New Delhi,June 08: Controller General of Accounts, which is in the process of reforming accounting procedure, plans to adopt a modified accrual-based system with advanced software to check frauds in government books, official sources said. "As part of the latest initiative in accounting reform, CGA is presently examining the merits of transition from a cash-based system of accounting to an accrual-based system," Additional Controller General of Accounts B S Thapliyal said here. To debate on this issue, World Bank and CGA is organising a 3-day seminar on 'accounting for results' beginning here on June nine, to be attended by top government officials from Pakistan, Afghanistan, Sri Lanka, Bangladesh, Nepal, Bhutan, Mauritius and Myanmar. World Bank and IMF officials will also participate in the seminar to be inaugurated by 12th Finance Commission chairman C Rangarajan.
Although the accrual-based system is in practice in matured economies, official sources said further modification is required as there has been a series of accounting scams. Bureau Report