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1. Project for Tamil Nadu Civil Supplies Corporation (TNCSC):

The purpose of this study was to understand the existing practices being followed in TNCSC from the perspective of maintaining books of accounts and to review the issues and challenges while implementing the Integrated Accounting System in TNCSC. The study is explanatory in nature and describes existing software and accounting practices followed in TNCSC and along with proposed/recommended accounting practices and software practices. Final Report was submitted to TNCSC in January, 2019.

2. Project for Dedicated Freight Corridor Corporation of India Limited (DFCCIL):

Dedicated Freight Corridor Corporation of India Limited (DFCCIL) sought the guidance of ICAI ARF on methodology for replacement of WPI (series 2004-05) with WPI (series 2011-12) for payment of price variation to contractors.

3. Consultancy work of undertaking a Comprehensive study of the existing Cash based Government Accounting system in a Production Unit of Indian Railways (IR) and a Pilot study for introduction of Accrual Based Accounting at Rail Coach Factory (RCF), Kapurthala as an additional set of Accounts:

ICAI ARF has been awarded this Project to study the existing Accounting system (Cash based Accounting) to identify the gaps for introduction of Accrual Based Accounting System. To Assess the ‘As Is’; and perform gap analysis from ‘To Be’ perspective including the review of related regulatory / statutory requirements for smooth introduction of Accrual based Double Entry Accounting System. Further, a study of the existing Costing system at the RCF as necessary for an integrated Accounting framework. The objective of this study is to understand all key aspects associated for capturing of cost data for Workshop Manufacturing System (WMS) Accounting, Product Costing at the Production Unit (PU); the methodology being followed/ practiced and how best the same can be improved upon to introduce a standardized costing framework at the PU.

4. Validation of Accounting Reforms Report and Related Pilot Study Project on Migration to Accrual Based Accounting System at North Western Railway head quartered at Jaipur of Indian Railways

ICAI ARF has undertaken this pilot study project in December, 2014. The overall objective of this Project is the introduction of Accrual Accounting in Indian Railways as this will lead to increasing the accountability of the management and will provide greater information useful for decision making purposes.

5. Power Finance Corporation Ltd.(PFC) Project

ICAI ARF had undertaken this pilot study project in November, 2015 to study PFC’s existing compliance environment; identify the improvement areas and propose a roadmap to establish a Compliance Framework that will enable PFC (including PFC as a group) to effectively deal with Financial Reporting & Related Statutory Compliances, Disclosures and Robustness.

6. Coal India Limited (CIL) Project

ICAI ARF had undertaken this pilot study project in October, 2015 to Review the Capital Expenditure Procurement Process and Policy; and Compliance Framework of CIL.

7. Project on Outcome Budgeting

The Concept Paper on the pilot study project “Study of Existing Budgeting and Costing System and Proposal for Outcome Budgeting and Integrated Cost Accounting Architecture in line with Indian Railway Budget Announcement of 2015-16” in line with the expectations as set in the budget announcement as developed was submitted to the Indian Railways. The same has been hosted in the IR website for comments.

8. Employees Provident Fund Organization (EPFO) Project

The Project taken up in December, 2014 was successfully completed in September, 2015. The Project related to designing the Strategy on Migration of EPFO Accounting System to a Double Entry Based Accrual Accounting System.

9. Kerala State Insurance Department (KSID) Project

ICAI ARF took up this Project in November, 2009 for Accounting Reforms in Kerala State Insurance Department and successfully completed the same.

10. All India Institute of Medical Science (AIIMS) Project:

The Project taken up in October, 2011 was successfully completed in November, 2013. The Project related to Conversion of accounts to accrual basis of accounting in the AIIMS, a premium Medical Institution under the Government of India. During this period, ICAI ARF prepared the Accounts Manual, Training Manual and Audit Manual apart from assisting them in the manner and processes that need to be followed for conversion of their accounting system. It also assisted in preparation and presentation of financial statements for the years ended 31st March, 2012 and 31st March, 2013. ICAI ARF was also actively involved in restructuring and refining of various budgeted heads, accounting process and setting up of Asset Register.

