Introduction:

Information in terms of timeliness and relevance is the need of an hour. It is the lifeblood of investing. Credible information can be used as a basis for decision making. An Annual Report serves as the key document and most important source of information to various interested users. It is regarded as a comprehensive report on a company’s activities throughout the year. It contains audited financial information which creates public confidence. Financial Statements forms an integral part of the annual report with the objective to provide relevant and useful information for making sound economic decisions. The quality of financial reporting influences the country’s economy. Entities adopting philosophy of transparent disclosures need to be cheered all the way.

The Research Committee of the Institute of Chartered Accountants of India, through its sub-committee, the Shield Panel, has been associated for a long time with the goal of promoting better standards in financial reporting through the annual awards competition ‘ICAI Awards for Excellence in Financial Reporting wherein the entities are being recognised for following better financial reporting practices amongst their peers.