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Thursday, September 10, 2015

MCA releases Form AOC-4 and Form AOC-4 CFS for filing financial statements including Consolidated Financial Statements


Dear Professional Colleague,
 
Please find below gist of recent notification issued by Ministry of Corporate Affairs (MCA) under Companies Act 2013
 
 
The Ministry of Corporate Affairs has issued a notification no. G.S.R. (E) w.r.t Companies (Accounts) Second Amendment Rules, 2015 dated 4th September, 2015 to introduce Form AOC-4 and Form AOC-4 CFS for filing the financial statements along with the consolidated financial statements.
 
The financial statements shall be in the form as specified in Schedule III of the Companies Act, 2013 i.e. General instructions for preparation of profit and loss account and balance sheet of a company which shall further be prepared in accordance with the definitions and all the applicable and specified accounting standards or Indian Accounting Standards as the case may be.
 
The revised AOC-4 and AOC-4 CFS requires pre-certification by the practicing professionals including Company Secretary in whole-time practice
 
The notification shall come into force form the date of publication in the official gazette.
 
Please click on the below link to access the complete notification including form AOC-4 and AOC-4 CFS.
 
 
 
The Ministry of Corporate Affairs has issued a Notification no. G.S.R. (E) dated 4th September, 2015 which shall come into force form the date of publication in the official gazette to make certain amendments to Schedule III of the Companies Act, 2013 i.e. General instructions for preparation of profit and loss account and balance sheet of a company which are as follows:
  1. The total outstanding dues of the Micro, Small and Medium Enterprises (MSMEs) and the total outstanding dues of the creditors other than MSME's shall be specified under the head 'Equity and Liabilities' and under sub-head 'Trade Payables' in the Balance Sheet.
  2. There are certain mandatory disclosures w.r.t trade payables to be made by the MSMEs in the notes to the Balance Sheet under the heading General Instructions for the preparation of the Balance Sheet.
The detailed notification can be accessed at the link given below:
 
 
 
The Ministry of Corporate Affairs has issued a Notification no. S.O. (E) dated 4th September, 2015 to exempt government companies producing defence equipments including the space research from disclosing additional information relating to the general instructions for the preparation of the profit and loss account as specified in Schedule III of the Companies Act, 2013 i.e. General instructions for preparation of profit and loss account and balance sheet of a company.
 
The exemption shall be granted upon the fulfillment of the conditions as specified in the notification and shall be available for the financial statements prepared from the financial year ending on 31st March, 2016. 
 
The detailed notification can be accessed at the link given below:
 
 
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