Thursday, 20 February 2014

ICAI Award Gold for Akshaya Patra Annual Report

The 2012-13 Akshaya Patra Annual Report received the ICAI (Institute of Chartered Accountants of India) Gold Shield Award for the fifth year in a row. With this ICAI award Akshaya Patra also entered the ICAI Hall of Fame. Akshaya Patra is the first NGO to have received this honour and it shares the space with only two organisations namely Infosys Limited and Nucleus Software.

This award for Akshaya Patra’s financial report is a testimony to the commitment and sincerity the Foundation shows towards maintaining transparency and financial disclosures. Being an NGO registered under the Indian Trusts Act, 1882, though there are no established reporting norms or standards applicable to the Foundation, yet Akshaya Patra has taken the initiative to comply with the International Financial Reporting Standards (IFRS) as well as the Revised Schedule VI format of presentation of Financial Statements under the Indian GAAP (Generally Accepted Accounting Practices). The Foundation has also been recognised as the first NGO in India to comply with the International Financial Reporting Standards (IFRS).

The Akshaya Patra Annual Report is an all-inclusive report of the Foundation’s developments, achievements, future plans and financial disclosures. The Akshaya Patra Annual Report includes details of all its 20 operating locations. It also gives state-wise financial break-up of all the nine states where it is implementing the mid-day meal programme.

Some of the significant criterions adopted by panel of ICAI Awards for identifying the deserving awardees are:
  • Nature and quality of financial information in Annual Report to enable informed decision making (e.g. judicious use of schedules, manner of showing comparative figure, charts, tables and graphs, clarity, lucidity) and comprehensiveness of information from point of view of stakeholders.
  • Explanatory statement by management with brief comparative analysis of the performance of the entity (comprehensiveness and adequacy of the management discussions and analysis)
  • The extent, nature and quality of non-financial information presented in the annual report.
  • Comprehensiveness, adequacy, quality and content of disclosure and accounting policies
  • Compliance with statutory requirements and requirements of concerned regulators for preparation and presentation of Financial Statements.
Speaking on being the recipient of Hall of Fame, Madhu Pandit Dasa, Chairman of The Akshaya Patra Foundation said, "The Governance philosophy of The Akshaya Patra Foundation refers to a set of regulations and good practices that enabled us to maintain transparency, accountability and create value for all our stakeholders. We have and we will continue to adhere to the world class accounting standards and norms”.

Click Annual Report to view the Akshaya Patra financial report that received ICAI Award for the year 2012-13. Click to view other Akshaya Patra Awards.

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