The Institute of Chartered Accountants of India (ICAI), through its Committee on Public and Government Financial Management (CPGFM), has launched the ICAI Awards for Promotion of Accounting Reforms in Local Bodies 2025-26, inviting Urban Local Bodies, Panchayats, and Smart Cities to participate and showcase their progress in financial reporting and accounting reforms.
The initiative aims to recognise and encourage transparency, accountability, and best practices in financial management across various tiers of local governance. The last date for submission of financial statements for the competition is September 30, 2025, at 5:00 PM.
Award Categories
The competition is open under three main categories:
- Urban Local Bodies – including Municipal Corporations, Municipal Boards, and Nagar Panchayats.
- Panchayats – including Zila Parishads, Block Panchayats, and Gram Panchayats.
- Smart Cities – with separate awards in each category.
Eligibility Criteria
Financial statements for the financial year 2023-24 (for periods ending between April 1, 2023, and March 31, 2024) are eligible for submission.
Submission Requirements
Participants must submit both soft copies and two sets of hard copies of the required documents, which vary depending on the category.
For example:
- Urban Local Bodies need to submit the balance sheet, income and expenditure statement, receipts and payments account, cash flow statement, notes to accounts, and audit report certification.
- Panchayats must provide monthly/annual receipts and payments accounts, annual receipt and payment accounts with supporting schedules, reconciliations, registers, governing body reports, and audit certifications.
- Smart Cities need to submit the balance sheet, profit and loss statement, cash flow statement, notes to accounts, and audit report certification.
The documents should be emailed and physically sent to the Secretary, CPGFM, ICAI, Indraprastha Marg, New Delhi by the deadline.
Selection Process
The evaluation will follow a three-tier robust review system:
- Preliminary review by an independent technical reviewer.
- Group review by the CPGFM’s Shield Panel.
- Final jury evaluation comprising professionals, academicians, senior retired officials, and ministry representatives.
Objective of the Awards
The awards are designed to motivate local governance bodies to adopt robust financial reporting practices, enhance accountability, and align with modern accounting standards.
ICAI President stated that such initiatives play a crucial role in building stronger, more transparent financial systems at the grassroots level, ultimately contributing to better governance and development outcomes.
Local bodies interested in participating can register and submit entries via the official link: https://docs.google.com/forms/d/e/1FAIpQLScRBmbLCFxbKJ-6YjRTqEOGCCRWFHS8NttIEBFOo0lUCp1Ljg/viewform
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Mariya is the Senior Editor at Juris Hour. She has 5+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started as a freelance tax reporter in the leading online legal news companies like LiveLaw & Taxscan.
