Kerala - Kollam   

ICAI to help implement accrual system in accounting

Staff Reporter

KOLLAM: T.N. Manoharan, national president of the Institute of Chartered Accountants of India (ICAI), has said that the institute will be playing a crucial role in preparing an operational framework for implementing an accrual system in all Government accounting.

At a press conference here on Friday, he said that the Union Government had constituted the Government Accounting Standards Advisory Board and the ICAI was represented in the Board.

Noting that the transformation from the present cash system to the accrual system would ensure more transparency and responsibility, Mr. Manoharan said the ICAI was giving valuable inputs for the transformation and had recommended the accrual system not only for the Finance Ministry but also for all Government departments, including Defence and the Railways.

He said the ICAI was providing space and other amenities for setting up help centres of the Income Tax Department to provide assistance to small taxpayers.

Centres of excellence

To establish state-of-the-art infrastructure, the ICAI would start 17 centres of excellence in major centres of the country. These centres would do research, provide training and conduct workshops for the members so as to keep them constantly updated. He said that in Kerala, the ICAI proposed to set up the centre in Kochi. For the purpose, the State Government would be approached for allocation of land.

He said the ICAI was coming out with a new curriculum for chartered accountant students. The highlight of the new scheme was that it would reduce the number of years of the course from five years and three months to four years, Mr. Manoharan said. It would mean that a student could become a chartered accountant at the age of 21. To promote chartered accountancy as a career, "the ICAI is going to market the CA curriculum by reaching out to school students from standards 8 to 10.

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