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News Entry# 289217
  
Dec 21 2016 (01:37)  Railways moves towards accounting reforms (www.livemint.com)
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News Entry# 289217     
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Posted by: Remember BTPS^~  198 news posts
New Delhi: The Indian Railways will now adopt the widely used accrual basis of accounting and will switch from the cash basis of accounting which is currently being used in the organization.
This decision as highlighted by the railway minister Suresh Prabhu in his budget speech this year has been made to optimally utilize the public funds by tracking the expenditure of the desired outcomes.
“One of the biggest challenges of Railways has been that we have not been maintaining accounts to display the desired outcome of a particular expenditure and whether we
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have been able to reach to that destination or not,” said Suresh Prabhu at a conference on Tuesday.
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