Introduce double entry accounts system, urges ICAI

Nashik: The Institute of Chartered Accountants of India (ICAI) has sought the Union government to use double entry accounts system in all its departments, being used across all nations barring India.
The government continues using single entry accounts system.
The ICAI said it will soon approach Union defence minister Manohar Parikkar to urge him to introduce double entry accounts system in the defence ministry.This was informed by M Devaraja Reddy, national president, ICAI, who was in Nashik on Saturday to attend a national conference of Chartered Accountants (CAs) on direct taxation.
Reddy said, "The present accounts system in government ministries are not at par with other nations. The government departments are still using single entry accounts system. One can't check the balancesheet or where the money is being spent in single entry account system. While some municipal corporations have started using double accounts system, the central government is yet to introduce it in its departments," adding that the institute would approach Parikkar and urge him to introduce the new system in his ministry.