« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.