Monday, January 16, 2017

Adding accruals: Indian Railways accounting changes track

The Indian Railways will soon switch from cash to accrual-based accounting. The national transporter has engaged ICAI, the apex body of chartered accountants, to handhold, guide and prepare a Management Information System (MIS) for the same. The reforms will focus on right costing and right pricing and would enable provision of improved services, stronger financial health and a healthy operating ratio. The move will help in determination of true cost of services and online availability of costing data, which will lead to enhanced transparency.

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