Delhi: The Institute of Chartered Accountants of India
(ICAI) has issued a technical guide, Accounting and Auditing
in Not-for-Profit Organisations (NPO).
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
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."