In FY22 post-Covid-19, 1.67 lakh corporations had been included, which was larger than the earlier 12 months’s determine of 1.55 lakh corporations, mentioned Finance Minister and Minister of Company Affairs Nirmala Sitharaman.
In a digital deal with on the World Congress for Accountants, Sitharaman spoke in regards to the obligations of accountants, adopting know-how, and accounting for sustainability.
Accounting for sustainability is laid on three pillars—social, environmental, and financial—which translate into individuals, planet, and income, she mentioned.
The ministry has taken a number of steps in direction of facilitating, compiling, and following due diligence for corporations to make sure they’re properly inside the established practices and necessities, she mentioned.
Highlighting the function of transparency in company governance, the Finance Minister mentioned that the independence of chartered accountants is extraordinarily essential for the belief and integrity of economic statements.
“Their duty shouldn’t be restricted simply to the shareholders, since statutory filings and audit reviews are public paperwork, and they’re relied on by numerous stakeholders, together with monetary establishments, governments, and customary retail buyers,” Sitharaman mentioned.
The minister additionally touched upon gearing up for the most recent know-how and the function of Net 3.0 in gathering, processing, and reporting monetary info.
“Net 3.0 utilities resembling blockchain, synthetic intelligence information, analytics and cloud computing goes to offer us the benefit… machine studying can also be going to help us and to improvise the accounting course of itself. Due to this fact, significant era of data to help decision-making goes to be machine-driven,” she mentioned.
In her speech, Sitharaman additionally acknowledged the initiative of the non-profit Worldwide Monetary Reporting Requirements Basis, of their aim of forming a single set of sustainability reporting requirements.
The World Congress of Accountants is a global summit organised as soon as each 4 years.
This 12 months marks the twenty first version, and is being held on the Jio World Centre in Mumbai, underneath the aegis of the Worldwide Federation of Accountants.