11 hrs ago
ICAI and TTD Plan Accounting, Gold Valuation Overhaul
ICAI is helping TTD improve the way it manages its money and property.
TTD is a large Hindu temple trust with substantial land, buildings, and gold.
The groups want to update TTD’s accounting handbook.
They also want its accounts to follow current accounting rules and international practices.
Experts are working on a way to check how much the temple’s gold is worth.
They will also study how its land and real estate could be used for investment.
Computer-based accounting systems may be introduced across TTD institutions.
The resulting manual could help other similar organizations, although the Ayodhya Ram Temple Trust has not requested one.
The Institute of Chartered Accountants of India is working with TTD to update its accounting systems.
The project will review TTD’s Accounting Manual and Chart of Accounts against current standards and global practices.
ICAI is developing methods to value and verify TTD’s gold holdings.
The initiative will examine how TTD’s extensive land and real-estate holdings could be invested, including through REITs.
ICAI’s research foundation plans a project report and ERP-based framework within a 100-day timeline.
- Who
- The Institute of Chartered Accountants of India (ICAI), its Accounting Research Foundation, and TTD.
- What
- They are reviewing TTD’s accounting manual, gold valuation methods, audit systems, and potential investment options for its land and real estate.
- Where
- TTD and its institutions; the articles do not specify a particular location for the project.
- When
- The initiative is planned over 100 days; ICAI President Prasanna Kumar D discussed the collaboration in August.
- Why
- To align TTD’s accounting with current standards, strengthen financial management and audits, and assess its gold and real-estate holdings.
Key facts
- Organizations involved
- ICAI, ICAI Accounting Research Foundation, and TTD
- Accounting review
- TTD’s Accounting Manual and Chart of Accounts will be reviewed and updated.
- Gold holdings
- ICAI is developing a methodology for valuation and verification.
- Real estate
- The project will examine TTD’s land and real-estate holdings and how they could be invested.
- Technology
- ERP-based accounting processes are planned across TTD institutions.
- Timeline
- ICAI is working on a 100-day timeline.
- Broader use
- The resulting TTD policy manual could be followed by similar entities.
Quotes
An unnamed ICAI official
An official involved in or commenting on ICAI’s work with TTD
“The policy manual for TTD can also be followed by other entities of a similar nature”
businesstoday.in
Sources
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