What measures is India adopting to foster digital transformation while ensuring cybersecurity and data privacy?
The main difference in accrual based accounting and cash based accounting is in the timing of when revenues and expenses are recognized. In accrual based accounting, revenues and expenses are recorded when they are incurred, and before the cash transaction happens. This method follows the matching cRead more
The main difference in accrual based accounting and cash based accounting is in the timing of when revenues and expenses are recognized.
In accrual based accounting, revenues and expenses are recorded when they are incurred, and before the cash transaction happens. This method follows the matching concept, which ensures that the revenues and their expenses are recorded in the books of accounts in the financial period. Accrual accounting provides an accuracy of a company’s financial position and performance because it involves accounts receivable and accounts payable. For example, if a company delivers goods in December but receives payment in January, the revenue is recorded in December under accrual accounting.
In Cash based accounting, revenues and expenses are recognized only when the cash is actually received or paid. It is simpler and often used by sole proprietorship and individuals because it gives a clear view of cash flow. For example, Under cash accounting, the revenue would be recorded in January when the payment is received, not when the goods were delivered.
Both the methods have their own pros and are chosen to their specific needs and requirements of the business.
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Today, India is one of the rapidly growing nations with maximum number of digital transformations. It has become technologically independent and digitally advanced. The rise in e-commerce business has completely transformed the nation’s digital infrastructure. But the rapidly growing digitization alRead more
Today, India is one of the rapidly growing nations with maximum number of digital transformations. It has become technologically independent and digitally advanced. The rise in e-commerce business has completely transformed the nation’s digital infrastructure. But the rapidly growing digitization also brings in huge possibilities of cyber-attacks.This comes in form of web and phishing attacks, unauthorized access to the system and software, cyber defamation, and more that might cause huge financial loss and harm consumer’s trust. Therefore, it becomes essential to address these cyber threats and challenges that accompany digital transformation.
See lessIndia is focusing on implementing a multi-faceted approach to promote digital transformation while ensuring cyber security. Some relevant key measures are :
i)The Information Technology (IT) Act 2000 offers a legal framework for e-governance and cyber security. The Act addresses the legal challenges occurring in digital transactions.
ii)The Personal Data Protection Bill (2019) offers measures to regulate data collections, storage, and processing.
iii)The country is also focusing on utilizing AI technology to foster its digital infrastructure. For instance, the National Centre of Excellence for AI focuses on establishing ethical AI practices to ensure user privacy and security.
iv)The National Cyber Security Policy (2013) has been amended to create a secure cyber environment by offering indigenous cyber security solutions.
v)Then, there’s also Cyber Surakshit Bharat program which aims to utilize best practices to train the government staffs with the best cyber security practices.