[aaykarbhavan] SEBI RESTATEMENT OF ACCOUNTS

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Cos to inform investors about restatement of accounts: SEBI

India Infoline News Service/ 12:54 , Jun 06, 2013 SEBI is in receipt of various queries with regard to restatement of books of accounts of listed companies Market regulator SEBI (Securities and Exchange Board of India) asked listed companies to immediately inform the investors about any restatement of their books of accounts necessitated by points raised by the audit process. In August 2012, SEBI had issued guideline wherein the listed companies were asked to provide details of the issues red-flagged by their auditors in separate 'Qualified Annual Audit Reports (QAARs)'. The regulator has also set up a 'Qualified Audit Review Committee', having representatives from Institute of Chartered Accountants of India (ICAI) and stock exchanges among others, to review and analyse these QAARs. The qualified audit reports will be scrutinized by Qualified Audit Review Committee (QARC) and if necessary, the company will be required to restate its books of accounts to provide true and fair view of its financial position, SEBI said in a circular. SEBI is in receipt of various queries with regard to restatement of books of accounts of listed companies. The primary concern raised is whether the restatement of books of accounts needs to be carried out in the same financial year or in the subsequent financial year as a prior period item, it said further.      The company is required to disclose the effect of revised financial accounts by way of revised pro-forma financial results immediately to the shareholders through stock exchange(s).  However, the financial effects of the revision may be carried out in the annual accounts of the subsequent financial year as a prior period item so that the tax impacts, if any, can be taken care of.

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