Financial Daily from THE HINDU group of publications
Wednesday, Sep 08, 2004
Financial Daily from THE HINDU group of publications Wednesday, Sep 08, 2004 |
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Corporate
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Accounting Standards ICSI guidance note on co board report Our Bureau
New Delhi , Sept. 7 THE Institute of Company Secretaries of India (ICSI) has formulated a guidance note on `board report' of a company. The board reports enable shareholders, lenders, bankers, and the Government to make an appraisal of the company's performance. The guidance note has been prepared by the Secretarial Standard Board (SSB) of the ICSI. "The guidance note has been formulated after detailed research and analysis of the board's reports of several companies and the legal requirements in India and abroad. It is an attempt to suggest the best practices to be followed by companies in the preparation and presentation of the board's report," an ICSI official said. Preparation of the board's report requires a thorough understanding of the various legal requirements that stipulate a number of disclosures to be made in the report. Besides, the mandatory requirements, the report should make certain disclosures, which are relevant from the stakeholder point of view, the official pointed out. This guidance note deals with requirements of law in connection with the preparation and presentation of the board's report. It also prescribes certain practices that are desirable for good corporate governance. It is mandatory for the board of directors to present annual accounts to the shareholders along with its report, known as `board's report'. It gives a complete review of the performance of the company for the year, material changes and an insight into the future growth and profitability of the company. The report also highlights the significance of various national and international developments, which can have an impact on the business and indicates the future strategy of the company.
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