Dear Professional Colleagues,
The Ministry of Corporate Affairs
vide its notification dated September 04, 2015 has amended some of the
provisions of the Companies (Accounts) Rules, 2014, and also issued notifications
regarding section 129 and section 467 of the Companies Act, 2013. The said
notifications are placed at the following link:
- Companies (Accounts) Second Amendment Rules, 2015;
- Notification regarding sub-section (6) of section 129 of the Companies Act, 2013 (18 of 2013)
- Notification regarding sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013)
♠
Companies (Accounts) Second Amendment Rules, 2015
i. In
rule 2, in sub-rule (1) after clause (d) the following is inserted:
“(da) “Indian Accounting Standards”
means the Indian Accounting Standards referred to in rule 3 and Annexure to the
Companies (Indian Accounting Standards) Rules, 2015.”
It may be noted that MCA vide notification no. G.S.R 111(E) dated 16Feb 2015 has notified the Companies (Indian Accounting
Standards) Rules, 2015
Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 refers to the term ‘Indian Accounting
Standards’.
“Rule 3: Applicability of Accounting
Standards. – (1) The accounting standards as specified in the Annexure to these
rules to be called the Indian Accounting Standards (Ind AS) shall be the
accounting standards applicable to classes of companies specified in rule 4”.
ii. After
rule 4, the following rule is inserted, namely-
“4A. Forms and items contained in
financial statements- The financial statements shall be in the form specified
in Schedule III to the Act and comply with Accounting Standards or Indian Accounting
Standards as applicable:
Provided that the items contained in
the financial statements shall be prepared in accordance with the definitions
and other requirements specified in the Accounting Standards or the Indian
Accounting Standards as the case may be.”
This is a new insertion in the
Companies (Accounts) Rules, 2014 requiring the companies to comply with the
Accounting standards or Indian Accounting Standards as may be applicable while
preparing the financial statements in Schedule III.
iii. in rule 8, in sub-rule (3), the
following proviso is inserted at the end:
“Provided that the requirement of
furnishing information and details under this sub-rule shall not apply to a
Government company engaged in producing defence equipment”
Rule 8 (3) of the Companies
(Accounts) Rules, 2014 provides for the matters to be included in Board’s
report . This newly inserted proviso exempts Government company which is
engaged in producing defence equipment from this requirement.
iv. in
Rule 12, for sub-rule (1), the following sub-rule is substituted:
‘(1) Every company shall file the
financial statements with the Registrar together with Form AOC-4 and the
consolidated financial statement, if any, with Form AOC 4 CFS.”
Before amendment, Rule 12 of the
Companies (Accounts) Rules, 2014 provided as under:
“ 12. Filing of financial
statements and fees to be paid thereon.-
(1) Every company shall file the
financial statements with Registrar together with Form AOC-4.”
The revised AOC-4 and AOC -4 CFS
requires pre-certification by the practicing professionals including Company
Secretary in whole-time practice.
v. In
Annexure, for Form AOC-4, the Forms AOC-4 and AOC-4 CFS are substituted.
MCA exercising the power conferred
by section 129 (6) of the Companies Act, 2013, in public interest exempted the
government companies producing Defence Equipment including Space Research from
providing additional information required through para 5(ii)(a)(1), 5 (ii) (a)
(2), s (ii) (e),5(iii) ,5 (viii)(a),5 (viii) (b), 5 (viii) (c) and 5 (viii) of
the General instructions for preparation of Statement of Profit and Loss in
Schedule III of the Companies Act, 2013
MCA in exercise of the powers
conferred by sub-section (1) of section 467 of the Companies Act, 2013 makes
the certain further alterations in Schedule III of the Act.
Regards,
CS Atul Mehta President (Source-
ICSI)
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