« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  VAT and the season: Govt gets the ‘date’ wrong... Cut wax prices: Sattur Chamber... » ICAI to enforce accounting norms for local bodies September, 29th 2006 Council proposes about 10 accounting standards -------------------------------------------------------------------------------- "These standards would help local bodies become more transparent and accountable to the public." -------------------------------------------------------------------------------- The Institute of Chartered Accountants of India (ICAI) plans to implement four accounting standards for local bodies of state governments over the next three months. Standards would be implemented in areas such as revenue recognition, inventory, recognition of liability and provisions, said Mr T.N. Manoharan, President, ICAI. These standards would help local bodies become more transparent and accountable to the public, he said. "Local bodies would make disclosures and function like a corporate entity," he said. Management info The standards would also serve as management information systems providing data on potential cost centres and revenue centres within the local body jurisdiction. The Council of ICAI has proposed about 10 accounting standards (totally) for local bodies. "We expect the remaining six standards to be implemented next year," said Mr Manoharan. ICAI, the Institute of Cost and Works Accountants and South Asian Federation of Accountants (SAFA) will organise a three-day seminar on `Accounting profession in South Asian region' starting from September 29 at the Chennai Trade Centre. SAFA, comprising accounting bodies in the South Asian region, is an apex body of South Asian Association for Regional Cooperation (SAARC). The seminar will discuss issues such as harmonising accounting standards among the SAARC member nations, capacity building of small and medium practitioners and expectations from professionals in the emerging capital market scenario. About 700 delegates from India, Pakistan, Sri Lanka, Bangladesh and Nepal are expected to attend the event, said Mr Manoharan.