The committee, headed by the Controller General of Accounts (CAG) AM Sehgal, in its report submitted to finance minister Yashwant Sinha on Friday suggested that organisations should adopt the concept of `Going Concern' for accounting purposes.

The committee suggested that financial statements (including balance sheets and income and expenditure accounts) and its schedules should provide full disclosure of the organisation and its accounting policies. This, it was hoped, would provide uniformity as well as transparency in their annual accounts.

According to the report, the socio-economic activities of an autonomous organisation in terms of its income and expenditure for each activity or project should form a common format of accounts.

The committee took into account standards issued by the Institute of Chartered Accountants (ICAI) while devising the formats.