Published Paper Details:

This abstract presents an assessment of the current state of public sector accounting in India, analyzing the ongoing transition from a traditional cash-based system to modern accrual-based standards. The move towards adopting frameworks like the International Public Sector Accounting Standards (IPSAS) is a critical reform aimed at enhancing financial transparency, accountability, and governance. The paper evaluates the key drivers for this reform, including the need for more accurate and comprehensive financial reporting to improve public trust and enable better decision-making. Despite the clear benefits, the assessment identifies significant challenges to successful implementation. These obstacles include a general resistance to change, a scarcity of skilled accounting professionals with expertise in accrual-based systems, and the need for substantial investment in upgraded IT infrastructure. Additionally, the complex legal and regulatory environment presents a unique hurdle. The findings suggest that while initial progress has been made, a comprehensive and phased approach is required. To fully realize the benefits of modernized accounting, it is essential to focus on strategic capacity building, political commitment, and technological integration.