ICAI accounting format to ensure transparency

IN a bid to ensure transparency in their functioning, a format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Charted Accountants of India (ICAI). The implementation of the uniform format would help in bringing about accountability of political parties, ICAI President G Ramaswamy told reporters here last night. Regarding black money, he said the ICAI had constituted acommittee to suggest ways to curb its flow and its report, once ready, would be forwarded to the government. He added that the ICAI was working with the government on Goods and Services Tax, adding that the future of the accountancy professionals was promising as financial inclusion has become a key word and the new Companies Act and GST were in the offing. ICAI has tied up with many accounting institutes in the world so that Indian accountants can make a mark anywhere. “We have ties with United Kingdom and Wales institute, Canadian Institute of Chartered Accountants and New Zealand Institute of Chartered Accountants,” he said. The International Financial Reporting Standards (IFRS) are also expected to provide opportunities for the Chartered Accountants in the country, he said adding that intensive training had been given to 2,607 CAs for adoption of IFRS. Ramaswamysaid the average entry level salary for a CA is expected to go up to Rs.20 lakh in the next five years from the current Rs.9lakh per annum. During the campus interview organised by the institute last year, three CAs in the age group of 20 were placed with a salary of Rs.21 lakh a year by international companies. For domestic posting, the best offer received was Rs.15 lakh a year. - www.business-standard.com