An Overview of Accounting Reforms in Indian Urban Local Bodies
Journal Title: Journal of Economics, Finance and Management Studies - Year 2024, Vol 7, Issue 11
Abstract
The Urban Local Bodies(ULBs) are considered as ‘Growth Engines’ for the development of the Nation. Different models have been adopted by ULBs in the rollout of accounting reforms, including centralized, decentralized, and independent approaches. In the case of ULBs that are independently managing their own accounts without any centralized supervision or monitoring by the department of urban affairs, there can be a risk of losing continuity with the transfer of staff, change in supervisor, etc. As ULBs are independent in their mode of self-governance, the methods adopted by the ULBs are bound to vary. Further, in the absence of a central monitoring body to supervise the accounting reform activities of the ULBs, there is lack of uniformity in the accounting modules being used and also in the reports created. The ultimate result is the absence of an efficient and sustainable effort to improve the financial performance of the ULBs. This leads to the conclusion that there is an urgent need to bring about greater uniformity and standardization in municipal accounting reforms at nationwide.
Authors and Affiliations
Prof. M. Yadagiri , K. Ranjitha,
Keywords
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- EP ID EP752143
- DOI 10.47191/jefms/v7-i11-35
- Views 3
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