Accounting regulator Institute of Chartered Accountants of India today said it has prepared draft accounting standards for political parties on a request from the Election Commission. "The council has approved uniform financial statement and accounting and auditing framework for political parties," said ICAI President G Ramaswamy. "We are going to present it to the Election Commission," he said. Once the Election Commission approves it, the new accounting standard would be applicable to all political parties registered in India.

ICAI will shortly submit its draft framework to the Election Commission, which will notify the guidelines. The accounting framework would include disclosures like gift in form of kind, he said, adding, the contribution of individual and corporates would be part of the new system. The proposed norms would to ensure accountability, financial discipline and proper utilisation of funds by political parties.