A sound financial reporting system is a key contributor to economic development. The financial reporting system should be backed by strong standards (that are aligned…

Companies expanding through acquisitions will generally have a lot of subsidiaries. These companies are required to prepare their standalone financial statements as well as consolidated…

General purpose financial statements of a Company that are so often used by various stakeholders such as the shareholders, prospective investors, regulators, employees, lenders amongst…

A fundamental decision management must make when preparing financial statements is whether to prepare them on a going concern basis. Under the going concern basis,…

In our previous two articles on audit trail, we discussed the amendments brought in by the Ministry of Corporate Affairs (MCA) to mandate the use…

Every year, minor amendments to the International Financial Reporting Standards (IFRS) are introduced by the International Accounting Standards Board (IASB) by way of annual improvements.…

In our previous article, the first of two installments on Audit Trail, we discussed the amendments brought in by the Ministry of Corporate Affairs (MCA)…

Recently, India became the first country to introduce reporting requirements on the ‘Audit Trail’ to improve transparency and integrity of the financial reporting process.

The International Accounting Standards Board (IASB) has issued amendments to Internal Accounting Standard (IAS) 8: Accounting Policies, Changes in Accounting Estimates and Errors. These amendments…