GASAB - Government Accounting Standards Advisory Board

 

GASAB - Government Accounting Standards Advisory Board

• Constituted by C&AG - Comptroller & Auditor General of India 

• Established in 2002 

• A Nodal advisory body in India 

• The Objective are emerging new priorities in Public Finance Management and to keep pace with International trends. 

• New priorities are good governance, fiscal prudence, efficiency & transparency in public spending. 

•  All over the World, the accounting systems are on transition from rule to principle based standards and from cash to accrual based system of accounting. 

• The Membership of GASAB - Reviewed in 2021

Structure of the Board

1. Chairperson - Dy.C&AG (Govt Accounts)
2. Member Finance, Railways
3. Member (Finance) Telecom Commission, Department of Telecom
4. Secretary, Department of Post
5. Controller General of Defence Accounts
6. Controller General of Accounts
7. Additional / Joint Secretary (Budget),Ministry of Finance, Govt. of India
8. Deputy Governor, Reserve Bank of India or his nominee
9. Additional Deputy CAG,GASAB
10-13. Principal Secretaries (Finance) of four States by rotation
14. President, Institute of Chartered Accountants of India (ICAI) or his nominee
15. Director General/Principal Director (Government Accounts), Office of the Comptroller & Auditor General of India as Member secretary.

Responsibilities:

1. To establish & improve standards of Government accounts

2. Propose standards relating to usefulness of financial reports. 

3. To keep the standards current and reflect changes in the governmental environment. 

4. Guidance on implementation of standards. 

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