ICAI publishes technical guide for auditing, accounting in NPOs
15 May 2003
New Delhi: The Institute of Chartered Accountants of India (ICAI) has issued a technical guide, Accounting and Auditing in Not-for-Profit Organisations (NPO).
Releasing the technical guide, ICAI president R Bupathy said this publication will provide a direction to NPOs in the preparation of their financial statements and presentation of 'true-and-fair' view of their activities. "We will gradually move from a technical guide to a guidance note and then may be even an accounting standard on this issue in the years to follow."
senior ICAI official pointed out that more than 25,000
NPOs are operating in India, handling large sums of money
from donors abroad. "The guide is to give a sense
of direction to NPOs on accounting and auditing issues
peculiar to them."