First Notes - 8 May 2018

First Notes - 8 May 2018

FRRB issued its observations on compliance with financial reporting requirements by listed and other companies


Recently, the Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI), issued its third volume of ‘Study on Compliance of Financial Reporting Requirements’ (the study). The study highlights instances of non-compliance by certain companies with regard to the reporting requirements prescribed under:

  • Accounting Standards
  • Standards on Auditing
  • Schedule II and schedule III to the Companies Act, 2013/Revised Schedule VI to the Companies Act, 1956
  • Other relevant laws and regulations including:
    • Companies (Auditor’s Report) Order (CARO)
    • Banking Regulation Act, 1949 and
    • IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002.

In this issue of First Notes, we provide an overview of the key observations of the FRRB with respect to AS and Schedule II and III to the 2013 Act as provided in its study.

To access the text of the publication issued by FRRB, please click here.

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