SRINAGAR: In a bid to strengthen fiscal management and improve financial transparency, the office of the Principal Accountant General (Audit), Jammu and Kashmir, in collaboration with the Union Territory’s Finance Department, on Tuesday organised a one-day workshop on the accrual system of accounting and audit of financial statements.
The workshop, held at the Principal Accountant General’s head office in Srinagar, brought together senior officials from government bodies, public sector enterprises, and financial institutions. Participants from Jammu joined the proceedings virtually.
The event was attended by KP Yadaw, Principal Accountant General (Audit), Jagbir Singh, Deputy AG, and Surjeet Singh, Senior Audit Officer, along with other staff from the PAG office, Government of India. On behalf of the Jammu and Kashmir administration, Santosh Vaidya, Principal Secretary Finance, Fayaz Lone, Director General (Accounts and Treasuries), Sajjad Hussain, Director General Expenditure, as well as senior officers of autonomous bodies and public sector enterprises (PSUs) participated.
According to a statement issued by the PAG office, the workshop was designed to enhance fiscal management and strengthen financial reporting transparency in State Autonomous Bodies (SABs) and State Public Sector Enterprises (SPSEs). The day-long programme was divided into two sessions, addressing the specific needs of each group.
The morning session focused on SABs and other authorities, with discussions centred on preparing financial statements using the accrual system of accounting and adhering to Generally Accepted Accounting Principles (GAAPs). The afternoon session was dedicated to SPSEs, highlighting the provisions of the Companies Act, 2013, and the adoption of accrual-based accounting in their financial reporting.
“The workshop placed emphasis on transitioning from the cash-based system to the more comprehensive accrual-based accounting. Accrual accounting recognises revenue and expenses when they occur, regardless of when cash is exchanged, offering a more accurate picture of an organisation’s financial health,” the statement said.