11. Municipal Corporation of Delhi Project

The Project was taken up in March, 2002 had been successfully completed in May, 2006. The project related to conversion of accounts to accrual basis of accounting in the municipal bodies i.e. for the Municipal Corporation of Delhi. This project has created an expertise in a new area for Chartered Accountants, as it has sought to disseminate the research experience gathered in the form of generalized modules and technical guides. During this period ICAI ARF assisted in preparation and presentation of financial statements for the year ended 31st March, 2006, ICAI ARF was also actively involved in restructuring and refining of various budgeted heads, accounting process, setting up of Asset Information System and introduction of accrual system of accounting in the various zones of MCD.

12. Kolkata Municipal Corporation (KMC) Project:

ICAI ARF took up the project in June, 2004 for application of advance concept in financial monitoring reforms in KMC and successfully completed the same in September, 2007. ICAI ARF helped KMC in the preparation and presentation of its final accounts, conducting various studies on business processes and training program for capacity building, etc.

13.Controller General of Accounts Project:

ICAI ARF took up the CGA Project in May, 2006 for the specific purpose of bringing accounting reforms in the identified pilot units i.e. Dr. Ram Manohar Lohia Hospital, New Delhi of Ministry of Health & Family Welfare and the CPWD Divisions of New Delhi Zone of Ministry of Urban Development under the MoU between the Office of CGA, India and ICAI having a twinning arrangement with ICAI ARF. CGA and ICAI decided to cooperate and collaborate with each other to improve financial recording, reporting and management system and utilize the financial information for better management in Pilot Units. The project was funded by the World Bank and was completed in September 2008..


14. A Study on the Impact of Mandatory Reporting under IFRS on Corporate Governance in India

The aim of the project is to review the consequences of mandatory adoption of IFRS on Indian Companies, giving a comparative analysis of the difference between Ind AS and IFRS; to examine the corporate governance structure of Indian companies and the discloser norms and the impact there on of various provisions of IFRS; and to identifies the environmental concerns such as the legal & regulatory aspects (Companies Act, 2013), economic policy issues, financial regulation norms and taxation provisions, that influence companies on adoption of IFRS and study their respective implications.

15. Department of Posts Project for implementation of Accrual system of accounting:

ICAI ARF undertook the pilot project for implementation of accrual accounting system in two primary postal units of the Department of Posts, one in urban area and one postal Unit in Rural Area under accounting jurisdiction of Pay & Account Office (PAO), Delhi. The project was completed in 2011.

16. Electronic Commerce and Direct Taxation:

The main objective of the research project was to undertake a detailed study of the electronic commerce, its significance and the issues which arise in the context of application of existing income tax laws.

17. Financial and Accounting Reforms, Capacity building and Related Strategies in Urban Local Bodies (EU Project):

This project stands completed by the end of September, 2006. The project as awarded by the Delegation European Commission to the ICAI with twining arrangement with the ICAI ARF has aimed to introduce accounting and financial reforms in the City Governments in the light of European experience. The European Commission has appreciated the high quality of the outputs brought out by the ICAI ARF.

18. Strengthening Rural Decentralization (SRD) at Gram Panchayat Levels in West Bengal:

ICAI ARF had undertaken and successfully completed this DFID funded project to improve the accounting, auditing, procurement and capacity building systems at the Gram Panchayat levels in the State of West Bengal

19. Issues in Accounting – Research Study on Recognition, Measurement and Disclosure issues in Bio-Technology other Life Science Companies, IT-Companies and Advertising Companies:

The Research Project was aimed to address the accounting issues in knowledge based industry with particular reference to bio-technology industry which is an emerging knowledge driven industry in India and promises a very high rate of growth. The industry based on high research and knowledge content gives rise to various types of intangible assets like patents, intellectual property rights, technical know how and human resources. The study focused on the accounting principles, policies and practices followed for recognition, measurement and disclosure of such assets. The research project has been completed and published with a Title ‘Accounting Issues in Knowledge and Technology Intensive Industry’.

