Srinagar Sep 15 (KNS) : With an aim of enhancing fiscal management, financial reporting & transparency in State Autonomous Bodies-SABs and State Public Sector Enterprises -SPSEs in J&K UT, the office of Principal Accountant General (Audit), Jammu & Kashmir, in collaboration with the J&K Finance Department organised a one-day workshop on the Accrual System of Accounting and Audit of financial statements on Monday.

In a Press release issued, The workshop was held at the Principal Accountant General's Head Office in Srinagar. Many participants from Jammu participated in the workshop through virtual mode as well.

The workshop was attended by KP Yadaw, Principal Accountant General (Audit), Jagbir Singh, Dy. AG, Surjeet Singh, Sr.
Audit Officer and other staff from PAG office Govt of India whereas Santosh Vaidya, Principal Secretary Finance, Fayaz Lone, Director General (Accounts and Treasuries), Sajjad Hussain (Director General Expenditure) as well as the senior officers of autonomous bodies and UT Public Sector Enterprises -PSUs participated in the workshop.

" The workshop was organised with view to enhance fiscal management and increase financial reporting transparency in SABs and SPSEs in Jammu &Kashmir.Click Here To Follow Our WhatsApp ChannelIt was divided into two sessions to address the specific needs of each group.The programme began with a session dedicated to representatives of State Autonomous Bodies- SABs and other relevant authorities. The discussions focused on the preparation of financial statements using the accrual system of accounting and adhering to Generally Accepted Accounting Principles (GAAPs). The afternoon session catered to the representatives of SPSEs as it focused on provisions of the Companies Act, 2013 and adoption of accrual system accounting in the financial reporting of SPSEs" reads the statement issued by office of Principal Accountant General J&K Srinagar

"The workshop placed emphasis on transitioning from the cash-based system to the more comprehensive accrual-based accounting. Accrual accounting recognizes revenue and expenses when they occur, regardless of when cash is exchanged, offering a more accurate picture of an organization's financial health " the statement added(KNS)