ICAI) to frame accounting formats exclusively meant for political parties.

These, once made mandatory, are expected to bring in more financial accountability from political parties. Corporate funding is one of the major sources of income for political parties to carry out their activities, including election campaigns.

The Commission wants the accounting standards and auditing and assurance standards adopted by us to be made applicable to the accounts and audits of political parties also, said Amarjit Chopra, president, ICAI.

He said ICAI was on the job and perusing various formats of accounts of political parties. He said theyd give the recommendations to the Commission within a week.

ICAI standards essentially prescribe the manner in which accounts should be maintained and help auditors to verify it through a standard procedure.

The current guidelines call for disclosure of donations above Rs 20,000 made to political parties. The ECIs attempt is to ensure documentation for all such sources of income. It is also looking at a credible model that can cross-check and confirm the receipt and expenditure of such funds.

Why shouldnt we recommend rotation of auditors for political parties when the proposed Companies Bill is making it mandatory for all companies? Chopra asked.

The practice of maintaining accounts and auditing already exists among political parties. However, the accounting system is not known to be exhaustive enough to identify all revenue streams and expenses.

 
 
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