Information about the performance of an enterprise,

particularly its profitability as well as its sustainability, is I essential for allocation of economic resources. The importance of good financial reporting in the economic development of a country is a widely acknowledged fact. Financial reporting with its objective to provide meaningful and relevant information, which is also reliable and comparable, is expected to meet the information needs of various interested users. It often serves as a tool to disclose an organisation’s financial status to its stakeholders and other interested users. Therefore good financial reporting is integral to a growing and vibrant economy. The Institute of Chartered Accountants of India (ICAI), being the foremost accounting body of the country is dedicated to the cause of improving and strengthening the financial reporting practices prevailing in the country. The annual competition, “ICAI Awards for Excellence in Financial Reporting” which promulgates the twin virtues of ethics and transparency in financial reporting is one of the flagship events of the Institute.