Round off Figures Appearing In Financial Statement and New Financial statement format for all Taxpay

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This query is : Resolved

Hukam Chand (Querist)

21 January 2025 Dear CA Club Team,
whenever I prepare financial statements at the time of audit, one thing is not clear to me that the figures that I should write in it should be written in thousands, lakhs, millions.

Is there any such company act or government circular according to which it is necessary to write the figures of financial statements in thousands, lakhs, millions. If so, then please share any circular, notification.

Secondly, I want to know whether any new format of financial statement has come which is necessary for corporate and non-corporate assessees. Please share the new financial format and also share the notification.

Third point, is there any website from where all these types of notifications, circulars can be seen? Please share it so that I can also get updated on time.

Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 January 2025 The Ministry of Corporate Affairs (MCA) Notification GSR 207(E) dated March 24, 2021 requires companies to round off the numbers in their financial statements. This amendment to the Companies Act, 2013 came into effect on April 1, 2021.
How to round off
If the company's total income is less than Rs 100 crores, round off to the nearest hundreds, thousands, lakhs, or millions
If the company's total income is Rs 100 crores or more, round off to the nearest lakhs, millions, or crores
What to provide in e-forms
The MCA clarified that providing absolute figures in e-forms like AOC-4 will not be considered incorrect certification by professionals
However, it is recommended to provide rounded off figures in XBRL filings

Search google you will find such amendment notification.

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