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    Depreciation data is not provided as per Companies Act, 2013

    Posted By : SARIKA / Published on : 28-Jul-2022 07:45 AM / View : 115 / Comment : 1

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    What shall be implications or consequences if in financial statements of companies depreciation data is not provided as per Companies Act, 2013.
    Read more on : companies provided data depreciation

    • Hi Sarika!

      Section 129(1) of the Companies Act, 2013 requires that the financial statements shall give a true and fair view of the state of affairs of the company  or companies, comply with the accounting standards notified under section 133 and shall be in the form or forms as may be provided for different class or classes of companies in Schedule III

      Further, Depreciation data is to be maintained mandatorily in the Profit and Loss Account as per Schedule III, the consequence of which is provided under Section 129(7) as:

      If a company  contravenes the provisions of this section, themanaging director, the whole-time director in charge of finance, the Cief Financial Officer or any other person charged by the Board with the duty of complying with the requirements of this section and in the absence of any of the officers mentioned above, all the Directors shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both. 

      Hope it helps!

      Thanks!

      29-07-2022 / 05:29:29 AM
      Reply
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