Top multinational accounting firms (MAFs) — PriceWaterhouseCoopers, KPMG, Ernst & Young and Deloitte Touche Tohmatsu —have flouted norms to provide services in India, a report by an Institute of Chartered Accountants of India (ICAI) committee has said.
The government plans to introduce a separate legislation to speed up insolvency proceedings and help distressed firms wind up operations quickly. The new law will shorten the legal processes involving insolvency operations of small and medium entities. The government is keen to make bankruptcy proceedings a time-bound procedure.
Reduces time for disclosing results; solvency position to be disclosed every 6 months. The Securities and the Exchange Board of India (Sebi) has reduced the period within which companies can announce their annual financial numbers. The regulator has also made it mandatory for all listed entities to disclose their asset-liability and solvency positions every six months.
With a view to improve transparency and corporate governance, market regulator SEBI made it mandatory for all listed companies to disclose their financial results within 45 days of the end of every quarter. Companies would also be required to disclose their audited financial statements within 60 days of every financial year end, the Securities and Exchange Board of India (Sebi) said while amending the equity listing agreement.
The Council of The Institute of Cost and Works Accountants of India has approved the release of Exposure Draft Cost Accounting Standards on Cost of Service Cost Centres as recommended by the Cost Accounting Standards Board (CASB), the standard-setting body of the Institute on March 27, 2010.
