ICAI keeping its mission and vision in mind has constituted the Committee on Public Finance and Accounting Standards for Local Bodies (CPF&ASLB) which strives to assist Central & State Governments and Local Bodies in successful implementation of the accounting reforms and public finance management. This is an initiative of ICAI to meet its social obligations by providing professional services of CAs beyond corporate sector and to the public at large, by being true to its role of being a partner in nation building. The Committee primarily focuses on formulating Accounting Standards for Local Bodies (ASLBs), providing technical inputs on Government accounting related matters within India and Internationally on the documents of IPSAS Board, and capacity building of the finance officials of various tiers of Government in India by various means such as organizing workshops, developing relevant e-training modules, etc.