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Dear Professional Colleagues, Fortifying the foundations of a nations financial fabric is the cornerstone for forming a resilient economy. In the pursuit of transforming India into a developed nation,Viksit Bharat, effective government accounting and public finance management are very crucial. A
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FAQ :
The ICAI President views government accounting and public finance management as crucial cornerstones for building a resilient economy and transforming India into a developed nation, driving socio-economic progress.
Local bodies, including over 2.62 lakh Panchayati Raj Institutions and more than 4500 Urban Local Bodies (ULBs), are vital for comprehensive advancement and inclusive growth, with investments in their infrastructure enhancing quality of life and fostering economic growth.
Globally, many countries are adopting transparency measures like the International Public Sector Accounting Standards (IPSAS). It's forecasted that by 2030, 73% of jurisdictions will follow accrual-based accounting.
India has implemented reforms such as the Fiscal Responsibility and Budget Management (FRBM) Act, public expenditure reforms, and enhancements in debt management. The Government Accounting Standards Advisory Board (GASAB) and ICAI are also formulating tailored accounting standards.
The ICAI is assisting governments in implementing accounting reforms, developing standards for local bodies, providing technical support for financial reporting of ULBs, and conducting capacity-building courses for members and government officials.
The vision includes exploring new funding avenues like Municipal Bonds and Green Finance, developing public infrastructure and Smart Cities, and empowering governments to effectively manage resources, drive sustainable growth, and improve citizens' lives through technology and transparency.
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