There are plenty available, plese dont waste your energy in redoing the activities again. I preffer GNUcash (basically since I never was addicted to Tally).
That's fine for you, but for those that are addicted, I think this project is worth starting. Think of it this way... if this does become a reality, most CPA firms will switch to this version without a problem... get legal and our country benifits.
Ask your accountants to switch to GNU/Cash... 1 out of 10 may switch .. if you're lucky.
I wish you guys success in getting this project on the road. I hope you consider the name TIST. ;-)
Rishi