Align accounting standards with best global practices: CAG

CAG Shashi Kant Sharma on Tuesday called for aligning of accounting standards with the best global practices for better public financial management. 

He said CAG and Controller of General Accounts (CGA) should work together to improve the government’s accounting system and enhance accountability mechanism. 

 “The accounting standards need to be revised in tune with the best international practices. Some of the standards which were recommended by the Government Accounting Standards Advisory Board (GASAB) have been already notified by the Finance Ministry and some are under consideration which I am sure will be notified quite soon,” Sharma said. GASAB was set up in 2002 in the CAG’s office. The CGA as well as heads of other accounting organisations like railways and defence accounts are active stakeholders in this board.