Cos Act 2013 Provisions for Books of account, Filing reports to apply for Financial Years starting from 1st April 2014

 

General Circular 08/2014

No. 1/19/2013-CL-V

Government of India

Ministry of Corporate Affairs

5th Floor, 'A' Wing,

Shastri Bhavan, Dr. R P Road,

New Delhi 110001.

Dated 04.04.2014

To

All RegionalDirectors,

AllRegistrar of Companies,

AllStakeholders.

 

Subject:Commencement of provisions of the Companies Act 2013 with regard to maintenanceof books of accounts and preparations/adoption/filing of financial statements,auditors report, Board’s report and attachments to such statements and reports-Applicability with regard to relevant financial Year.

 

Anumber of provisions of the Companies Act, 2013 including those relating to maintenanceof books of account, preparation, adoption & filing of financial statements(and documents required to be attached thereto), Auditors reports and the Boardof Directors report (Board's report) have been brought into force with effect from1 ^st April, 2014. Provisions of Schedule II (Usefullives 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), auditors 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), auditors 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 1 ^st April, 2014, the provisions of the new Act shall apply.

 

Yours faithfully,

(KMS Narayanan)

Assistant Director (Policy)

Ph: 23387263

 

Copy to:

(i) e-governance section and web contents officerto place this circular on the website

(ii) Guard File