Overview
- ICAI said on Sunday that its updated accounting manual for Tirumala Tirupati Devasthanams is in advanced stages and will align policies and the chart of accounts with current accounting standards.
- The ICAI Accounting Research Foundation will carry out a detailed research study and prepare a project report to create a robust accounting and audit framework for TTD.
- The institute is developing methods to verify and value the trust’s large gold holdings so those assets can be recorded and reported with greater certainty.
- ICAI is proposing a 100-day plan to upgrade TTD’s existing ERP-based financial systems and has been asked to run capacity-building programs for the trust’s staff to support implementation.
- Officials said the work includes exploring Real Estate Investment Trust structures to monetise TTD’s extensive donated land and that the resulting policy manual could serve as a model for other large religious trusts.