Developments and Challenges in Public Sector Accounting
DOI:
https://doi.org/10.33516/maj.v54i11.72-76pKeywords:
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In Public Sector Accounting system, steps have been initiated for shifting from cash system to the accrual system of accounting together with double entry system of accounting but the complete adoption is a long process and will take time. In this study an attempt is made to discuss the concept of public sector accounting, history of the public sector accounting in India, present status of public sector accounting in India and other countries. This article also discusses major developments and challenges in complete adoption of accrual system in India and other countries. This article concludes with the present status of public sector accounting i.e. a mix of cash system and accrual system in some organizations, full adoption of accrual in some organizations and some are still working on cash system of accounting. There are many Challenges in the complete adoption of accounting standards as per requirement of public sector and full conversion to accrual system and all these challenges needs special attention.Downloads
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