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Section 129 of 2013

Section 129 of 2013. Financial Statement. Financial Statement (FS). Includes: Balance Sheet Profit and Loss Account/Income and Expenditure Account Cash Flow Statement – NA to OPC/Small Company/Dormant Company. Financial Statement (FS)……….

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Section 129 of 2013

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  1. Section 129 of 2013 Financial Statement

  2. Financial Statement (FS) • Includes: • Balance Sheet • Profit and Loss Account/Income and Expenditure Account • Cash Flow Statement – NA to OPC/Small Company/Dormant Company

  3. Financial Statement (FS)………. d) Statement of changes in equity, if applicable; and e) Explanatory note annexed to/forming part of, any of above

  4. Financial Statement (FS)………. • Signed by – Chairperson if authorized or • Two directors, one MD if any and • CEO, if he is director • CFO & CS, wherever appointed or • In case of OPC - only by one director

  5. Financial Statement (FS)………. • FS shall give a true and fair view of state of affairs • comply with Accounting Standards notified under section 133 and shall be as per Schedule III: Provided: AS specified under Companies Act, 1956 shall be deemed to be AS until AS specified by CG • Above N.A. to Insurance/banking company/company engaged in generation/supply of electricity/any other class of company

  6. Financial Statement (FS)………. • At every AGM, Board of Directors shall lay before such meeting FS for the FY • If company has one/ more subsidiaries, in addition to its FS, consolidated financial statement and also be laid before AGM along with laying of its FS • Attach along with its FS, a separate statement containing salient features of FS of its subsidiary/subsidiaries in Form AOC-1.

  7. Financial Statement (FS)………. • “Subsidiary” shall include associate company and joint venture • 21 days before AGM - FS and any notes forming part of such FS, auditor’s report and Board’s report – shall sent to every member & other persons so entitled

  8. Manner of circulation of FS • All listed companies and • Public companies - net worth of more than Rs. 1Cr and turnover of more than Rs. 10 Cr, the financial statements may be sent-

  9. Manner of circulation of FS ……. • By electronic mode if shares are in dematerialized format and email Ids registered with Depository • Share otherwise than dematerialized format, to such members who have positively consented in writing for receiving by electronic mode; and • By dispatch of physical copies through mode of delivery as specified under section 20 of the Act, in all other cases.

  10. Filing of FS with Registrar • FS with Form AOC-4 within 30 days of date of AGM • If OPC within 180 days- i.e. 26th Sept

  11. XBRL • Class of companies as may be notified by Central Government from time to time, shall mandatorily file their financial statement in Extensible Business Reporting Language (XBRL) format and the Central Government may specify the manner of such filing under such notification for such class of companies.

  12. Financial Year (FY) • Period ending on 31st March every year • If incorporated on/after 1st January of a year, period ending on 31st March following year If application by company which is holding/subsidiary of foreign company and required to follow a different FY for consolidation of its accounts outside India, Tribunal may, allow any period as its FY, whether or not that period is a year: • Existing Co’s - within 2 years from commencement, align its FY

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