ICAI Awards for Excellence in Financial Reporting 2020-21
ICAI Awards for Excellence in Financial Reporting 2020-21 organised by the Research Committee
(Last Date: September 30, 2021)
Introduction
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountants in India. ICAI is the second largest accounting body in the whole world with a strong tradition of service to the public interest and to the Indian economy. Over a period of time the ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for maintaining highest standards in technical, ethical areas and for sustaining stringent examination and education standards.
Financial reporting lays out standard practices to give stakeholders an accurate depiction of a company’s finances, including their revenues, expenses, profits, capital, and cash flow that provides an in-depth insights into financial information. Annual reports are a repository of quantitative and qualitative information which is crucial in making economic decisions by various stakeholders. Company’s annual report communicates information on the health of
the company to shareholders, stakeholders, the media and community.
Annual report includes besides financial statements, detailed information pertaining to areas such as historical summary, statistical data, important business results, company’s plans and policies. The annual reports of companies are easily available in public domain, which contains audited financial information, thus enhancing the confidence of public in terms of reliability of information. The annual report mirrors the financial position of the company, giving a fair idea on the sustainability of business and how sound the business is.
The Research Committee of the Institute of Chartered Accountants of India is one of the technical committees set up in 1955 with a view to undertake research activities to improve the quality of services rendered by the profession. The Research Committee, through its subcommittee, the Shield Panel, has been making sustained efforts since 1958 to promote high quality financial reporting and recognising entities for following sound financial practices through the annual awards competition ‘ICAI Awards for Excellence in Financial Reporting’.
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