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| (Address by Ms.Aprajita Atique, DAP, Lucknow) |
To overhaul its account system, the
government gearing to shift to a method where transaction will be recorded in
the book of account even if cash changes hands later. Government has drawn
roadmap for shifting to accrual accounting. To show its firmness on shifting
over accrual accounting Ministry of Communication & IT, Department of Post,
Committee of Public Finance and Institute
of Chartered Accountants of India have come together to train officer and staff of Director of Accounts
(Postal) .
In
order to bring Accounting reforms in the Department of Post, a MOU was signed
by Institute
of Chartered Accountants of India and Department of Post,
Ministry of Communication & IT in Jan 2013. Under the aegis of this MOU, a
series of training programmes have been scheduled on Accrual Basis Accounting
in the office of Postal Accounts.
There are a number of pre-requisites
to be successful in implementation of accounting reforms in a government
organization. Careful attention to these factors will help to ensure that any
attempt to reform the accounting system meet with success. There exists a need
for training of departmental managers to use an accrual accounting system and
to achieve the benefits from its operation.
This training programme covers broad
areas relating accrual based accounting. The topic which are being covered in
this programme are of vital importance and cover major signification areas to
explore complexities involved and get the benefit of switching over to accrual
accounting from cash as a result of changing paradigm.
Eminent speakers having expertise in
different fields deliberated and shared their wisdom on respective topics with
the participants.
All batches has been
presided by Ms Aprajita Atique, Director of Accounts (Postal), Lucknow, Mr. Shashank Mishra, Chairman
Lucknow Branch of the Institute of Charted
Accountants of India delivered the theme address and
Mr. CA Sandeep Bhatnagar, Vice Chairman
Lucknow Branch of the Institute of Charted
Accountants of India also addressed the participants of the
Training Programme on 19-03-2013.
Accrual Based Accounting system is the need of the hour. In a simple way it can be defined as :
ReplyDelete"Under this system, the effects of transactions and other events are recognized when they occur."
Itz strange but true that this system is followed by most of the companies in United States since 1916.
The general idea is that economic events are recognized by matching revenues to expenses (the matching principle) at the time in which the transaction occurs rather than when payment is made (or received). This method allows the current cash inflows/outflows to be combined with future expected cash inflows/outflows to give a more accurate picture of a company's current financial condition.
We here at DPA Lucknow having a thorough training sessions with eminent speakers and expertise of this field under the guidance of Mrs. Aprajita Atique Mam, Hon'ble Director of Accounts(P), Lucknow.
I am really thankful to the department for arranging the said training programme which has empowered me to understand the broad concept of "Accrual based accounting system".
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ReplyDeleteWow..Nice programme.
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