I do not know why the CA Institute calls them ‘Accounting Standards”. See this latest leeway given to companies
The leeway has been given by SEBI, but surely, it is what the industry wants. Soon we will come to a stage where the company will be given an option to just say that accounts have been audited and disclosing numbers is optional.
Consolidation of accounts, doing away progressively with information disclosure and increasing level of obfuscation has been the trend in accounting disclosures over the last three decades. The story telling in the annual reports now extend to almost a 100 pages and numbers are mere annexures with minimal information.
The ICAI is not to be blamed. After all , they have to serve the masters that pay them. It is only on paper that ‘shareholders’ appoint the auditor. In reality it is the promoter who does. And fees has many components. Soon we will just do with ‘directors’ statements. After all, not even analysts read annual reports.