ICAI working with TTD to overhaul accounting, gold valuation norms and REITs

The Institute of Chartered Accountants of India, which is updating the accounting manual for the Tirumala Tirupati Devasthanams (TTD), is also advising them on their real estate holdings and gold assets.

“The accounting manual of TTD is over three decades old and we are working with them to update it. Along with this, we are also advising them on Real Estate Investment Trusts (ReITS) and gold value and verification,” said an ICAI official.

TTD, which is the richest Hindu temple trust in the country, has vast amounts of land holdings and real estate and the objective is to understand how it can be invested, he noted. The ICAI is also working out the methodology for the valuation and verification of the trust’s gold holdings.

In August this year, ICAI President Prasanna Kumar D had said that the institute is collaborating with TTD in reviewing and updating the Accounting Manual of TTD, including the Chart of Accounts, to align it with the prevailing Accounting Standards and global best practices.

As part of this initiative, the ICAI Accounting Research Foundation (ICAI ARF) will undertake a comprehensive research study and prepare a project report for developing a robust framework to further strengthen the accounting and audit systems of the temple trust.

The aim is to integrate ERP- based accounting processes to ensure uniformity and strengthen financial management systems across all institutions under TTD. The ICAI is working on a timeline of 100 days for this project.

“The policy manual for TTD can also be followed by other entities of a similar nature,” the official said. However, the Ayodhya Ram Temple Trust has not approached the ICAI for a similar manual, he said, responding to a specific question on the issue.