MCA amends Companies (Accounts) Rules 2014 introduces rule 8A vide G.S.R. (E).- In exercise of the powers conferred by section 134 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014, namely:-
1. (1) These rules may be called the Companies (Accounts) Amendment Rules, 2018.
(2) They shall come into force on the date of their publication in the Official Gazette.
Matters to be included in Board’s Report for One Person Company and Small Company:
The Board’s report of OPC and Small Company shall be prepared based on the standalone financial statement of the company, which shall be in abridged form and contain the following:
- The web address, if any, where Annual Return referred to in sub-section (3) of section 92 has been placed.
- Number of Board meeting during the year.
- Directors’ Responsibility Statement.
- Details in respect of frauds reported by auditors under section 143(12) other than those which are reportable to the Central Government.
- Explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer made by the auditor in his report.
- The state of the company’s affairs.
- The financial summary or highlights.
- Material changes from the date of closure of the financial year in the nature of business and their effect on the financial position of the company.
- The details of directors who were appointed or have resigned during the year.
- The details or significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future.
- The Board’s report shall also contain the particulars of contracts or arrangements with related parties referred to in Section 188(1) in Form AOC-2.
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