Section 5(3) in The Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003
(3)In particular, and without prejudice to the generality of the foregoing provisions, local fund authority shall, at the time of presentation of the annual budget, disclose in a statement in such form as may be prescribed -(a)significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of fiscal indicators;(b)as far as practicable, and consistent with protection of public interest, the contingent liabilities created by way of guarantees and the actual liabilities arising out of execution of works by external agencies where liability for repayment is on the local fund authority.
