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Common Accounting System

 Common Accounting System Dissertation

COMMON ACCOUNTING SYSTEM INTRO 1 . The majority of the State Cooperative Societies Functions have provisions regarding preparation and submitting of financial transactions such as Balance Sheet, Profit and Loss Bank account and Trading Account of PACS. Nevertheless , the formats for economic statements of PACS have never been recommended in many Declares. The existing formats have progressed over a period of time on the basis of instructions from the RCS, Director of Audit, etc ., There is no order, regularity and transparency in the types adopted simply by PACS in the States installment payments on your The Task Force on Revival of Short-Term Cooperative Credit rating Structure discovered that PACS, in many declares, do not stick to standard accounting systems and don't make enough provisions against NPAs and follow right income reputation norms. While PACS, in a few States, make provisions for bad and doubtful financial obligations as per the suggestions issued by erstwhile Culture Credit Office (ACD) of Reserve Financial institution of India, PACS in other States just like Andhra Pradesh, Uttarakhand and Kerala stick to Income Recognition and Advantage Classification (IRAC) norms because applicable to DCCBs/SCBs as prescribed by the Registrar of Cooperative Societies of the State concerned. A lot of PACS in many States always adopt one entry approach to accounting, even though a number of PACS in these Declares have used double admittance system of book-keeping. 3. The creation of a Standard Accounting Program for the PACS depends upon several factors just like adoption of Common Monetary Statements by PACS, inclusive list of Standard Ledger Brain of Accounts, applicability of numerous accounting rules like next double entry, netting principles, introduction of prudential rules (IRAC), viz., Income Reputation, Asset Classification and Capital Adequacy Rules. As indicated in the Revival Package, putting into action States must adopt prudential norms for PACS in consultation with NABARD, whilst recapitalization assistance would provide intended for cleansing from the balance sheet of the PACS while on thirty-one March 2004, recomputing the accumulated losses based on these kinds of norms, and separate assistance for bringing up their capital adequacy for the level of 7% CRAR. 4. As envisaged under the Revival Package of GoI, NABARD in cooperation with GTZ devised a Simplified, Common and Common Accounting System for PACS. While creating the Common Accounting System for PACS, the current systems and practices of accounting in the PACS in numerous states had been studied the two under manual and computerised systems having regard for the nature and scale of business, prudential norms and best practices in accounting and the relevance to computerization and discussions kept with various stakeholders such as Express Cooperative Banks, District Central Cooperative Financial institutions, Dept of Cooperative Taxation, Registrar of Cooperative Societies and the Schooling Institutes of Cooperatives. The main components of CAS are: (i) Applicability of universally approved basic ideas and concepts in the maintenance of accounts by the PACS. (ii) Adoption of standard economic statements, viz., Balance Sheet, P& L Airconditioning. and Trading A/c. (iii) List of a common set of General Ledger Heads of Accounts compatible with economic statements; and (iv) Repair of minimum necessary and Regular Books of Accounts. five. Uniformity economic statements, viz., Balance Sheet, Earnings and Damage Account, Trading Account coupled with adoption of certain basic accounting principles are viewed as an essential component, while the inclusive list of GL A/c. heads and bare minimum

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standard set of literature as recommended may be taken as best practices/measures under the CALAMITE. 6. Computerisation

As talked about in the NIMC, the economical statements comprising the output from the CAS and a separate MIS will amount to the focus of computerisation in the PACS level under the Package deal. As computerisation in PACS in different parts of the region may be timetaking, CAS can be introduced in...

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