Accounting reform is of utmost urgency – Hamid Ansari

Shimla: In a fast changing national and global economic landscape, the government accounting system based on financial reporting framework needed a change as it has not proved to either accurate or effective instrumentality to focus on performance accountability, Vice President M Hamid Ansari stated here today.

Addressing a select gathering after inaugurating the diamond jubilee celebrations of National Academy of Audit and Accounts today, the Vice President said the volume, mix, variety and legal structures employed for undertaking government expenditure had undergone tremendous change.

Mentioning that accounting reform was of the uttermost urgency and needed to be take up urgently as the current cash-based system did not record transactions where no cash has been paid or received even if liability many have been contracted or value received.Read Full Story