12 August 2012
Respected Experts, I HAVE PUT THIS QUERY ON JUNE 12, 2012 BUT THERE HAS BEEN NO REPLY FOR THE PAST 2 MONTHS, ANY EXPERTS THERE TO GUIDE WILL BE A GREAT HELP FOR ME ALSO FOR THE READERS WHO GO THROUGH THIS QUESTION. Since there was some discrepancies (for example overstatement of expenses or understatement of sales which affects the profit of the company) in the accounts of the company which were approved by the directors in the board meeting. Now before filing the return of income the company wants to set right the books of accounts. IS it possible for setting right the books of accounts? If yes what is the procedure and what are the sections so that i can pracitcally do it. Please provide ur explanation detailedly so that i can understand it and implement it properly.
12 August 2012
As per guidance note issued by ICAI board can revise the financial statements
1. until then they are circulated to share holders and placed before the shareholder in AGM, and
2.after revision, revised audit report is taken and auditor disclosese the fact of revision of accounts. and
3. revised account too disclosese the fact that accounts are revised
as per ICAI guidance note once accounts are approved in AGM by share holders; can't be revised what ever the resion may be.
but as per MCA co. can revise accounts only if it is required for technical requirements of any other law (I.e. income tax act, iRDA etc). even if they are adopted in AGM. and after revision they are adopted in next AGM or in EGM
CAclubindia
