The Indian Companies Act, 2013 requires that books of accounts be maintained, complying with mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAI) or, as prescribed by the Central Government.
This Act also lays down the formats of the balance sheet and profit and loss account.
The Income Tax Act, 1961 provides for the method of accounting, regularly followed by the assessee, to be the basis for computation of ‘income’ chargeable to tax.
The Securities and Exchange Board of India (SEBI), a watchdog of the Indian capital markets, also requires disclosures in the annual reports of listed companies such as cash flow statement, corporate governance and publishing of quarterly reports under the guidelines laid down by it.
Similarly, the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDA) also determine the types and format of disclosures to be made.
There are several accounting standards and interpretations issued by the Accounting Standards Board that need to be followed.
Our team of qualified accountants will take care of all the support that you require to satisfy these disclosures and statutory compliances apart from the routine accounting processes.
