ICAI to define accounting norms for local bodies
As part of the Centre's initiative to reform the municipal corporations, the Institute of Chartered Accountants of India (ICAI) is formulating accounting standards for urban local bodies.
By PTI |
Chennai: As part of the Centre's initiative to reform the municipal corporations, the Institute of Chartered Accountants of India (ICAI) is formulating accounting standards for urban local bodies.
The institute has offered support to the Urban Development Ministry for developing benchmarks for various municipal services, ICAI President T N Manoharan said at a press meet here on Tuesday.
He said the initiative would help achieve transparency in functioning of the local bodies as envisaged under the Jawaharlal Nehru National Urban Renewal Mission.
The institute is organising an international conference here from January 11-13 to discuss various issues related to the profession of chartered accountants.
On the newly introduced Common Proficiency Test (CPT) for CAs replacing the Professional Examination-I, Manoharan said under the CPT the pass percentage was 66 per cent against 40 per cent under the old format.
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