Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: TDS :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: due date for vat payment :: cpt :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4%
 
 
General »
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018
 High Court Allows Woman To File Income Tax Returns Without Quoting Aadhaar
 If tax status is no longer NRI, all your income is taxable in India
 Tax Benefits from Different Types of Loans under the Income Tax Act, 1961
 Do you have any question about tax filings? Now, chat online with income tax experts to clear your doubts

Education institutions should follow uniform accounting system: ICAI
January, 19th 2012

Accounting regulator ICAI has recommended to the Human Resource Development Ministry that all education institutions should follow a uniform system for maintaining their account books, in order to ensure a "true and correct picture" of the state of their affairs.

The Institute of Chartered Accountants of India, led by President G Ramaswamy, has recommended that "... accounting standards issued by the ICAI should be made mandatory to educational institutions..."

In addition, "all educational institutions should be mandated to apply an accrual basis of accounting... fund-based accounting may be introduced for earmarked/designated funds," ICAI said.

"All educational institutions should follow a common format for presentation of its general purpose financial statements to ensure proper accountability, financial discipline, end-use of funds and to meet the needs of stakeholders. The accounting standards should enable the society, the student and the citizen," the ICAI said in a statement.

It said that at present, the accounting and financial reporting practices of educational institutions in India are oriented toward meeting the needs of the governing bodies running them and educational institutions follow not only diverse accounting practices, but also a different basis of accounting.

The accounting standards, ICAI said, should enable stakeholders "to define transparently the revenue earned through various sources, recognise segment reporting of accounts, recognise costs and revenue separately for programmes and for research and teaching activities; define relevant financial ratios, identify if surpluses are being generated and the manner in which the surpluses are utilised or invested; (and) disclose related party transactions."

The accounting standards would be made applicable to all central educational institutions, universities under the regulatory ambit of the UGC or receiving grants from the UGC, technical institutions under the regulatory ambit of the AICTE, teacher education institutions under the regulatory ambit of the NCTE and schools affiliated to the CBSE, it said.

"The recommendations would also be placed before the state education ministers in the next meeting," ICAI added. The Report on 'Implementation of Accounting Standards in Educational Institutions of Department of Higher Education', was submitted to HRD Minister Kapil Sibal today.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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