Companies Act 2013 Understanding New Provisions. Dhinal Shah Chartered Accountant. Agenda. Key changes relating to financial statements Key changes relating to audit Additional liabilities and action against the auditor Enhanced corporate governance measures
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No AS deals with preparation of SOCIE – Guidance needs to be provided
Format for cash flow statement or SOCIE not prescribed
Remaining format of Financial Statements (Balance Sheet, Profit and Loss, Notes) to remain exactly the same as Revised Schedule VI
Thus, each such significant part must be depreciated over its respective useful life.
Right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their shareholding or management rights or shareholders agreements or voting agreements or in any other manner
One may have to look beyond board control and share ownership to decide “control”.
But it is not clear whether a company being controlled by another by virtue of shareholder agreement, voter agreement or other means (but with less than 50% total share capital) will always become a “Subsidiary”.
Under Order of Court/Tribunal
The above restrictions for prescribed class of companies will bring their accounting treatment in line with AS.
Interim dividend can be declared :
Accounting/ Book keeping; Internal Audit; Investment Banking Services; Design & Implementation of Financial Information System; Outsourced Financial Services; Actuarial Services; Investment Advisory Services; Management Services; Any other prescribed services
Firm or any of its partners, parent, subsidiary, associate or any other entity in which the firm/its partner(s) has significant influence or control or whose name/trade mark/brand is used by the firm/its partner(s)
* Except in professional capacity
Director, Relative of the Director, Firm in which the Director or his relative is a partner, any other Partner in such a firm , Private Company in which the Director is a member or Director
Companies Bill 2012