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Preface to accounting standards for local bodies finalised
September, 09th 2006
ICAI to have more branches in the country -------------------------------------------------------------------------------- Accounting standards The standards set by the committee are expected to help the local bodies of various State Governments to gain accountability, transparency and operational efficiency. The ICAI is also expected to send these standards to the Union Ministry of Urban Development for endorsement and recommendation to the State Governments. -------------------------------------------------------------------------------- The 262nd Council meeting of the Institute of Chartered Accountants of India (ICAI) has finalised the preface to the Statement of Accounting Standards for Local Bodies and also decided to establish five new branches in the country. Addressing presspersons here on Friday, Mr T.N. Manoharan, President of ICAI, said that the standards set by the Committee on Accounting Standards for Local Bodies can be expected to help the local bodies of various State Governments to gain accountability, transparency and operational efficiency. The ICAI will forward the accounting standards so formulated to the Union Ministry of Urban Development for endorsement and recommendation to the State Governments. The Council meeting of ICAI was held in Mangalore between September 6 and 8. New branches He said that the Council also decided to establish new branches in Bellary in Karnataka, Kakinada in Andhra Pradesh, Bharuch in Gujarat, Gorakhpur in Uttar Pradesh and Sangrur in Punjab. With the creation of these branches, the number of branches of ICAI has risen to 112. The Council also decided to sanction special grants to branches for acquiring land. The Council also made an upward revision for acquiring or for constructing buildings by the branches. Considering the need to equip branches with computer training centres, ICAI has created a new scheme, which would provide 75 per cent of the cost of the centres subject to a maximum of Rs 10 lakh to be granted to each branch. The branch will, in turn, contribute 25 per cent of the project cost, he said. Implementation On the implementation of Accounting Standard 15, Employee Benefits, Mr Manoharan said the Council considered the representations received from the State Bank of India and the Indian Banks' Association suggesting for deferral of the applicability of the transition provision. He said the Council decided to constitute a sub-group to examine the issues involved and also to take the views of RBI, IRDA, LIC and others. The sub-group will consider the comments and issues involved and submit a report to the Council. Based on this, the Council will decide the appropriate course of action. "As on date, the decision of the Council that the AS-15 shall be effective from April 1, 2006," he said. SEBI's request He said that the ICAI had finalised the format for stockbrokers, who are operating in non-corporate form, based on a request of Securities and Exchange Board of India (SEBI). On the basis of the recommendation made by the research committee, the Council discussed the form of profit and loss account, balance sheet, schedules and disclosures. "The formats of financial statements will be finalised in the near future by taking in further inputs and comments from the council members, and then forwarded to SEBI for consideration," he added.
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