The focus on Non-Corporate Entities and scrutiny thereof by various regulators, financial institutions and others are increasing year on year. In this scenario as well as for the long term it is crucial for these Entities to strictly adhere to the various requirements in law and spirit.
Understanding the need for regular audit and accounts in this sector, going back as far as 1985, the Reserve Bank of India had issued a circular recommending audits of accounts of all non-corporate borrowers. At the same time, the primary responsibility of maintaining these accounts lies with the Entity, hence regular updating and complying with various provisions of law is vital.
While a lot of changes have taken place in terms of laws and regulations, the fact remains that financial statements are an indispensable part of running a company. To make this task easier for all concerned as well as create a checklist as a ready reckoner, WIRC is pleased to publish this guide on ‘Model Financial Statements for Non-Corporate Entities’.
While it is well known that ‘behind every good businessman, there is a great accountant’, this publication is a genuine endeavour from WIRC – part of a continuing series of free e-publications – to selflessly gift knowledge to all.
This straightforward guide will be of great use for professionals and students of accountancy as well as for owners, administrators and directors of the Entities and various stakeholders of the Entity.