Financial reporting in india:

Legal and regulatory environment

The financial reporting requirement for companies in india are stipulated in the companies act of
1956(revised in 2013)

1.two sets of accounting standards are applied.they are indian accounting standard(IND AS) and local
accounting standard.

2All companies are required to be audited in accordance with Indian Standards on Auditing (SA) issued
by the Auditing and Assurance Standards Board (AASB) of ICAI.

Regulation of Accountancy Profession

* (ICAI-CMA) were responsible for regulating Chartered Accountants (CA) and Cost and Management
Accountants, respectively.

* Charted accountants maintain a register of its members and ensure members’ adherence to laws and
professional standards

*cost accountants responsible for maintaining and publishing a register of persons qualified to practice
as Cost and Management Accountants and so on.

Adoption of International Standards:

*Audit firms are required to comply with Standard on Quality Control (SQC) 1 issued by the Institute of
Chartered Accountants of India (ICAI). (Adopted)

*International Education Standards:partially adopted

*Code of Ethics for Professional:incorporates elements of the 2005 IESBA Code of Ethics, with
modifification.(not adopted)

Financial Reporting in Pakistan

Legal and Regulatory Environment

ICAP is also responsible for adopting and issuing standard

1.Under the Companies Act of 2017, accounting standards are approved for use as adopted Exchange
Commission of Pakistan (SECP).

2. the responsibility of developing and adopting accounting standards is to the Institute of Chartered
Accountants of Pakistan (ICAP).

Regulation of Accountancy Profession

1. The Institute of Chartered Accountants of Pakistan (ICAP);
2. The Institute of Cost and Management Accountants of Pakistan (ICMAP)

3. The Pakistan Institute of Public Finance Accountants (PIPFA).

The SECP Act establishes the functions of the AOB, which include:

4.Chartered Accountants (CAs)

5.Cost and Management Accountants (CMAs)administering the Cost and Management (CMA) program
and establishing IPD and CPD requirements

6.Public Finance Accountants (PFA) responsible for establishing IPD and CPD requirements, ethical
requirements, and an I&D system for its members.

Financial reporting of Sri Lanka

Legal and regulatory environment

outlined in several laws, which include the Companies Act No. 7 of 2007, Securities and Exchange
Commission Act No. 36 of 1987, Banking Act No. 30 of 1988, Finance Business Act of 2012, Regulation of
Insurance Industry Act No. 27 of 2011 and so on

• Regulation of Accountancy Profession

1.SLAASMB share responsibility for regulating the accountancy profession in Sri Lanka.

2., the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is responsible for establishing initial
professional development (IPD) and (CPD) requirements.

3.The Institute of Certified Management Accountants of Srilanka

4. (SLAASMB) provides an audit oversight arrangement

Adoption of International Standards

* focused on whether firms had established policies and procedures in compliance with SLSQC.(not
adopted)
*International financial Reporting standards adopted the 2013 IFRS with modifications as the Sri Lankan
Financial Reporting Standards (SLFRS).