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| Rather for time-bound migration from traditional to accrual based accounting | | “Says this accounting reform shall improve governance” | | EARLY TIMES REPORT
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, the Minister for Finance & Ladakh Affairs, Abdul Rahim Rather today called for undertaking integrated orientation courses on massive scale to make the concerned accounts functionaries will abreast with this new concept of accounting reform. He said, 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 adoptions 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.
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