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Technical Guide on Accounting for Expenditure on Corporate Social Responsibility (CSR) Activities in India

India CSR Network by India CSR Network
July 13, 2020

The CSR Committee of the Institute of Chartered Accountants of India (ICAI) has released the Technical Guide on Accounting for Expenditure on Corporate Social Responsibility (CSR) Activities on 1st July 2020, which has also been hosted on the website of the Institute.  The document is available in public domain.

The objective of this Technical Guide is to provide guidance on recognition, measurement, accounting, presentation and disclosure of expenditure on activities relating to corporate social responsibility.

“With the increasing importance of the CSR activities, it has been felt necessary to provide guidance to the industry and professionals on the accounting aspects of the CSR Expenditures. This Technical Guide is an effort made by the CSR Committee of ICAI towards meeting the expectations of the professionals and the stakeholders in this respect.”, said CA. Pramod Jain, Chairman, CSR Committee

Background

In India, with the enactment of the Companies Act, 2013 by the Ministry of Corporate Affairs, Government of India, it has now become mandatory for Companies to take up CSR projects on social welfare activities. India is the only country which has regulated and mandated CSR activities to be undertaken by certain categories of companies. In the present times, the ambit of CSR activities has grown manifold and is playing an important part in achieving the sustainable development goals and private-public partnership in nation building. CSR has also played a very important role in supporting the social and economic development of the country during the Covid-19 pandemic.

Section 135 of the Companies Act, 2013 has made it mandatory for companies fulfilling certain criteria, to implement and report CSR policies. Rules framed thereunder and Notifications issued from time to time have provided extensive guidelines on the activities to be undertaken by the companies and the reporting of the same in the Annual Report of the Company.

The ICAI said that, with the increasing importance of the CSR activities, it has been felt necessary to provide guidance to the industry and professionals on the accounting aspects of the CSR Expenditures. This Technical Guide is an effort made by the CSR Committee of ICAI towards meeting the expectations of the professionals and the stakeholders in this respect. Subsequent to the issue of the Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities, the Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities, issued on 15th May 2015, stands withdrawn.

“This publication is a laudable effort by the CSR Committee as it attempts to provide guidance on the CSR Accounting related issues, to the members and various other stakeholders.”, said CA. Atul Kumar Gupta, President, ICAI

Tags: Corporate Social Responsibility (CSR)Corporate Social Responsibility (CSR) Activities in IndiaCSR AuditCSR Expenditure
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Having millions of readers - India CSR is the largest repository of information and knowledge on CSR in India and offers networking and promotion opportunities of CSR innovations and success. India CSR Network is a leading media organization on Sustainable Development, Corporate Social Responsibility (CSR), Sustainability and related issues in India. The digital platform offers insights on Corporate Governance, Business Responsibility, Human Rights, Sustainability, Sustainable Development, Workplace Safety, Industry 4.0, CSR 2.0 and other Socio-Economic issues. Founded in 2009, the organization aspires to become globally admired media that offers valuable information of its readers through responsible reporting. Business proposal on featuring your CSR and Sustainability success and sponsored posts can be sent to biz@indiacsr.in

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