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PRESENTATION for EAST DELHI CA CPE STUDY CIRCLE of NIRC of ICAI on ACCOUNTING & AUDITING OF NGO/NPO by SUDHIR VARMA FCA;CIA(USA)on SATURDAY 23 RD DECEMBER.

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Presentation on theme: "PRESENTATION for EAST DELHI CA CPE STUDY CIRCLE of NIRC of ICAI on ACCOUNTING & AUDITING OF NGO/NPO by SUDHIR VARMA FCA;CIA(USA)on SATURDAY 23 RD DECEMBER."— Presentation transcript:

1 PRESENTATION for EAST DELHI CA CPE STUDY CIRCLE of NIRC of ICAI on ACCOUNTING & AUDITING OF NGO/NPO by SUDHIR VARMA FCA;CIA(USA)on SATURDAY 23 RD DECEMBER 2006

2 SUDHIR VARMA FCA;CIA(USA) NGO/NPO Constituents 1. Trust 2. Society 3. Company (u/s 25 of the Companies Act, 1956)

3 SUDHIR VARMA FCA;CIA(USA) SYSTEM OF ACCOUNTS ACCRUAL SYSTEM OF ACCOUNTS ACCRUAL SYSTEM OF ACCOUNTS CASH SYSTEM OF ACCOUNTS CASH SYSTEM OF ACCOUNTS

4 SUDHIR VARMA FCA;CIA(USA) SYSTEM OF ACCOUNTS 1. FOREIGN FUNDS 2. LOCAL FUNDS - SPECIAL PROJECTS - SPECIAL PROJECTS - GENERAL - GENERAL 3. REVENUES

5 SUDHIR VARMA FCA;CIA(USA) SPECIAL FEATURES in ACCOUNTING & AUDITING ofNGO/NPO

6 SUDHIR VARMA FCA;CIA(USA) BALANCE SHEET Accounting of Fixed Assets 1. Fully donated 2. Partly donated/subsidised 3. Bought from specific grants 4. Depreciation

7 SUDHIR VARMA FCA;CIA(USA) BALANCE SHEET Investments 1. Approved List 2. Corpus Investments 3. Special Fund Investments 4. Interest Accrued

8 SUDHIR VARMA FCA;CIA(USA) BALANCE SHEET Current Assets 1. Cash in hand 2. Bank balances 3. Inventories 4. Receivables 5. Reimbursables 6. Advances

9 SUDHIR VARMA FCA;CIA(USA) BALANCE SHEET Current Liabilities 1. Payables 2. Statutory dues - Provident Fund - Provident Fund - TDS - TDS - Others - Others

10 SUDHIR VARMA FCA;CIA(USA) BALANCE SHEET Capital Fund 1. General Fund 2. Corpus Fund - interest accrued on corpus investments - interest accrued on corpus investments - transfer to corpus - transfer to corpus 3. Specific Funds - building fund - others - others

11 BALANCE SHEET Project Funds (to the extent unutilised) 1. Project balances 2. Carry Forward for specific projects 3. Board Resolutions with Form-10 SUDHIR VARMA FCA;CIA(USA)

12 FCA;CIA(USA) BALANCE SHEET Reserves 1. Facility fund 2. Staff benefit fund 3. Other specific funds

13 SUDHIR VARMA FCA;CIA(USA) INCOME & EXPENDITURE A/C Incomes 1. Donor wise accounting 2. Incomes from revenue 3. Surplus from projects closed 4. R & D receipts

14 SUDHIR VARMA FCA;CIA(USA) INCOME & EXPENDITURE A/C Expenditure 1. Project by exp. 2. Program exp. 3. Administration/overhead exp. 4. R & D exp.

15 SUDHIR VARMA FCA;CIA(USA) SPECIAL FEATURES IN AUDITING Grants : Grants : 1. Sanction letters from donors 2. Sanctioned budgets 3. FIRC Revenues : 1. General controls

16 SPECIAL FEATURES IN AUDITING Expenditure 1. Expense Vouchers to be booked project wise. 2. They should be as per sanctioned budget 3. Expenses should be for the project 4. Cost/benefit analysis 5. Account head classification – budgets 6. Expenditure on founder members SUDHIR VARMA FCA;CIA(USA)

17 FCA;CIA(USA) Thank You

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