Meeting with a team of officials from International Federation of Accountants
Mr. Goran Tidstrom, President & Mr. Russell Guthrie, Executive Director IFAC along with Mr Jaydeep N. Shah President ICAI met controller General of Accounts and his team on 30 th October, 2012. The purpose of the visit was to have closer association between IFAC and Accounting Fraternity in India. Controller General of Accounts briefed them about the various developments in the area of accounting reforms under the umbrella of Civil Accounts Organisation. He made a special mention of the Central Plan Scheme Monitoring System being finally approved for national roll out. He explained the potential of the project as a powerful financial management information system having a direct bearing on the reduction of borrowing requirements and overall resource management of the country.
A presentation on the functioning of Civil Accounts Organisation and CPSMS in particular was made before the team of IFAC and ICAI. President, IFAC appreciated the work being done by Controller General ofaccounts and expressed desire for a closer association in the area of Accounting Reforms such as transition to Accrual Accounting System. President, ICAI shared the view of CGA that Civil Accounts Organisation is well equipped to carry out diverse Accounting Reforms. CGA expressed the need for extensive training of ICAS Officers in Institutes of International repute and also visit to the countries which have successfully adopted accrual accounting System.