The Hindu Business Line : Roadmap for accrual accounting switchover by March 31

THE Government Accounting Standards Advisory Board (GASAB) has been asked to submit a roadmap by March 31 next year for the transition from the current cash-based accounting system to an accrual accounting system, the Comptroller and Auditor-General of India (CAG), Mr V.N. Kaul, has said.

"The target date for GASAB to submit the roadmap is March 31, 2006. I hope the roadmap would be ready by that date", Mr Kaul told newspersons at the end of the three-day 23rd conference of Accountants-General here. Mr Kaul also indicated that it might take at least 10-12 years for accrual accounting to be implemented in full scale in government accounts. "My estimate is it will take 10-12 years, provided the same level of determination that is seen now from all stakeholders is sustained", he said.

Accepting the recommendations of the Twelfth Finance Commission, which had mooted a gradual switchover, the Centre had asked GASAB to propose a roadmap for the transition. The main objective for the switchover to accrual accounting is to improve transparency and usability of government accounts for financial and fiscal management.

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