INDIAN FINANCIAL REPORTING

Financial statements contain two-year balance sheets, income statements cash flow statements, and accounting policies and notes. Firms that are not listed are only necessary to prepare parent-only statements, but outlined companies must prepare each consolidated and parent-only statements. Nor a statement of shareholders’ equity neither a statement of comprehensive earnings are required.

Financial statements must existing a true and fair view, but there is no true as well as fair override as there is in the uk. As noted above, the businesses Act requires that a directors’ report accompany the financial statements. Businesses listed on a stock exchange should also provide a management discussion as well as analysis covering such subjects as the industry structure as well as development, opportunities and risks faced by the company, internal controls, and risks affecting the performance of company segments or products. Outlined companies must also provide meanwhile financial results on a every quarter basis.