It is very important for every company to maintain Financial Accounts. Financial Accounting is responsible for generating financial statements which are further used to make various reports. These financial statements contain detailed relevant financial information in a standard form. Financial Accounting is a time consuming and expensive process. It requires an in-depth knowledge of Accounts. Various companies have now started opting for Financial Accounting Services offered by various organizations.

These organizations are groups of Chartered Accountants who have thorough knowledge of Financial Accounting and have a professional approach. These Chartered Accountant Firms help many small and large scale businesses to manage their financial accounts in an efficient manner and also provide them advice regarding monetary matters. Since they play such an important role where there should be no errors in their functioning, it is essential that Chartered Accountant firms should be registered and must comply with Accounting Standards.

Financial statements should be prepared in compliance with Financial Accounting Standards. In an attempt to regulate the profession of Chartered Accountants, the Chartered Accountants Act was enacted by the constituent assembly of India, in 1949. This act describes the fair practices of the chartered accountants and actions that should be taken in case of non compliance with ethical practices. While hiring Chartered Accountants in India for financial Accounting Services, the companies should make sure that the Chartered Accountant firm is registered under this act.

Apart from this, certain accounting standards are issued by ICAI (Institute of Chartered Accountants of India). Currently there are almost 35 accounting standards that the Chartered Accountant Firms need to comply with. Indian Accounting standards have converged with the International Financial Reporting Standards to a great extent. Some of the Accounting Standards issued by the ICAI are related to statement of cash flow (revised), income taxes, insurance contracts, Financial Instrument: Presentation, etc. Every Financial Account has to meet the standard of accounting recommended by the ICAI. Compliance with set standards is necessary as it enhances the access to international capital markets, the cost of capital is reduced, the brand value of the company increases, and multiple reporting is avoided. Financial reports prepared as per these standards have better transparency and reflect the true financial status of the company.

When it comes to reliable and efficient Financial Accounting Services, one Chartered Accountant Firm that can be relied upon is Prakash K Prakash. This firm is managed by a group of Experienced Chartered Accountants who provide consistent and timely quality services following professional ethics. You can log on to their website to get the detailed information.