We expect that the process of notification of Accounting Standards, incorporating international best practices, would be completed shortly.ģ. In the meantime, the Institute of Chartered Accountants of India (ICAI) has done useful work in prescribing operational standards of accounting to fill the gap till Accounting Standards could be notified. This is an important aspect that needs to be pursued. We understand that Accounting Standards for the use of Indian corporate sector, taking into account International Accounting Standards, are being developed through the instrumentality of the National Advisory Committee on Accounting Standards (NACAS). The present statute provides for a mechanism for development of Accounting Standards. Institutional mechanism for developing Accounting StandardsĢ. There should be integration of Accounting Standards with substantive law. These should be developed keeping in view international best practices and provided statutory backing. Accounting Standards serve a vital function in this respect. However, once developed, use of such principles should be mandated through law. This is a technical matter which needs to be gone into by experts keeping in view the requirements of proper disclosures of financial information in the interests of healthy corporate governance. It would however, not be feasible for the law to prescribe all the details guiding the treatment of this subject. The preparation of financial information and its audit, therefore, needs to be regulated through law with stringent penalties for non-observance. Proper and accurate compilation of financial information of a corporate and its disclosure, in a manner that is standardized and understood by stakeholders, is central to the credibility of the corporates and soundness of investment decisions by the investors. Paid Up Capital Reports-Companies Limited By Shareġ.Incorporated or Closed during the month.Address for sending physical copy of G.A.R.Track Investor/Serious Complaint Status.Verify Partners Details for Filling Annual Return.Enter Form 3 Or Form 3&4 Details For LLP Filing.Upload Details Of Security Holders/Debenture Holders/Depositors.Download Submitted Form for resubmission.View Director/Designated Partner's Details.Companies/LLP's Registered in Last 30 days.View Companies/Directors under Prosecution.Companies (Donation to National) Fund Act, 1951.Limited Liability Partnership Act, 2008.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |