Monday, August 25, 2008

New Accounting system to be introduced

Centre is in the process of introducing a 'new accrual' system for government accounts, to bring in more transparency and accountablity, Vinod Rai, Comptroller and Auditor General of India, said today.

A road map has been formulated and in a month or six weeks time, all the states would be called for a discussion to finetune the process, Rai said at the first INKEL Forum of Excellence lecture on 'Stregthening Financial Management systems', here.

The roll out of the new system will be over in 3-5 years period, he said.

A Government accounting advisory board at the national level has been formed with State and central government representatives.

"We are hoping one year from now the process will start", he said.

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