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PTI / The Hindu.
Finance Minister Pranab Mukherjee addressing the national conference of State Finance Ministers on “Accrual-based financial reporting” in New Delhi on Tuesday. Photo: S. Subramanium.
With the country gearing up for adoption of new accounting system, Finance Minister Pranab Mukherjee on Tuesday said the task of shifting from the current cash-based accounting system to ‘accrual-based financial reporting’ will not be easy.
“Based on the knowledge gained through pilot studies and the experience of some other countries, it is clear that introduction of accrual accounting is not going to be an easy task,” he said at a conference of State Finance Ministers.
The 12th Finance Commission had recommended transition to accrual accounting for both Central and State governments. These recommendations were accepted by the Central government in principle.
The accrual system is aimed at improving transparency and fixing the accountability of departments for managing state-owned assets.
Under the system, transactions will be recorded at the time when economic value is created, exchanged, transferred or impaired, irrespective of whether cash is actually exchanged.
Hope, this would bring in greater transparency in Government Accounting and Reporting!
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