Key managerial personnel (kmp)
This query is : Resolved
Shailesh Manohar Mulay
(Querist)
04 October 2016
Hi
I have a query relating to KMPs. Our company is having Country Financial Controller (CFC), a company Secretary, MD, Manager, since MD, CS and Manager is considered as KMPs as per Companies Act,1956 as well as per Companies Act,2013, then in such a case is whether Country Financial Controller (CFC) is considered as KMP as per AS-18 & as per Companies act,2013
If CFC is a KPM then is he have a right to sign Financial Statement and need to give disclosure in Management Representation Letter.
I have a query relating to KMPs. Our company is having Country Financial Controller (CFC), a company Secretary, MD, Manager, since MD, CS and Manager is considered as KMPs as per Companies Act,1956 as well as per Companies Act,2013, then in such a case is whether Country Financial Controller (CFC) is considered as KMP as per AS-18 & as per Companies act,2013
If CFC is a KPM then is he have a right to sign Financial Statement and need to give disclosure in Management Representation Letter.
06 October 2016
The definition of KMP is based on the role and not specifically the title. If the CFC performs the role of CFO he becomes KMP and he has to sign the financial statement and provide requisite disclosure.
Message likes :
1 times
Shailesh Manohar Mulay
(Querist)
14 October 2016
Thanks Amrita,
But if CFC signs the financials, then whether it is necessary to make disclosures in Financials as he is a KPM.
But if CFC signs the financials, then whether it is necessary to make disclosures in Financials as he is a KPM.
14 October 2016
Yes, it is necessary to make the disclosure in the financial statement
Message likes :
1 times
14 October 2016
Yes, it is necessary to make the disclosure in the financial statement
Message likes :
1 times
Shailesh Manohar Mulay
(Querist)
14 October 2016
Thanks Amrita for your opinion. Will try to convinence our Statutory Auditors & the management.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- ETDS return q4 25-26
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
