SRINAGAR: The office of the Principal Accountant General (Audit), Jammu & Kashmir, in collaboration with the J&K Finance Department, on Monday organised a one-day workshop on the accrual system of accounting and audit of financial statements at the PAG Head Office in Srinagar. Participants from Jammu joined the event virtually.
The workshop aimed to strengthen fiscal management, improve financial reporting, and promote transparency in State Autonomous Bodies (SABs) and State Public Sector Enterprises (SPSEs) in the Union Territory.
Principal Accountant General (Audit) K.P. Yadaw, Principal Secretary Finance Santosh Vaidya, and Director General (Accounts & Treasuries) Fayaz Lone addressed the participants, along with senior officers from autonomous bodies and PSUs. Senior officials from the PAG office, including Deputy AG Jagbir Singh and Senior Audit Officer Surjeet Singh, also attended.
The day-long programme was held in two sessions. The morning session focused on SABs, with discussions on preparing financial statements using the accrual system of accounting in line with Generally Accepted Accounting Principles (GAAPs). The afternoon session, dedicated to SPSEs, highlighted provisions of the Companies Act, 2013, and adoption of accrual-based accounting in their financial reporting.
According to a statement issued by the PAG office, the workshop emphasised the importance of moving from the traditional cash-based system to accrual accounting, which records revenues and expenses when they are incurred rather than when cash is exchanged. This, it said, provides a more accurate reflection of an organisation’s financial health.
