Accounting News

[Pracs]

Indian team to study Pakistan’s accounting system
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Staff Report

LAHORE Indian Accounts Controller General H Prabhakar has said that the exchange of accountants between India and Pakistan would benefit both countries. Mr Parbhakar met Punjab Account General Wazir Ahmad Qureshi and other senior officers on Monday.

Mr Parbhaker praised Pakistan for computerising official auditing and accounting, saying that it was a guideline for regional countries.

He said that they would review the system and give proposals to the Indian government to upgrade the accounting system by adopting the Pakistani system.

http//www.dailytimes.com.pk/default.asp?p...7-9-2004_pg7_16

[Pracs]

Is the AG office following a double entry accruals accounting or are they still following the receipt and payments system... any one on this one ?

[Moon]

Salam

Well the department is still following the cash basis of accounting which is a recognized basis [though i personally do not agree with the basis] however a program under the name of PIFRA [Project for improving financial reporting and auditing] is in process. the answer to your question, however, is NO.

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[Augustus]

Well Mr. Moon is not 100% correct because as far as i have worker with several public sector entities, they are following proper accrual system of accounting and morever prepare their financial statements as per the requirements of International Accounting Standards(IASs).. and they are doing very well in it.. i may quote WAPDA entities, punjab seed etc and all these entities are following accrual system of accounting.

[Pracs]

Augustus,

I reckon some of them have gone online to accrual accounting,.. but tell me do records on cash receipts come in from some divisions which are the 'accrualised' .. that happened with one of Govt. corporations that I used to audit some time ago. It was all very interesting...

"Allah does not change the state of people unless they change what is within themselves" Quran 1311

[Moon]

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Well Mr. Moon is not 100% correct
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Salam

Well i talked about the separtment and not the entities. yes you are right, organizations that are registered under the companies oedinance are required to prepare thier financial statements in accordance with IAS even if they are owned by the govt.

Invest your hard work today for a success benefit tomorrow