FM for switching to accrual based accounting in JK
GK NEWS NETWORK
Srinagar, June 10: Underscoring the need for a smooth and time-bound migration of government accounts from traditional (manual) system to accrual based accounting (ABA) to make accounts transparent and information oriented, Minister for Finance & Ladakh Affairs, Abdul Rahim Rather today called for undertaking integrated orientation courses on massive scale.
He said the ABA which is being adopted throughout the country, is a vibrant tool to bring a tangible improvement in the governance adding that the State shall have to switch over to this accounting module to avail its benefits.
Speaking at the 2nd meeting of the Task Force on “Migration of Government Accounts from Cash to Accrual Based Accounting” held here today, the Minister called for increasing frequency of the Task Force meetings for a periodic performance review about progress achieved in transaction from traditional to accrual based accounting adding that the State should switch over to this accounting system without wasting any time.
He said there was an urgent need to bring reforms in the method of book keeping by shifting from single entry to double entry system, which he said was imperative to capture comprehensive information on expenses and financial position of the Government.
The Minister while directing for constitution of Pilot Task Forces in PHE & R&B departments for introducing accrual based accounting ,said that it would help in adoption of best policies and in optimal utilization of resources besides future sustainability of programmes. He said that state Public Sector Undertakings (PSUs) are statutorily bound to prepare their accounts on accrual basis under Companies Act 1956.
Commissioner/Secretary Finance, Sudanshu Panday asked the Corporation to introduce computer based accounting by the end of the current fiscal adding that the accrual based accounting shall also be stared in some selected Government departments on pilot basis.
The representatives of A.G’s and Finance Department office gave a Power Point presentation about the progress on migration from manual to accrual based accounting in Municipal Corporations of Srinagar and Jammu besides local bodies of the State. It was informed that switching over from manual to accrual based accounting has been successfully initiated in these organizations.
Lastupdate on : Fri, 10 Jun 2011 21:30:00 Makkah time
Lastupdate on : Fri, 10 Jun 2011 18:30:00 GMT
Lastupdate on : Sat, 11 Jun 2011 00:00:00 IST
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