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ICAI working on new financial statement format for stock brokers
September, 02nd 2006
Stock brokers may soon have a new format for presenting their financial statements. The Institute of Chartered Accountants of India (ICAI) proposes to come up with a standardised format for financial statements that could be adopted by the stock broking community. "As of now, there is no uniformity in the format of the financial statements prepared by the stock brokers. This raises disclosure and transparency issues in certain cases. We are planning to suggest a format that would bring about uniformity, certain minimum disclosures and make the financial statement more transparent," said Mr T.N. Manoharan, ICAI President. He also said that the Securities and Exchange Board of India would be informed about the new format that would be prepared by the ICAI. Broking houses that are registered as corporates adopt schedule VI of the Companies Act as the format for financial statements. The non-corporate entities do not have a uniform format for financial statements. The Central Council of ICAI is to meet in Mangalore from September 6-8 and discuss, among other things, the draft format prepared for financial statements for stock brokers. The council would also review the ceiling in the number of tax audit assignments that can be undertaken by a chartered accountant. Currently, the ceiling has been pegged at 30 tax audit assignments for every chartered accountant.
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