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Tuesday, Nov 23, 2004

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Corporate - Accounting Standards

ICAI disclosure norms for court-ordered accounts

K.R. Srivats

New Delhi , Nov. 22

THE Institute of Chartered Accountants of India (ICAI) has spelt out the disclosures that companies have to make in their financial statements in situations where a court/tribunal makes an order sanctioning an accounting treatment different from that prescribed by an accounting standard.

The institute has specified that a description of the accounting treatment be made along with the reason that the same has been adopted because of the court/tribunal order.

It has also stipulated that description of the difference between the accounting treatment prescribed in the accounting standard and that followed by the company has to be provided in the financial statements. Further, the financial impact, if any, arising due to such a difference has to be disclosed. Such disclosures have been recommended for enterprises other than companies also in similar situations.

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