Deepak Gupta
(CA Student)
(15922 Points)
Replied 09 October 2014
| Originally posted by : gurbinder | ||
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is caro applicable for nov2014?????? |  |
For CA-IPC:
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Yes, as section 227(4A) of Companies Act, 1956 is applicable for Nov’14 Exam.
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- For sec. 227 of the 1956 Act, the corresponding sec. under the 2013 Act is 143.
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- Sec. 143 of the 2013 Act, has not been made applicable for the Nov'14 CA-IPC exams.
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- View ICAI Announcement -> https://goo.gl/XFdaeP
For CA-Final:
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Yes, but applicable on financial statements prepared on/before 31.03.2014. You may refer Page 44 of the Audit RTP for Nov'14 Exam.
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- Sec. 143 of the 2013 Act, was notified by MCA to be effective on and from 01.04.2014.
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- As a result, corresponding section 227 of the 2013 Act is not applicable w.e.f 01.04.2014.
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- Sec. 143 of the 2013 Act, has been made applicable for CA-Final Nov’14 exam.
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- But, financial statements for the FY’s that commenced earlier than 01.04.2014, shall be governed by the Companies Act, 1956. Also clarified by MCA General Circular No. 08/2014, dated 04.04.2014.
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- Thus, CARO is applicable on financial statements prepared on/before 31.03.2014.
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