Businesses likely to face challenges in preparing financial reports in FY21

The spillover of compliance requirements from FY20 to FY21 makes experts wary of the ripple effect on business financials

On April 1 every year, businesses unroll their budgets and targets for the new financial year. This financial year -- FY21 -- is different. As a relief from the pandemic situation, some compliance requirements of the previous financial year (FY20) split over to the new one, at a time when business sentiment is at a record low. 

Dinesh Kanabar, CEO, Dhruva Advisors, captures the dilemma that many CFOs and auditors are grappling with: “How can business budget for revenues? If you cannot budget for revenues, how you will budget for costs?” he wonders.

As corporate India takes uncertain steps into