Kashmir Indepth
JammuKashmir

Administrative Council approves Accrual Based Double Entry Accounting System, brings in transparency

Approves adoption of Accounting and Budgeting Rules for ULBs



JAMMU, JUNE 17: The Administrative Council (AC), which met here under the chairmanship of Lieutenant Governor, G C Murmu, accorded sanction to adoption of the Jammu and Kashmir Municipal Accounting and Budgeting Rules, 2020, to facilitate implementation of Accrual Based Double Entry Accounting System (ABDEAS) in Urban Local Bodies.


The adoption of the manual by the Municipal bodies will guide them in proper implementation of provisions of Municipal laws, specifically related to accounts and audit. This will bring more transparency in maintaining accounts, enforcing discipline with defined timelines for completion of accounts, audit, filing of response to audit paras, along with preparation of budget and its execution.


The new rules will also strengthen internal controls through segregation of duties, specific controls in handling and accounting of cash, security, stores and general maintenance by delineating roles and responsibilities for various accounting models.


Moreover, the manual will introduce uniform chart of accounts for all municipal bodies and will provide guidelines for preparation of opening balance sheet and valuation of municipal properties. It will also help in publishing the annual reports within completion of the financial year.


The procedures enshrined in the manual will ensure incorporation of formats of database on finance prescribed by C&AG for effective monitoring of ULBs. This will also ensure provisioning against receivables based on the principles laid down by National Municipal Accounts Manual.

Related posts

JKPCC welcomes Azad’s recent speech in Rajya Sabha

Kashmir Indepth

Govt. committed to provide state of the art Oral health, Dental services to J&K citizens: Advisor Bhatnagar Inaugurates 14th IDA J&K Dental Conference at Srinagar

Zainab Hamdani

Security tightened in Valley ahead of January 26

Kashmir Indepth

DC Kupwara reviews traffic management system

Ankit Sharma

Lt Governor participated in NHPC’s plantation Programme at Kishtwar
Plants Apple seedlings at Chenab Bhawan

Kashmir Indepth

J&K Govt to announce Holiday on Maharaja Hari Singh’s Birthday September 23: BJP

Kashmir Indepth

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy