The financial statements, in contrast to budget, present the revenue collected and amounts spent.
The Annual Financial Statement of India is tabled in the Indian Parliament by the Finance Minister on the Budget Day.
[1] It aims to provide more complete data for fiscal planning by producing consolidated financial statements.
The accounts are produced in accordance with the International Financial Reporting Standards and independently audited by the Comptroller and Auditor General.
A major change came in June 1999, when GASB introduced accrual and consolidated rules with fund accounting taking a secondary role.