Question ID :
44855
criteria regarding TURNOVER for changing format of F/S
What are the criteria regarding TURNOVER for changing format of financial statements of non corporate entities ??
Posted by
SUDIP KUMAR MUKHOPADHYAY
on
May 22, 2025
Filed Under
AUDIT
Standardization and Transparency: The new formats ensure uniformity across non-corporate entities, facilitating better stakeholder decision-making.
Enhanced Comparability: Standardized formats allow comparison across entities, aligning with global reporting standards.
Compliance Burden: Entities must update accounting processes to include working notes, detailed disclosures, and comparative figures, which may require additional effort, especially for smaller entities.
Auditor Responsibility: Chartered Accountants must ensure compliance with the Guidance Note, and non-compliance risks professional consequences.
Posted by
CA. JHA SHANKAR KUMAR on
May 22, 2025
Answer ID :
85869
Standardization and Transparency: The new formats ensure uniformity across non-corporate entities, facilitating better stakeholder decision-making. Enhanced Comparability: Standardized formats allow comparison across entities, aligning with global reporting standards.
Posted by
HARIOM ARORA on
May 23, 2025