Companies act 2013

Language of your  query is not clear.  Pl refer MCA general  circular No.8 dated 4.4.2014.

 

the companies act 1956 said financial statement means balance sheet profit loss and cash flow statement (for listed companies).However the companies act 2013 said financial statement means balance sheet profit loss cash flow statement( for all except one person company and small company), statement of changes in equity so my question is for the year ending 31st march 2014 while preparing the financial statements whether we have to do only the three statement as per 2013 1956 act or you have to do five statements as per companies act 2013

the companies act 1956 said financial statement means balance sheet profit loss and cash flow statement (for listed companies),NOTES TO ACCOUNTS.However the companies act 2013 said financial statement means balance sheet profit loss cash flow statement( for all except one person company and small company), statement of changes in equity,NOTES TO ACCOUNTS so my question is for the year ending 31st march 2014 while preparing the financial statements whether we have to do only the three statement as per 2013 1956 act or you have to do five statements as per companies act 2013

As per companies act 2013 u have to do..

Section 129 is notified on 26 March and is applicable from 1 April 2014, so in my view it should be applicable for financial statement prepared for FY 2014- 2015. SOCIE (statement of change in Equity) is only applicable once the Ind - AS get notified.  Kindly note that one person company (OPC) , small company and dormant company are exempted from preparing the cash flow statement.

 

Kin

i want free video lecture foreign exchange management act 2002

 

 

Parth Darji

CS Student

Dear Mayur, In my opinion there is no nexus between companies act 13 and Ind AS now, so one have to prepare all 5 including SOCIE irrespective of the fact that Ind AS is notified or not as the Companies Act become applicable from 1 4 2014.

Section 2(40) states that company needs to prepare statement of change in equity if it is applicable. Company Act no where required to prepare SOCIE for any company. Currerntly SOCIE is only required by Ind AS and hence company will have to incorporate SOCIE in financial statements only once the Ind AS get notified.

Dear Sir The Companies Act 2013 is not applicable to fy ending 31-03-2014, as per MCA circular.