Sunday, September 09, 2007

Checklist for disclosures


Checklist for Disclosures under Accounting Standards
The Research Committee of the Institute of Chartered Accountants of India


A common suspicion with most financial statements is whether they reveal all that is important. The Research Committee of the Institute of Chartered Accountants of India ( http://www.icai.org/ ) comes to the rescue of the hassled with a new publication titled ‘Checklist for Disclosures under Accounting Standards’. From this, you’d learn, for instance, that as per AS-27 on ‘financial reporting of interests in joint ventures’ the venturer has to disclose ‘the aggregate amounts of each of the assets, liabilities, income and expenses related to its interests in the jointly controlled entities’.

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