Whalesbook
The Comptroller and Auditor General (CAG) has directed all Indian states to adopt a uniform accounting framework starting from Financial Year 2028. This significant reform aims to eliminate inconsistencies in how states report revenue and expenditure by standardizing classifications like Object Heads. The move will enable more reliable fiscal comparisons across states and with the Union government, enhancing transparency, fiscal discipline, and the timely identification of fiscal stress. Additionally, reporting for mineral revenues and monthly accounts will be tightened.