IIM-B has a week accounting system

BANGALORE: Urging autonomous bodies to incorporate better accounting practices, Director General, Office of the Comptroller and Accounting General of India, K P Sasidharan said that even Indian Institute of Management, Bangalore (IIM-B) has a weak accounting system. “Institutions like IIM-B are capable of introducing financial instruments, but the truth is that their accounting practices are weak. Their financial reporting does not meet the standards,” he observed.Speaking at a training programme on ‘An insight into the concepts applicable to autonomous bodies’ jointly organised by the Institute of Chartered Accountants of India (ICAI) and the Comptroller and Auditor General here on Thursday, he said that there is a need for an accounting language that will help officials understand the financial health of their organisation.According to CAG report number 38, many autonomous bodies are unable to submit accounting reports in specified format or within the specified timeline, hence there is a need for such training programmes, he said.