SEBI has made changes to listing agreement which will facilitate better and faster information about company financial health to the investors. Besides financial reporting by corporates has been attempted to be made more resposible with more auditor certifications, auditor peer reviews and audit committee signoff for CFO appointment. Here are the suggested changes.
Amendment to listing agreement
- Accounting treatment to M&A schemes to have auditor certificate
- Reducing time for publication of quarterly results to 45 days and annual results in lieu to 60 days
- Turnover PAT and PBT to be included as a part of these results
- Voluntary adoption of IFRS by corporates facilitated. Publication as per Indian GAAP to continue till April 1, 2011.
- Peer review certificate required by all statutory auditors.
- Balance sheet data to be available half-yearly.
- Modification to format of limited review reports.
- Appointment of CFO to be approved by audit committee which will evaluate qual., exp. and background.
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