A Master Class was organized on the subject of “Decoding Financial Statements for Independent Directors “on April 22, 2020. The Master Class aimed at orienting the participants with the nuances of Financial Statements for developing a better understanding of the discharge of their roles and responsibilities. The master class discussed the key constituents of the financial statements, their interrelations, and suitable usage an independent director needs to understand for making informed decisions on the board.
The key speaker of the master class was Mr. G.C. Pipara, an expert on the subject who acts as a board advisory and author.
The discussions started with the purpose and steps for preparing Financials Statements. The important concepts relating to Balance Sheet and Profit and Loss statements were explained for a better understanding of the directors. It was further emphasized that for effective discharge of the roles and better decisions in the board, the directors need not only read the Balance Sheet and Profit and Loss Account but also consider understanding Significant Accounting Policies and Notes on Account.
While discussing the importance of the financial statements related documents, policies and notes, Independent Directors were also explained about the concept and importance of Auditor’s Report and CARO Report. It was considered important on their part to ask for such reports, if not provided to them by the company, for better understanding of the financial practices of the company and for better questioning in the board for taking right decisions.
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