The Institute of Chartered Accountants of India (ICAI) is working with Tirumala Tirupati Devasthanams (TTD) on ways to monetise its land assets through real estate investment trusts (REITs), while also helping the temple trust verify and value its gold holdings.The chartered accountants’ apex body is also in the advanced stages of preparing an updated accounting manual for TTD, the official custodian of the Sri Venkateswara temple in Tirupati, Andhra Pradesh.An ICAI official said on Sunday that the institute was working with TTD on several projects, including the accounting manual, setting up REITs and valuing its gold assets.
REIT plan for TTD land assets
REITs allow entities to monetise their real estate assets. TTD has large parcels of land, much of which has been donated by devotees.ICAI President Prasanna Kumar D said on Saturday that work on the accounting manual for TTD was in the advanced stages of completion, according to news agency PTI.The project is also expected to serve as a model for other major temples, with the accounting framework, applicability of accounting standards and accounting policies among the areas being covered.The ICAI official said TTD had approached the institute for the project.
Accounting manual to cover collections, payments
According to the official, TTD’s existing accounting manual was developed around three decades ago and is now being updated by ICAI.“Since this is the richest and the largest temple in India, what we hope is that the policy manual which will come for TTD may be followed by the other similar trusts or organisations in India,” he said.The project covers all key elements of TTD’s finances, including collections, payments and the balance sheet.Kumar also said TTD wants ICAI to conduct capacity-building programmes for its staff as part of the broader project.In June, Kumar had said TTD already had a “full-proof system” and that its operations were being managed through an Enterprise Resource Planning (ERP) system. He had said the trust wanted to take the system to the next level as the existing one was old.ICAI has more than five lakh members.
