Dear All,
As per MCA General Circular No. 37/2020 , If a statement of account and solvency for the financial year 2019-2020 has been signed beyond the period of six months from the end of financial year but not later than 30th November, 2020, the same shall not be deemed as non-compliance.
Can anyone pls confirm what is the meaning of signing of statement of account and solvency? Is it applicable to the LLP s where Audit is not mandatory?
Hello Friends !
Has anyone filed provisional un-adopted financial statements?
Kindly guide do we need to attach Board Report in AOC-4 for the same or anyone having draft documents, please share the same.
statements
financial
unadopted
provisional
filing
As per Rule 6 of Companies (Accounts) Rules:
The consolidation of financial statements of the company shall be made in accordance with the provisions of Schedule III of the Act and the applicable accounting standards:
Provided that in case of a company covered under sub-section (3) of section 129 which is not required to prepare consolidated financial statements under the Accounting Standards, it shall be sufficient if the company complies with provisions on consolidated financial statements provided in Schedule III of the Act.
3[“Provided further that nothing in this rule shall apply in respect of preparation of consolidated financial statements by a company if it meets the following conditions:-
(i) it is a wholly-owned subsidiary, or is a partially-owned subsidiary of another company and all its other members, including those not otherwise entitled to vote, having been intimated in writing and for which the proof of delivery of such intimation is available with the company, do not object to the company not presenting consolidated financial statements;
(ii) it is a company whose securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India; and
(iii) its ultimate or any intermediate holding company files consolidated financial statements with the Registrar which are in compliance with the applicable Accounting Standards.”]
Provided also that nothing contained in this rule shall. subject to any other law or regulation, apply for the financial year commencing from the 1st day of April, 2014 and ending on the 31st March, 2015, in case of a company which does not have a subsidiary or subsidiaries but has one or more associate companies or Joint ventures or both, for the consolidation of financial statement in respect of associate companies or joint ventures or both, as the case may be.
2["Provided also that nothing in this rule shall apply in respect of consolidation of financial statement by a company having subsidiary or subsidiaries incorporated outside India only for the financial year commencing on or after 1" April, 2014."]
As per second proviso, clause (ii), consolidation is not applicable in case of a company whose securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India.
Please clarify on this.
statements
financial
consolidation
Hello Professionals,
Can anyone pls let me know outstanding to be considered in case of a company which follows F.Y. as Jan to Dec.?
Whether is it as on 31st December or 31st March?
And for this companies Balance sheet figures is to be given is December ended or March ended?
We have filed RD - 1 for change of financial year on 23rd June, 2020 but it is still pending from ROC .
Kindly guide if any one has changed or handled the same before.
Hello,
In one Private Limited company, there are two Directors one is in Delhi and one Director is out of India, and Company Secretary is at Mumbai operating from his house, Registered office in Mumbai.
Now the company is holding Board Meeting through VC for approval of Financials and Board Report so what will be place of meeting.
And The DSC is to be used by the company for the signing of Board Report and for Financials so being a director is out of India can his dsc used in India as DSC is at Registered office of the Company..
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meeting
place
financials
report
board
Dear All,
Is it ok if financial statements and directors report of a company are digitally signed? Is there any provision or rule that mandatorily requires physical signature on the financial statements and directors report? Please share your views on the same.
statements
financial
What is the financial year & 1st AGM due date, If the company incorporated on 28.01.2020?
Dear Colleauges,
How do we calculate the E.P.S in a Consolidated Balance Sheet. Do we have to take the Shareholding e.i the number of shareholders of Associate Company also as the Denominator. Supposing the Shareholding at the beginning and end of the year is same.
Relating to the other point relating to Related party transaction do we have to take the related party transaction of associate Co. also.
Kindly Enlighten on this issue.
statement
financial
consolidated
calculation
Dear all,
What is the financial year & 1st AGM due date, If the company incorporated on 28.01.2020.
Is it compulsory to take DIR - 8 for every financial Year as it is not mentioned in the law?
Click here to view / answer Share it on'FINANCIAL YEAR -
What is a procedure to have and continue the calendar year as a financial year by a company that has Foreign Collaboration?
Foreign Company has 60% shareholding in Indian Co. Is it any time limit to get approval from any authority? '
