New Delhi, Feb 2: The Controller General of Accounts has suggested that all autonomous organisations should come up with full disclosures in line with that prescribed by Institute of Chartered Accountants of India (ICAI) in a bid to ensure uniformity and transparency.Controller General AM Sehgal, in a report to Finance Minister Yashwant Sinha, said the central autonomous bodies should follow a common format of accounts, while ensuring transparency in their annual accounts.
Mr Sehgal stressed that socio-economic activities of autonomous bodies in terms of income and expenditures of each project is in-built in the common format of accounts as prescribed by the ICAI.
The accounting should also be based on the principle of 'Accrual System of Accounting' and on the concept of 'Going Concern', the CGA said.
Mr Sehgal, who headed the committee of experts for accounting format of central autonomous organisations, along with representatives of advisors of Department of Expenditure, ICAI, ICWAI and the Indian Banks Association, submitted the report after 18 months of study.
The report covers all autonomous bodies except port trusts and nationalised banks.
A Parliamentary Committee had recommended the formation of an expert commitee to bring about transparency in the accounts of the autonomous bodies.
(PTI)
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