Reliable Accounting Ensures Transparency

Use of reliable accounting and reporting systems is of great importance in the business community. Such systems are being upgraded and updated over time. At present, international financial standards are adopted in the business sector. Accordingly, Nepal has also adopted Nepal Financial Reporting Standards (NFRS). The NFRS system represents universal accounting and reporting standards that are in the implementation stage in various organisations such as commercial banks, insurance companies, state-owned enterprises, multinational manufacturing companies, small and medium scale enterprises (as defined and classified by the Accounting Standards Board) and other entities.