Implications of international financial reporting standards in the Indian corporate sector

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Corporate Financial Report refers to the financial reports that publicly-traded corporations publish. The primary purpose of Corporate Reports is to disseminate relevant information about the resources and performance of the reporting organization to those who have a legitimate need to know. In accordance with Sections 128, 129, 133, and 134 of the 2013 Companies Act, the Board of Directors must present the Profit and Loss Account, Balance Sheet, and reports from the Director and Auditor prior to the annual general meeting of the company (Narang & Jain, 2004). Indian enterprises employ the Indian Accounting Standards (IAS) and India's Generally Accepted Accounting Principles to create their Financial Statements (IGAAP).