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Prasar Bharati required to meet accounting deadline by May 2002

17-April-2002
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Prasar Bharati required to meet accounting deadline by May 2002

Even as the accounts of Prasar Bharati were delinked from the government account from April 2000, the organisation has not shifted yet to the double entry system of acc-ounting followed by other corporations and business establishments. However, Prasar Bharati is now required to meet the deadline of Ma-y 2002 and September 2002, to prepare the accounts for 2000-01 and 2001-02. Recently appointed member (finance) of Prasar Bharati S Sundresan has set these deadlines.

Prasar Bharati is likely to get some amount of operational freedom with the new accounting system. According to sources, the staff at Prasar Bharati lacks the expertise for handling commercial accounting system the organisation is focusing on training of accounts personnel in double entry system of accounting.

Meanwhile, Prasar Bharati has already approached the Institute of Cost & Works Accountants to establish a proper costing system to help it determine its profitability.

Earlier, Prasar Bharati had appointed the Institute of Public Auditors of India as consultants to work out the format of accounts for Prasar Bharati. IPAI, in a report submitted in November 2001, recommended adoption of Receipts and Payments Accounts and Income & Expenditure Accounts in the double entry system for Prasar Bharati. However, the staff at the Broadcasting House found it a difficult task to switch over to the new system.

Now that a deadline has been set by Sundresan, for transition to the double entry system of accounting, things are expected to move a faster pace.

Source: Financial Express

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