During the year 2012, ICAI had issued a Guidance Note on “Accounting and Auditing of Political Parties” as desired by the Election Commission of India. The Guidance Note is now being upgraded to incorporate certain improvements and changes in the operating environments since then. It has also been decided to issue the guidance for Auditing of Political Parties separately in detailed manner, if required.

Accordingly, the Exposure Draft of revised Guidance Note on “Accounting of Political Parties” has been issued for comments.