Indian Railways’ Switch to Accrual-Based Accounting to Boost Green Financing
RAILWAYS & METRO RAIL

Indian Railways’ Switch to Accrual-Based Accounting to Boost Green Financing

Indian Railways has transitioned to an accrual-based accounting system, a move that is expected to enhance financial transparency and facilitate resource mobilisation from multilateral agencies and green financing, according to a senior official of the Institute of Chartered Accountants of India (ICAI).

This transition is now operational across all 26 zones of Indian Railways for the 2023-24 financial year. ICAI President Ranjeet Kumar Agarwal stated, “The adoption of accrual accounting will simplify raising funds from agencies like the World Bank and promote green financing.”

Indian Railways has been working on this transition since 2014. The ICAI and its Accounting Research Foundation (ICAI ARF) have been instrumental in driving these reforms.

The new system reflects environmental sustainability initiatives in the financial statements for 2022-23 and places Indian Railways at par with developed economies.

Indian Railways has transitioned to an accrual-based accounting system, a move that is expected to enhance financial transparency and facilitate resource mobilisation from multilateral agencies and green financing, according to a senior official of the Institute of Chartered Accountants of India (ICAI). This transition is now operational across all 26 zones of Indian Railways for the 2023-24 financial year. ICAI President Ranjeet Kumar Agarwal stated, “The adoption of accrual accounting will simplify raising funds from agencies like the World Bank and promote green financing.” Indian Railways has been working on this transition since 2014. The ICAI and its Accounting Research Foundation (ICAI ARF) have been instrumental in driving these reforms. The new system reflects environmental sustainability initiatives in the financial statements for 2022-23 and places Indian Railways at par with developed economies.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Ingram Micro India Earns Sixth Great Place to Work Certification

Ingram Micro India has recently received its sixth consecutive Great Place to Work® certification, recognising the company’s efforts to build a workplace culture centred on trust, collaboration and employee development.The company said the recognition reflects its continued focus on strengthening organisational culture and improving employee experience. Over the past year, Ingram Micro India has worked on employee engagement, encouraging open dialogue, building leadership capabilities and expanding learning and development opportunities.As part of its “Elevate – Soar Higher” programme..

Next Story
Infrastructure Urban

Genesys International Appoints Nikhil Alulkar as CEO

Genesys International Corporation has appointed Nikhil Alulkar as Chief Executive Officer as the geospatial technology company enters its next phase of growth across enterprise, government and international markets.Alulkar will lead company-wide operations, business execution and growth. His responsibilities will include scaling Genesys’ AI-native mapping and Digital Twin platforms, expanding its enterprise and B2B presence, strengthening government and institutional relationships, and developing the operating structure required for international expansion.The appointment comes as Genesys lo..

Next Story
Real Estate

B-Right Real Estate Targets 4.7 Mn Sq Ft Mumbai Growth by 2033

B-Right Real Estate Group has outlined plans to develop approximately 4.7 million sq ft of real estate in Mumbai by 2033 as part of its long-term Vision 2033 roadmap. The company said its expansion strategy will remain focused on Mumbai, with redevelopment-led projects forming a key part of its portfolio.Founded in 2007, B-Right Real Estate has been involved in redevelopment and Slum Rehabilitation Authority (SRA) projects across Mumbai. Its Vision 2033 strategy focuses on financial discipline, governance, design and community-oriented development as it expands its project pipeline.Founder, Ch..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement