The Akshaya Patra Foundation has been
conferred the ICAI Gold Shield Award for the 4thconsecutive year. This
is the highest award given by the Institute of Chartered Accountants of
India (ICAI) for Excellence in Financial Reporting. Akshaya Patra bagged
this award for the Annual Report 2011-12. The Award ceremony was held
in Mumbai recently, as a part of the International Conference held by
ICAI. Dr Ashwani Kumar, Honourable Union Minister for Law and Justice
presented the Gold Shield Award to Akshaya Patra representatives. V.N
Kaul, the former Comptroller & Auditor General of India, who was the
Chief of the Jury for these awards, and was also present during the
award ceremony. We were also recognized as the first NGO in India to
comply with the International Financial Reporting Standards (IFRS).
All
the awardees including Akshaya Patra have been selected by the panel of
judges on review of accounting practices adopted by the participating
enterprises in the preparation of financial statements and the policies
adopted for disclosure and presentation of financial statements and
other information in the annual reports without regard to the financial
condition and operating performance. ICAI adopts a very rigorous process
for identifying the deserving awardees. Akshaya Patra has been awarded
after considering some of the key parameters such as:
• Compliance with statutory requirements
and requirements of concerned regulators for preparation and
presentation of Financial Statements;
• Quality of financial information as judged from the qualifications in the auditor’s report; and
• The extent, nature and quality of non financial information presented in the annual report.
Though there are no established reporting norms / standards
applicable to our Foundation (since we are an NGO registered under the
Indian Trusts Act,1882), we have taken the initiative to comply with the
IFRS as well as the Revised Schedule VI format of presentation of
Financial Statements under the Indian GAAP (Generally Accepted
Accounting Practices). This also demonstrates the level of transparency
in our financial reporting.
The Vice Chairman, Chanchalapathi Dasa said, “The ICAI Award is a
testimony to the transparent and responsible usage of funds by Akshaya
Patra. This is a moment of celebration for all of us at Akshaya Patra
and at the same time it has strengthened our commitment to reach out to
more children.”
The Akshaya Patra Foundation is a Bangalore based NGO implementing
the Mid-Day Meal programme in Government schools and Government-aided
schools. It is currently operating in 19 locations in 9 states of India.
Through this programme Akshaya Patra feeds 1.3 million children across
India everyday. It aims to feed 5 million children by the year 2020.
Source: www.akshayapatra.org/ICAI-gold-shield-award-4th-consecutive-year
