As a part of its continued pursuit to promote research in the fields of accounting, auditing, monetary policies and other related disciplines, the ICAI Accounting Research Foundation (ICAI ARF) has undertaken various projects. The ICAI ARF provides financial assistance for research projects of contemporary national and international significance in the aforesaid areas and publishes the research reports as well. The ICAI Accounting Research Foundation aims to pursue and promote research in the various fields related to the profession of Chartered Accountancy through the Universities and other Institutions as well.
The following research projects are currently being undertaken / in progress under the aegis of the ICAI Accounting Research Foundation.
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.
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.
Municipal Corporation of Greater Mumbai (MCGM) Project: - ICAI ARF has been awarded the Project for Reviewing and Strengthening of Accrual Accounting System and designing of Sustainable Audit Management Framework of MCGM.
Rolling Out Accrual Accounting across all Zones, Production Units and other offices of Indian Railways:- ICAI ARF has been awarded the project to roll out Accrual Accounting