<h1>Union Government to Shift from Cash to Accrual Accounting for Better Financial Management and Transparency.</h1> The Union Government plans to transition from a cash basis to an accrual basis of accounting, as stated by the Controller General of Accounts at a conference. This shift aims to improve resource allocation, asset and liability management, and provide a comprehensive view of the government's financial health. Factors driving this change include evolving information needs, the Fiscal Responsibility and Budget Management Act, and outcome-oriented budgeting. The Controller General of Accounts, the government's principal accounting advisor, highlights that advancements in information technology and the accounting profession will support this transition, enhancing transparency and accountability.