Accounting Policy and Financial Procedure

(1) The University shall maintain its accounts on mercantile basis. (2) The Accounting Policy and Financial procedures of the University shall be maintained in accordance with the rules and in the manner laid down in the Accounts Code of the University duly approved by the Board. (3) Unless otherwise provided, the financial statements of the University shall be prepared under the Historic Cost Convention and in accordance with the applicable Indian Accounting Standards. (4) The fixed assets shall be stated at cost of acquisition and reduced by accumulated depreciation. The cost shall include expenditure during construction period and the assets brought to working condition for their intended use. (5) The University shall charge depreciation on fixed assets by following the written down method at the rates prescribed under the Income Tax Act, 1961, and the rules and amendments made thereunder. (6) Revenue shall be booked in the accounts in the financial year for which it is received. (7) The University accounts shall be audited by auditors designated by the Board every year. The audited accounts shall be tabled before the Board by the Chief Finance and Accounts Officer annually. The annual budget of the University shall be introduced in the Board for its sanction by the President in consultation with the Chairperson and copies of annual accounts and balance sheet so prepared shall be presented to the State Government.