ICAI, Tirumala Tirupati Devasthanams work on Reits to monetise land assets ...Middle East

Chartered accountants' apex body ICAI is working with Tirumala Tirupati Devasthanams (TTDs) to help monetise its land assets through real estate investment trusts, as well as ways to verify and value gold that is in the possession of the trust. The Institute of Chartered Accountants of India (ICAI) is also in advanced stages of preparing the updated accounting manual for TTD, the official custodian of the Sri Venkateswara temple in Tirupati, Andhra Pradesh, and is considered the richest Hindu shrine in the world. An ICAI official on Sunday said the institute is working with TTD on various projects, including the accounting manual, setting up of Real Estate Investment Trusts (REITS) and valuing its gold assets. REITs allow entities to monetise their real estate assets, and TTD has large parcels of land, mainly donated by devotees. On Saturday at a session here, ICAI President Prasanna Kumar D said its work for preparing the accounting manual for TTD is in the advanced stages of ...

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