Quick Summary
CLARIFICATION Amendment to Schedule III to the Companies Act, 2013 vide MCA Notification GSR. 207(E) dated 24th March 2021 mandates companies to round off the figures appearing in the Financial Statements depending upon their total income. However, if the companies provide absolute figures in e-forms ie. AOC-4, the same shall not be treated as incorrect certification by the Professionals.
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The MCA has mandated that companies must round off figures appearing in their financial statements, with the method of rounding depending on the company's total income.
The amendment, notified as GSR. 207(E), came into effect on 24th March 2021.
Yes, the mandate applies to companies, and the method of rounding off is determined by their total income.
If a company provides absolute figures in e-forms, such as AOC-4, it will not be considered an incorrect certification by the professionals involved.
Schedule III to the Companies Act, 2013 has been amended.
CAclubindia
