Getting the complete picture

The use of judgment in the preparation of financial statements is pervasive

The Indian economic environment has seen some rapid changes in the past half decade. A new corporate law (Companies Act, 2013) which places prime focus on corporate governance, a national indirect tax (GST) regime that has the potential to converge the whole of India into one market, a series of steps to curb black money (demonetisation, benami law, et al) and a crusade against bad loans — these are only a few of the several reforms ushered in to create a “new India”.

In this whirlwind of changes, India Inc has also taken the first giant leap towards a progressive