SBN disclosure requirement not applicable to Financial Year 2017-18 and onwards in both Notes to Account and the Audit Report. ICAI Clarification
The Ministry of Corporate Affairs (MCA) had issued Notification dated 30th March 2017 with reference to amendment in Schedule III of Companies Act, 2013 for disclosure of Specified Banking Notes (SBN) for the Financial Year 2017-2018.
As per the notification, disclosure was required to be given for transactions in SBN by Companies during period from 8th Nov 2016 to 30th Dec 2016.
Further as per the “Companies (Audit and Auditors) Amendment Rules, 2017, Auditors are required to give suitable note on the same in the Audit report.
The ICAI has clarified that the the Corporate Laws & Corporate Governance Committee at its 41st meeting held on 6th June, 2018 decided that since this disclosure requirement was event specific, and hence was relevant for Financial Year 2016-17 only and required disclosure is also for period falling under that financial year. Therefore, in Notes to Account as well as Audit Report, the disclosure requirement relating to SBNs are not applicable for the Financial Year 2017-18 & subsequent years.
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