Section reference

This query is : Resolved

Neeraj (Querist)
Follow

11 September 2012 Under Which section it has been mentioned that "Preparation Of Financial Statements is the responsibility of management"?
Thanks in advance

CS Pawan Kumar Baid

CS Pawan Kumar Baid (Expert)
Follow

11 September 2012 Sec 217(2AA) of Companies Act, declares it to be Director's responsibility

"[(2AA) The Board's report shall also include a Directors' Responsibility Statement, indicating therein, -
(i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with
proper explanation relating to material departures ;
(ii) that the directors had selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at
the end of the financial year and of the profit or loss of the company for that period ;
(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities ;
(iv) that the directors had prepared the annual accounts on a going concern basis."]

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

yogesh korani

Pratap Kumar De

CA Archana R

Amit Bhatkar

T E SOUNDARARAJAN

Subscribe Now

Section reference

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

GST CONSULTANT

Article Assistant