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.