ICAI assists TTD in creating REITs and updating its accounting framework

The Institute of Chartered Accountants of India (ICAI) has entered a partnership with Tirumala Tirupati Devasthanams (TTD) to explore the creation of real estate investment trusts (REITs) that would allow the temple to generate revenue from its sizable land parcels, many of which were donated by devotees. Simultaneously, ICAI is in the final stages of drafting a new accounting manual to replace the three-decade-old version currently used by TTD, covering collections, payments and balance-sheet reporting.

The institute will also assist in establishing robust methods for valuing the gold assets held by the trust and will conduct training programmes for TTD personnel. ICAI President Prasanna Kumar D indicated that the accounting framework, including applicable standards and policies, is almost ready and may become a template for other major religious trusts in India. The collaboration reflects TTD’s move to modernise its financial systems, which already run on an ERP platform.