The quality of financial statements impacts the quality of various finance related decisions that are made based upon the statements. Considering the amount of spending being done by the Government to revive Indian economy, post pandemic, improved financial reporting at Government level is the need of the hour. ICAI is also involved in the said accounting and financial management reform in Government (including Local Bodies).
The Committee on Public and Government Financial Management (CP&GFM) of ICAI organises interactions and knowledge sharing exercises with the Government organs. The Committee formulates Accounting Standards for Local Bodies (ASLBs), provides technical inputs on Government accounting related matters to the Government Accounting Standard Advisory Board (GASAB) in India and internationally, on the documents of the International Public Sector Accounting Standards (IPSAS) Board, and builds capacity of the finance officials of various tiers of Government in India by various means such as workshops, developing relevant e-training modules, etc.
CA. Kemisha Soni