FINANCIAL STATEMENT

The Biden administration has imposed new sanctions on Russia's Gazprombank, restricting its access to the U.S. financial system. This move aims to punish Russia for its invasion of Ukraine and curtail its ability to finance the war. The sanctions ta...

On March 17, 2024, the conglomerate's corporate finance head had sent correspondence to a financial institution, with Sagar Adani in copy, stating that media coverage of the investigation by US prosecutors was "baseless," "malicious" and "defamatory...

The Reserve Bank of India Governor cautioned banks about misselling practices. He stressed the importance of ethical conduct for the banking sector's long-term health. The Economic Survey 2024 highlighted the issue of misselling in the insurance ind...

Aditya Birla Group, having invested USD 20 billion in manufacturing, aims to lead in its operational sectors. The company, prioritizing long-term growth, plans to double its cement business in the next decade. Chairman KM Birla highlighted the group...

The National Financial Reporting Authority (NFRA) proposes aligning Indian audit standards with global norms by April 2026. The chairman emphasized this as a major reform for corporate governance and attracting investors, ensuring a transparent fina...

Sebi on Tuesday slapped fines totalling Rs 12 lakh on seven entities, including LCC Infotech and its promoters -- Kirti Lakhotia, Sidharth and Pratik Lakhotia -- for misrepresenting the financial statements of the company.

As per the draft annual report of EPFO for 2023-24, approved by the labour secretary Sumita Dawra-led executive committee of the central board of trustees of EPFO, the number of contributing establishments under the retirement fund body went up by 6...

Ashok Leyland reported a 37.2% YoY rise in Q2 net profit to Rs 770 crore, surpassing estimates. However, revenue fell 9% YoY to Rs 8,768.8 crore. The company declared an interim dividend and maintained strong market shares in MHCV and buses.

Trent Ltd, a Tata Group company, reported strong financial results for the second quarter of FY25. The company's revenue grew by 39% year-on-year. Net profit also increased by 46.18% during the same period. Trent Ltd expanded its store network, addi...

Tata-backed IHCL reported a 226% YoY profit surge to Rs 583 crore for Q2, with revenues up 27.4% to Rs 1826 crore. The company will manage The Claridges, New Delhi from April 2025. H1 revenues grew 16.4%, profit up 103%.

Aravind Maiya, the CEO of Embassy Office Parks Management Services that manages Embassy REIT, will step down from his post following market regulator Sebi's direction to suspend him and appoint an interim CEO immediately.

The National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) are headed for another clash. The upcoming NFRA board meeting will address revisions to auditing standards, including the controversial SA60...

Total income rose to Rs 1,100.70 crore during July-September period of this fiscal from Rs 512.35 crore in the corresponding period of the previous year, according to a regulatory filing.

The Centre has directed power distribution companies to follow uniform accounting practices to avoid financial misreporting. This move aims to curb the creation of regulatory assets considered as future revenue. Discoms are now seeking clarity on ex...

ETMarkets is offering a four-day workshop on Value and Valuation, featuring experienced finance professionals Himanshu Goel and Manoj Goel. The workshop will delve into value investing principles and their real-world applications, using case studies...

The ICAI has issued two new quality management standards (SQM 1 and 2) for audit firms, focusing on quality management systems and engagement review processes. Meanwhile, tensions with NFRA persist over the inclusion of SQMs in the revised domestic ...

The round was led by 3One4 Capital and Boldcap VC, with participation from Dynamis Ventures and Atrium Angels. The funds will be used to increase its product offerings and build a sales and marketing team to expand its presence in India and overseas.

The circular asks auditors to follow both the Standard on Auditing (SA) 600 and the Companies Act 2013 in letter and spirit, on top of other relevant norms, and act accordingly.

ICAI has requested NFRA to pause proposed changes to auditing standard SA 600 for group audits, citing concerns over the impact on small and medium CA firms. ICAI seeks more time for comprehensive review and stakeholder discussions, emphasizing the ...