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ICAI group on black money to submit report soon
May, 02nd 2012

An Institute of Chartered Accountants of India (ICAI) core group mining data on black money and benami transactions will submit its report to government soon.

Mr Jaydeep Narendra Shah, President, ICAI, announced this here on the occasion of the 40{+t}{+h} anniversary of the Thiruvananthapuram branch.


Following an Election Commission request, the ICAI recently released a guidance note covering uniform accounting and auditing framework for political parties.

It outlines uniform practices and formats for financial statements, including disclosure of income, assets and liabilities.

The ICAI has also offered assistance to capital market regulator Securities and Exchange Board of India to monitor market intermediaries.

It is willing to help the SEBI forensic cell to verify company disclosures in IPO offer documents and investigate cases involving financial irregularities.

The institute has also been organising investor awareness programmes to educate the public about the intricacies of the capital markets, Mr Shah said.


More than 750 such programmes have been conducted through ICAI branches and resource persons across India in the past two months.

The ICAI has issued three guidance notes for its members on accounting in real estate, oil & gas and other energy related sectors.

Real estate, where companies currently have no uniform system to recognise their incomes, is expected to benefit greatly from the new guidance notes.

Accrual basis of accounting and ICAI accounting standards will be implemented in all educational institutions administered by the Department of Higher Education.

The Ministry of Human Resources Development has accepted ICAI proposals to this effect, Mr Shah said.


The ICAI has also proposed independent audits for all co-operative societies and NGOs to improve transparency.

It is working to create a knowledge portal for its members practising in these sectors.

Several post-qualification certifications are being offered at various centres. A new certificate course in international taxation was announced for Thiruvananthapuram.

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