General Circular No. 08/2014, F.No. 1/19/2013-CL-V,
dated 04th April, 2014
To,
All Regional
Directors
All Registrar of
Companies
All
Stakeholders
Commencement
of provisions of the Companies Act, 2013 with regard to maintenance of books of
accounts and preparations/adoption/filing of financial statements, auditor’s
report, Board’s report and attachments to such statements and reports- Applicability
with regard to relevant Financial Year.
A
number of provisions of the Companies Act, 2013 including those relating to
maintenance of books of account, preparation, adoption & filing of financial
statements (and documents required to be attached thereto), Auditors reports
and the Board of Directors report (Board's report) have been brought into force
with effect from 1st April, 2014. Provisions of Schedule II (Useful lives to
compute depreciation) and Schedule III (Format of Financial Statements) have
also been brought into force from that date. The relevant Rules pertaining to
these provisions have also been notified, placed on the website of the Ministry
and have come into force from the same date.
The
Ministry has received requests for clarification with regard to the relevant financial
year with effect from which such provisions of the new Act relating to
maintenance of books of account, preparation, adoption and filing of financial
statements (and attachments thereto), auditor’s report and Board's report will
be applicable.
Although
the position in this behalf is quite clear, to make things absolutely clear it
is hereby notified that the financial statements (and documents required to be
attached thereto), auditor’s report and Board’s report in respect of financial
years that commenced earlier than 1st April, 2014 shall be governed by the
relevant provisions/ Schedules/ rules of the Companies Act, 1956 and that in
respect of financial years commencing on or after 1st April, 2014, the provisions
of the new Act shall apply.
.
.
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