CAG Introduces Digital Leap in Government Accounting with New GASAB Initiatives

The Comptroller and Auditor General of India (CAG), K Sanjay Murthy, on Friday addressed the 37th Government Accounting Standards Advisory Board (GASAB) meeting, unveiling digital initiatives that signify a commitment to transparency in government accounting. This move aims to optimize the standard-setting process, reflecting a dedication to clarity and openness in financial matters.

During the meeting, CAG introduced a digital GASAB website designed to boost accessibility and transparency in accounting standards. Murthy emphasized that the standard-setting efforts are enriched by diverse stakeholder interactions and insights from subject matter experts, ensuring a robust framework.

Additionally, the CAG highlighted the Due Process of GASAB, which involves a comprehensive consultative approach in selecting topics and preparing standards. The board also focuses on significant areas like Natural Resource Accounting, marked by the release of Compendia on Water and Mineral Resources. The standards apply across various government levels, enhancing fiscal transparency and decision-making quality.

(With inputs from agencies.)