Good financial reporting is no longer about meeting deadlines at year end. It is about building discipline, trust and clear communication throughout the year.
Over the past few quarters, the themes for financial reporting have evolved - from Ind AS 118 and its impact on financial statements, to labour codes, and now to recent financial reporting trends, year‑end reminders, and regulatory expectations including Effective Communication Between Statutory Auditors and Those Charged with Governance (TCWG). What stood out in our breakfast session was how much the focus has shifted from just compliance to quality, clarity, and governance.
Financial reporting is moving rapidly. Expectations from boards, regulators, and stakeholders continue to rise. Timelines are getting tighter. Disclosures are getting deeper. And communication - especially between statutory auditors and TCWG - is becoming more important than ever with an objective to strengthen oversight and improve audit quality.