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Valentine's Day comes around but you'd never know it from the celebrities taking to the red carpet lately in little red cocktail dresses and red gowns pregnancy bridesmaid dresses pregnancy bridesmaid dresses NEW DELHI cocktail dress junior : It would be impossible for political parties to dress dress up their accounts if a series of recommendations by Institute of Chartered Accountants of India (ICAI) is accepted by Election Commission (EC). ICAI was asked by EC to suggest what can be done to make accounts of political parties more accountable. It is likely that many of its recommendations would be accepted by the poll panel. EC would have to move amendment in the Representation of People Act to make it in sync with other laws like Income Tax Act, Wealth Tax Act, hot pink cocktail dresses hot pink cocktail dresses Foreign Exchange Management Act and Prevention of Money Laundering Act. ICAI has said political parties should maintain accrual basis of accounting and not cash basis. It has said accrual basis of accounting records the financial effects of the transactions and other events in the period in which they occur rather than recording them when cash is received or paid. Accrual basis recognizes that the economic events that affect an entity's performance often do not coincide with the cash receipts and payments. "Accrual is the scientific basis of accounting and has conceptual superiority over the cash basis of accounting. It is, therefore, grey cocktail dresses grey cocktail dresses recommended that political parties may be mandated to maintain their books of account on accrual basis," ICAI said. ICAI has also said all political parties should follow uniform accounting framework. It has recommended Accounting Standards issued by ICAI may be made applicable to political parties. "These accounting standards would help political parties to maintain uniformity in presentation of financial statements, proper disclosure and transparency. However, while applying the accounting standards elegant evening dresses 2011 , long sleeve evening dresses tropical prom dresses certain terms used and content/context in the accounting standards may need to be modified for political parties, tea length mother of the bride dresses petites tea length mother of the bride dresses petites" ICAI report said. Political parties have been told to maintain three books of account – cash book/bank book, journal book and ledger. It said, "Books of account should be maintained like any other commercial organization following the rules of double entry book keeping system and generally accepted accounting practices prevailing in India. Political parties may also have other books of account like receipt book, purchase book, inventory register and voucher files etc." It also said every political party should maintain proper account of money received by the political party and the matters in respect of which receipts take place, showing distinctly the amounts received from income generating activities and through grants/donations/contribution. Parties should also show all their assets and liabilities. ICAI has said every political party should follow March 31 as uniform financial year and consolidated financial statements should be prepared incorporating the accounts of taluka/district/state-level party branch accounts. They should get their accounts audited by a firm of chartered accountants as appointed by EC. The auditors should be appointed by a rotation of every three years. best red prom dresses