Change in Accounting mode for municipalities!!
Statesman News Service
“The accounting procedures of all the municipalities should change from the existing single entry system to a double entry mercantile system, and even the government ought to switch over to the practice,” said Mr Sunil Talati, president of the Institute of Chartered Accountants of India.
Addressing a national conference on Excelling in Accounting Profession – a roadmap hosted by the Bhubaneswar branch of ICAI here, Mr Talati said: “They had recently suggested to the central government and a delegation of MPs about this matter.
Unfortunately the government does not have a balance sheet,and as a result of this it cannot make a value of its strengths(assets) or estimate its liabilities. Asserting that chartered accountants were not making this suggestion only to earn money, he said: “we provide services and get paid if customers are satisfied.”
Globalisation, mergers , acquisitions have given rise to a high demand of chartered accountants. They are now labelled as complete business service providers and play a role in almost all the financial matters be it acquisitions, insurance and mutual funds.
He declared that the Hyderabad unit of ICAI will become a centre of excellence next year, providing training in presentation and drafting skills to CA students.
“Very soon all the metros in the country will have such centres of excellence,” he added.
Mr Talati underlined the importance of a dress code for CA’s and urged upon all members to use the logo of the ICAI.
Inaugurating the conference, Governor Mr M C Bhandare lauded the ICAI for its initiative in skill upgradation and continuing education of CA’s.
“The 20 hours mandatory attendance for practicing CA is a praiseworthy step,” he said.
The Governor emphasised on team spirit and partnership. The role of CA’s has assumed great importance as the nation moves on the path of economic prosperity. Fiscal discipline is required and CA’s play a vital role in ensuring this.
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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
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