Panchayat:Repo18/Law Manual Page0913
1. Short title, applicability and commencement.--
(1) These rules may be called the Kerala Panchayat Raj (Accounts) Rules, 2011.
(2) They shall apply to all the Panchayat Raj Institutions in Kerala.
(3) They shall come into force on the 1st of April 2011.
2. Definitions.- (1) In these Rules, unless the context otherwise requires,
(a) “Act" means the Kerala Panchayat Raj Act, 1994 (13 of 1994);
(b) “Accountant" means the officer designated as "Accountant" under Government orders, or in cases where no such person is designated as 'Accountant', the officer to whom the Secretary entrusts the responsibility of accounting the transactions of the Panchayat;
(c) "Accounts Manual" means the Kerala Panchayat Raj Accounts Manual, issued under the authority of these Rules.
(d) “ Annual Financial Statement” means a statement of the financial condition and operating results of a Panchayat prepared at the end of each financial year summarising its operations for that financial year and including a Balance Sheet, Income and Expenditure Statement and a Receipt and Payment Statement.
(e) “Annual Report" means the Annual Financial Statements and such other statements as prescribed under Rule 65 of these Rules.
(f) “Accrual Accounting" means the method of accounting whereby revenues and expenditures are identified with specific periods of time, such as a month or year and are recorded as incurred, along with the liabilities and acquired assets; without regard to the date of receipt or payment of cash, distinguished from cash basis;
(g) “Assets" means tangible objects or intangible rights owned by the Panchayat or assigned or transferred to the Panchayat, and carrying probable future benefits;
(h) “Auditor" means the Director Local Fund Audit, referred to under Section 215 of the Kerala Panchayat Raj Act, 1994;