Corporate Financial Disclosure Reduced to Within 45 Days
Apr. 7 – The Securities and Exchange Board of India (SEBI) announced in a circular that all listed companies are required to disclose their financial results within 45 days of the end of every quarter as a way of simplifying the reporting process and improving transparency.
Previously, companies were given 30 to 60 days to submit financial results to SEBI at the end of each quarter. It will also be made mandatory for companies to disclose audited financial statements within 60 days of the end of every financial, according to the market watchdog.
Moreover, SEBI increased the frequency that companies are required to report on their asset-liability statements. Companies will now need to submit asset-liability statements within 45 days every six months compared to once a year. “It has been decided that listed entities shall disclose, on standalone or consolidated basis, their quarterly (audited or unaudited with limited review) financial results within 45 days of the end of every quarter,” the SEBI circular said.
Turnover, profit-after-tax and profit-before-tax should be mentioned on a standalone basis at the time of presenting the consolidated results reports The Economic Times. Listed companies in India will also need to submit an auditor’s certificate verifying the accounting treatment used in merger and amalgamation schemes complies with industry standards. Only audit reports done by duly accredited auditors will be recognized.
A copy of the SEBI circular can be downloaded here.
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