ICAI Case studies on excellence in financial reporting Jul 2023

The Institute of Chartered Accountants of India (ICAI) has notified Case studies on excellence in financial reporting Jul 2023.

The implementation of Indian Accounting Standards (Ind AS) was a historic step in the field of accountancy in India. A right step in the direction of adopting globally uniform financial reporting for befitting the Indian economy and industries. The Institute of Chartered Accountants of India (ICAI) played a prominent role in standardizing, adopting, establishing, and implementing Ind AS in line with the expectations of all stakeholders.

Today, Ind AS issued by the Institute have come way forward, and unequivocally adopted by the industry. Seemingly there are some common oversights in the treatment of these standards, and therefore, to enhance the understanding and application, ICAI through its Research Committee has come up with this publication on case studies for a better clarity of implementation of these standards.

The pursuit of this publication is to provide the stakeholders with the cases of contextual issues, events, and conditions, citing several practices and theories, to bring clarity to the subject and to update the knowledge.

A diligent attempt has been made by the Research Committee to crack misapprehensions and provide essential clarity to enhance the understanding and knowledge of implementing the Ind AS. With the mere intention to nip the issues in the bud, the Research Committee, through several case studies has attempted to demonstrate in this publication the reasonable way to interpret the available financial information.

The case studies provided within offer a collection of in-depth analysis, of practices adopted in the implementation of IND AS and common errors made thereby.

This publication covers a wide range of factors, viz:

Effective corporate governance: Correct corporate financial disclosures give a clear framework for a company’s objectives, which encompasses every level of management and is critical for performance monitoring. Therefore, having powerful governance systems enhances devious corporate governance.

Disclosure of best practices: Most of the preparers of the financial accounts have exceptional clarity and understanding of these standards, but sometimes the approach of application and quantitative aspect of disclosure is missing. This publication edifies on providing clear, concise, and relevant disclosures that meet the needs of various stakeholders, including investors, regulators, and analysts.

Risk management and internal controls: We need to understand making significant corporate decisions depends upon having a robust risk management framework and internal control system to mitigate risks of loss of any financial information and ensure compliance.

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