Review of Accounting System
The Government has said that in accordance with the Article 150 of the Constitution, the form of accounts of the Union and the States are prescribed by the President on the advice of the Comptroller and Auditor General of India. The review of the form of accounts to meet specific requirements, including enhancement of transparency, is a continuous process. Giving this information in written reply to a question in the Lok Sabha today, Shri Salman Khurshid, Minister of Corporate Affairs, said that as per the recommendation of the 12th Finance Commission, changeover to the accrual based system of accounting was accepted in Government. Pilot projects in Government of India have been undertaken by Controller General of Accounts and in the states by Comptroller and Auditor General of India.