Karnataka - Bellary   

New accounting procedure for Government soon

Staff Correspondent

BELLARY: The Government Accounting Standards Advisory Board (GASAB), constituted by the Government in which the Institute of Chartered Accountants of India (ICAI) is a part, will submit the new procedures of accrual accounting in Government, very soon.

T.N. Manoharan, president of ICAI, New Delhi, told presspersons here on Sunday said that at present the government accounting was on cash basis and what is to be received and payable was missing in it. In order to transform the Government accounting from cash to accrual system of accounting, the Government had formed GASAB. Mr. Manoharan was here to inaugurate a two-day State level conference of Chartered Accountants organised by the Bellary chapter of ICAI.

Local bodies

The ICAI had constituted an independent committee on accounting standards in local bodies (CASLB), which was fairly broad-based and ensures participation of all interest groups in the standard-setting process, keeping in view the need to harmonise and improve accounting and financial reporting among local bodies, he said.

He informed that the ICAI had submitted a training module to the Ministry of Finance to train the excise and service tax officers of the Revenue Department for successful implementation of fiscal legislation.

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New accounting procedure for Government soon

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