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News Entry# 289191
  
Dec 20 2016 (18:10)  Accounting reforms large agenda of railway transformation: Suresh Prabhu (www.dnaindia.com)
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News Entry# 289191   Blog Entry# 2097632     
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Posted by: Jayashree ❖ Amita*^  35181 news posts
The railway minister said that accounting reforms hand-in-hand with accountability will have a huge impact on productivity.
Railway Minister Suresh Prabhu on Tuesday said accounting reforms will help reveal the true picture of railways and go hand-in-hand with accountability to have a huge impact on productivity. Accounting reforms are part of the large agenda of railway transformation, he said. "Unless accounting and accountability go hand in hand we will not be able to achieve the whole thing. We are working on that," he said at a CII conference on 'Accounting reforms in Indian Railways - a strategic mission for sustainable growth.'
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reform is a process of integration of various activities to reveal the true picture of Railways, he stressed. "It is a massive concept. It is just not confined to rituals to single to double entry and so on. We want to bring the real transformational concept. This is part of the large agenda of railways transformation which includes ERP, complete transformation of railways entire business is operated," Prabhu said.
After merger of Rail Budget with General Budget, accounting reforms is another big ticket reform agenda that the Railway Minister has undertaken. "We want to price our services. If you want to price the services then it cannot be done without costing," he said. Comparing accounting reforms with a health card, he said, "It is not maintaining accounts to display something that is the outcome of that particular expenditure. As we always believe accounting statement is a health card reflecting all your health parameters. Therefore, balance sheet should also look like that.
In fact, it is not only Railways, the government as a whole is not preparing balance sheet." Highlighting the need for accounting reforms involving shifting towards accrual system of accounting from cash system, Prabhu said, "Unless you have that you will not be able to understand whether you have done well or where you are heading." He said despite several suggestions for change in the accounting system in the past this has not been made. "We have decided to go ahead to have the entire discourses on the accounting reforms." However, he said moving away from single entry to double entry in the accounting system is not a great achievement.
Referring to his first budget speech, Prabhu said "I had spelt out what would be the vision of accounting reforms. And we said from book keeping we move on to something different. Integrate costing, and accounting, management informations system and accounting and that should reflect outcome."

  
907 views
Dec 20 2016 (18:27)
For Better Managed Indian Railways~   1862 blog posts
Re# 2097632-1            Tags   Past Edits
Accounting reforms/ ERP etc shall give IR a clear picture of where do they stand, costing of each activity can help in arriving at proper pricing of each and every service offered by IR.
But the actual benefit can be achieved only if the info/ analysis is actually utilised in making policy decisions.
Knowing the right is one thing and doing the right is altogether a different thing.

  
855 views
Dec 20 2016 (19:03)
srinivasvasanthi   3568 blog posts   13 correct pred (50% accurate)
Re# 2097632-2            Tags   Past Edits
Our Auditor RM Sureshji s Accounting reforms are good and welcomes it.
Moreover our IR has spend crores of rupees in new lines and BG converted lines.But most of these lines ate so much under utilized which added capital cost to the Railway exchequer with out return.
So our IR has to take top priority in utilizing the under utilized sections to recover capital cost involved.
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Some of under utilized sections in Southern Railway ,Chennai.
1) Manamadurai - Aruppukkottai- Virudhunagar ,2)Virudhunagar- Sivakasi- Rajapalayam - Tenkasi - Shenkottai. 3) Tenkasi - Tirunelveli,4)Tirunelveli - Nagercoil 5) Dindugal - Karur - Namakkal - Salem.etc
We requested that some of the existing trains have to be diverted or Extension of trains in these routes or operated Link connecting expresses / passenger trains.

  
777 views
Dec 20 2016 (19:29)
srinivasvasanthi   3568 blog posts   13 correct pred (50% accurate)
Re# 2097632-3            Tags   Past Edits
One more important under utilized sections in our SR connecting Tamilnadu and our Gods Paradise Dindugal- Pollachi - Palakkad jn.
This aection s are informed to me by the famous and number one daily and other publication reporter.Thanks a lot to him.
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