Missing perspectives, variables

There are two major lacunae in the report of the panel reviewing the FRBM Act

In my post-Budget article (“Cover the full ground”, February 8), I had argued that a full reform of government accounts on both flow and stock bases is necessary, and that it will be interesting to see what the panel reviewing the Fiscal Responsibility and Budget Management Act says about it. The panel’s report is now in public domain. To me, two major lacunae in the report are:
 

• Silence about the adoption of the International Public Sector (that is, government) Accounting Standards recommending full disclosure of all assets, liabilities and contingent liabilities, which is vital for assessing the true economic implications