How TTD plans to unlock value from land and strengthen its financial systems
The Institute of Chartered Accountants of India is working with Tirumala Tirupati Devasthanams on several key projects. These initiatives include monetizing land assets through real estate investment trusts and valuing gold holdings. An updated accounting manual for the temple trust is also nearing completion by the institute. This comprehensive manual will cover all aspects of TTD's financial…
The Institute of Chartered Accountants of India (ICAI) is collaborating with Tirumala Tirupati Devasthanams (TTD) to explore monetisation opportunities for the temple trust's land assets through Real Estate Investment Trusts (REITs), while also assisting TTD in verifying and valuing its gold holdings. The chartered accountants' apex body is currently in the final stages of developing an updated accounting manual for TTD, which oversees the revered Sri Venkateswara temple in Tirupati, Andhra Pradesh.
An ICAI official disclosed that the institute is working on multiple projects alongside TTD, including the creation of an accounting manual, implementing REITs, and assessing the value of TTD's gold assets. REITs present a means for entities to leverage their real estate assets, and TTD possesses a significant quantity of land, much of which has been donated by devotees.
ICAI President Prasanna Kumar D emphasized on Saturday that the accounting manual for TTD is nearing completion, as per news agency PTI. This project is anticipated to set a precedent for other prominent temples in India, with the accounting framework, accounting standards, and accounting policies being the key areas addressed.
The ICAI official further explained that TTD had sought the institute's expertise for this endeavor. Notably, TTD's existing accounting manual was developed around three decades ago and is now undergoing revision by ICAI. The updated manual will encompass crucial elements of TTD's finances, such as collections, payments, and the balance sheet. Moreover, ICAI plans to offer capacity-building programs for TTD's staff as part of the broader project.
In June, Kumar had previously stated that TTD already possessed a "full-proof system" for managing its operations, which were being facilitated through an Enterprise Resource Planning (ERP) system. He mentioned plans to elevate the system to the next level, given the aging nature of the existing one. ICAI boasts over five lakh members.
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