20. Study of Fixed Income Securities Markets in India:

The overall objectives of the project was to analyze the structure development and trends in various segments of Indian Fixed Income Securities Markets viz., Central and State Government Securities Markets, Municipal and Corporate Bond Markets and Markets for Treasury Bills (TBs), Certificate of Deposits (CDs) and Commercial Papers (CPs) in order to identify major issues and suggest policy measures.

21. Project on Outcome Budget:

The Hon’ble Union Finance Minister introduced Outcome Budget from 2005-06, as a part of the reform in public expenditure management. ICAI ARF, as a partner in national development, undertook the project to review the Outcome Budget prepared by the various ministries and departments with a view to improve these. The project has been completed successfully under the Chairmanship of Shri Suresh. P. Prabhu Hon’ble Member of the Parliament. The Finance Minister has assured that the suggestions contained in the report would be considered by the Government for making Outcome Budget an effective tool for financial and programme accountability.

22. A Study of Emerging Opportunities for Environmental Audit

The objective of the project was to review the environmental audit, determine strengths and weakness of environmental auditing practices, assess the driving force for implementation of environmental audit, determine the role of internal auditors and to make recommendations and strategies to overcome weaknesses and barriers and strengthen driving forces to improve current auditing procedures.

23.A Study on Valuation of Intangibles

The objective of the research was to study the current methods of valuing intangible assets, the disclosure requirements and to develop a method of value intangible assets of firms that would help investors take informed and better investment decisions.

24.A Study on Business Valuation

The objective of the research was to study and to derive suitable purpose oriented method for valuation of the business and also to popularize and disseminate the benefits of valuations and exposing the need areas. The project was planned to study the existing methods applied for valuing the business for various purposes and to suggest the purpose oriented suitable method.

25. Developing a Code of Governance for Non-Profit Organizations (NPOs) by International Credit Rating Agency (ICRA): The research study primarily focused on governance in NGOs and examined the following areas:

  • Contextualization of the concept of corporate governance with common attributes of fairness, accountability and transparency;
  • Emergence of NGOs as the predominant form of NPOs;
  • Profile of NPOs in the country by number, type and activities;
  • Legal framework governing NPO sector special emphasis relating to fiscal laws and foreign contributions;
  • Key attributes of NPOs and their performance;
  • Fund raising and its applications by NPOs;
  • Corporate Governance structure models and their applicability to NPOs, and
  • Model code of governance for NPOs.

26. Social Audit of Public Money: A study to formulate Social Audit Standards and Manual in Indian context

The aim of the research project was to conduct research study for developing Social Audit Standards and Manual, to collect secondary data in the field of social audit, to collect, classify and interpret primary data through organizing field research study in the field of social audit, to write final technical report incorporating recommendations of the research study and to develop Social Audit Standards and Manual.

27. Accounting Reforms in Transition

The aim of the project was to study the scope of accounting reforms in transition and developing economies, gap analysis, study of international practices and methodology, implementation road map for accounting reforms and corporate governance, study government accounting system and impact analysis of accounting reforms etc. The target groups are the government and other stake holders, research groups, international funding agencies etc.

28. Project on Economic Impact of Quarterly Reporting

The aim of this project was to investigate the economic impact of quarterly reporting with a view to re-evaluate the role of quarterly reporting. By providing evidence, the project results could influence policy formulation by SEBI and other agencies.

29. A Study of the processes employed by Indian Companies for encouraging creation of Intellectual Assets and fostering of thriving IPR Culture

The aim of this project was to investigate the economic impact of quarterly reporting with a view to re-evaluate the role of quarterly reporting. By providing evidence, the project results could influence policy formulation by SEBI and other agencies.




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